However, as a store of value, bitcoins have failed to show convincing stability especially when the bitcoin market underwent volatility in Try it on your phone or tablet —this site is designed with mobile devices in mind. Based on veritable reports, a significant number of Argentinians purchased bitcoins for the fear that savings accounts could be seized or to prevent their savings from the likely effects of high inflation. You can use Bitcoin to send money to anyone via the Internet with no middleman.
BTC to NGN history chart (Bitcoin / Nigerian Naira)
Personally, I have been using them for 3 years, without issues. The moment you inform the seller you have deposited his money in Niara, your Bitcoin will be credited to your wallet immediately. This same system exists in Paxful, another trusted Bitcoin buying platform in any currency including Naira. There are several other methods you can buy Bitcoin in naira apart from the above, however, note that all carry some amount of risk, the less risky is Luno that was why I put it first.
If you have further inquiries, hit the comment box. Though the invention of bitcoin was done under the name Satoshi Nakamoto, there are still disputes over the actual person or group of people who invented the cryptocurrency. In , bitcoin was officially launched as open-source software and ever since then, it has attracted millions of investors from across the globe.
For bitcoin transactions to be carried out, intermediaries are not needed and this gives bitcoin operators the chance to transact with each other directly. Originally, bitcoin came from Satoshi Nakamoto who is regarded as its inventor and original designer. As designed by the latter, bitcoin is said to be a digital asset functioning as a form of currency.
In this regard, bitcoin has been given alternative names including virtual currency, digital currency, cryptocurrency, electronic currency and digital cash. Although bitcoin was designed by its originator to function as a currency, there are still disputes over its currency status. As stated by The Economist in , bitcoins consists of various monetary qualities which are found in every currency.
In addition to the fact that bitcoins are hard to earn, the two other monetary qualities found in them —according to The Economist —are i easy verification and ii limited supply. In Economics, the three latter qualities are classified as the basic functions of money or any currency.
Since bitcoins show the tendency to exhibit these qualities, many economists have appreciated their currency status. Among all the monetary qualities bitcoins seem to exhibit, the medium of exchange is considered the most notable because, in , it was recorded that more than , merchants had legalized the use of bitcoins as an exchange medium.
However, as a store of value, bitcoins have failed to show convincing stability especially when the bitcoin market underwent volatility in At the time, retailers receiving bitcoins had no option but to resort to other currencies as their basic unit of account. Bitcoins are currently in wide use and statistics provided by various veritable sources have shown that there are millions of unique bitcoin users.
Recorded as of , Cambridge University revealed that the number of unique persons with cryptocurrency wallets ranged from 2. Moreover, it revealed that bitcoin was the commonest form of cryptocurrency used by these people. In , the use of cryptocurrency was not yet significant as records revealed that the number of users ranged from , to 1.
But today, the number of cryptocurrency users has increased massively across the world. Thousands of merchants have appreciated the use of bitcoins as a medium of exchange. In , it was recorded that over , merchants had started accepting bitcoins. In December , it was recorded that about 4 globally recognized firms received payments in bitcoins.
These firms included Microsoft, Newegg, Dell, and Paypal. However, in , the figure decreased to three online merchants and various reports revealed that high transaction fees were the major factor behind this decline. At the time, some consumers decided not to spend their bitcoins as a result of exorbitant transaction fees which relatively stemmed from value increase, prolonged transaction times and scalability issues.
Today, there are authorized payment service providers like Coinbase and BitPay that are concerned with the use of bitcoin in payments. These payment service providers serve as vital links between bitcoin customers and the merchants accepting bitcoins.
The basic responsibility of a payment service provider is to receive the payments made by bitcoin customers. Meanwhile, the payment service provider does this on behalf of the bitcoin merchant and converts the bitcoin payments into specified local currency —the money which is readily accepted as a form of legal tender.
Then the payment service provider is expected to transfer the converted amount to the bank account operated by the merchant. For every bitcoin conversion the payment service provider does, it charges a certain fee.
In specified countries, bitcoin has become the major cryptocurrency thousands of people invest in. Based on veritable reports, a significant number of Argentinians purchased bitcoins for the fear that savings accounts could be seized or to prevent their savings from the likely effects of high inflation.
In Cyprus, many people bought bitcoins in the course of the Cypriot financial crisis. Meanwhile, these people made this move to safeguard their financial lives in case savings accounts were taxed or seized.
Price data is continually gathered from multiple markets. A weighted average price of these markets is shown by default based on hour trade volume. Alternatively, you can choose a specific source from the settings menu. Bug reports are greatly appreciated.
The exchange rates on this site are for information purposes only. They are not guaranteed to be accurate, and are subject to change without notice. Preev relies on ads to pay for servers and improvements—please consider disabling ad blocking on this site. About This site allows you to: See the Bitcoin exchange rate i.
Convert any amount to or from your preferred currency. Usage Keep an eye on the Bitcoin price , even while browsing in other tabs. Data Price data is continually gathered from multiple markets. A widget to be embedded on other sites. Options added for millibitcoins, and 3 new cryptocurrencies.
Thanks to those who donated! Disclaimer The exchange rates on this site are for information purposes only.