What is a bitcoin?
According to Wikipedia , Bitcoin is a cryptocurrency and a payment system invented by an unidentified programmer , or group of programmers , under the name of Satoshi Nakamoto .
Bitcoin was introduced on 31 October 2008 to a cryptography mailing list , and released as open -source software in 2009.
There have been various claims and speculation concerning the identity of Nakamoto , none of which are confirmed .
The system is peer -to -peer and transactions take place between users directly , without an intermediary .
These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain , which uses bitcoin as its unit of account .
Another site , bitcoin .org , explains : Bitcoin uses peer- to -peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open -source ; its design is public , nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties , Bitcoin allows exciting uses that could not be covered by any previous payment system .
What is the exchange rate of bitcoin to the naira?
As at today , a bitcoin exchanges for N 273, 536. 23
How much does a bitcoin exchange for the dollar ?
A bitcoin exchanges for $897. 08.
What is the implication of being paid in bitcoin?
Every input must be digitally signed . The use of multiple inputs corresponds to the use of multiple coins in a cash transaction . A transaction can also have multiple outputs , allowing one to make multiple payments in one go .
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