With the fall in bitcoin prices, many are skeptical of the value of bitcoins and what
the future holds for cryptocurrency at large. Questions arising — Should i still buy
bitcoin, where can i buy bitcoin? or is bitcoin still valuable? All these questions and
many more could arise during a conversation with a novice or a beginner who is so
curious and aspires to become an expert trader some day.
However, whether such conversation comes up over brunch or during the morning
jugs you should always keep in mind that no perfect explainer for bitcoins and try to
keep your answers short and simple, there is no point trying to dive into how the
Blockchain technology works or whether bitcoin transactions are traceable or
untraceable, just keep it simple and here are a few tip on how you can do just that;
For a total novice – Bitcoin is a digital currency but unlike fiat(traditional paper
currency) you can’t touch, feel or print bitcoins. Bitcoin was founded in 2009 and it
offers an efficient means of transferring money from individual to another over
the internet without involving any intermediary or middle man rather it is controlled
by a decentralized network with a transparent set of rules. And you can buy bitcoin
instantly from online platforms such Binance, Exchangeindeed and Nairadirect.
And for a beginner who is new to the cryptocurrency world – Some folks know a
thing or two about bitcoin but are still curious about what makes it so valuable, and
want to know how they can make money with bitcoin or perhaps which bitcoin wallet is the best, and they approach you like this ” I have been hearing about bitcoin but don’t seem to understand what makes it so valuable, why i need a wallet or how i can actually make money with bitcoin”
If these questions comes up there is no need to panic, instead you can start with bitcoin is a digital currency which is stored in digital wallets (either hot or cold wallets). Just like fiat (traditional paper currency) bitcoin has a store of value but unlike paper currencies, which are printed by central banks (therefore increasing it’s supply), bitcoin has a limited supply thus making it a valuable asset. Hence the reason why some believe it pay to have bitcoin as an asset. And you can also refer such individual to our blog post “How to make money with bitcoin in Nigeria” so you don’t have to start explaining concepts such as bitcoin mining, bitcoin investments and bitcoin trading.