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Five things you didn’t know about Bitcoin, other cryptocurrencies

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Nigeria is the latest country to ban cryptocurrency trading as announced on Friday by the Central Bank of Nigeria.

 

The CBN ordered banks and financial institutions to block bank accounts trading in cryptocurrency, stressing that failure to comply to the directive attracts severe regulator sanctions.

 

Meanwhile, here are five things you didn’t know about cryptocurrency:

 

1. Cryptocurrency is digital money which can be used to buy goods and services. It exists online which means it doesn’t appear in physical coins or bills.

 

2. Bitcoin is the first cryptocurrency and was created in January 2009 by a mysterious person or group known as Satoshi Nakamoto. One Bitcoin sells at N15m as at the time of filing this report.

3. Once you lose your address to your crypto wallet, you automatically lose all the money in your wallet. Simplilearn estimates that 60 per cent of cryptos are ghost because their owners have lost the address.

 

4. Cryptocurrency has been banned in Nigeria, China, Bolivia, Nepal, Bangladesh, Ecuador, Morocco and Iran.

5. Cryptocurrency value Is extremely volatile, according to Express Computer. Just like a normal share market, there are a lot of external factors that have a direct impact on the value of Crypto money. They are super volatile and really depend on your sense of trading. The value can swing dramatically which is sometimes in your favour and sometimes terribly against it. Its digital-only presence and risk factor is why people choose to steer away from it.

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