Many people may wonder why there is a sudden hype in Bitcoin, the mass
popularity it has gained, and why it is referred to as a digital currency. You
will find answers to those questions in this article, however, the big
question is, can Bitcoin be used as money?
First, what is Money?
Money is any medium of exchange that is valuable, durable, portable, acceptable, divisible, and allows a person to store or acquire wealth.
As a Means of Exchange
Bitcoin is a very good means of exchange. It can be used to purchase
products and services, especially from companies or organization that accepts
bitcoin as a means of payment. Here is an instance that explains why
bitcoin is a good means of exchange. People using a credit card may request
a credit back if they have a dispute with their vendors or if they are
dissatisfied with the products that they have purchased. However in the
case of using Bitcoin, once you have purchased something with bitcoin, the
bitcoin payment cannot be reversed. But bitcoin cannot be forged and one
cannot receive bitcoin and deny it.
Bitcoin as a Means to Store or Acquire wealth.
When Bitcoin was newly introduced, and when its demand was still
deficient, people invested in it by buying lots of bitcoin because the price
was lower. But as time went by, the demand for Bitcoin grew then its cost
increased. Nevertheless, investors who bought Bitcoin at a very cheap price
now have more currency which they can sell for 20 times the value at
which they bought it.
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In the area of portability, Bitcoin is portable and can be carried easily from one place to another in wallets just like the popular Fiat currency we constantly use which can be found in wallets, or pockets. Bitcoin can be carried in hardware wallets, in devices such as Laptops, Mobile, and PC.
Just like Fiat currency can be divide into 10, 20, 50, 100, 200, 500, and 1000 units, which makes it easy to use when carrying out smaller transactions, so also is the bitcoin currency, which is also divisible. 1 Bitcoin is equivalent to 100 Million Satoshis, and the smallest unit of Bitcoin is 0.00000001. Therefore making it easily divisible and available to use for smaller transactions.
Having read this article, we can see that bitcoin can be used as money. All you need to do is to find a place where it is used as a method of payment. Or if you want to buy or sell your Bitcoin you can do that by contacting viable exchange companies like NairaDirect or ExchangeIndeed for your Bitcoins only.