Bitcoin: The internet revolution

A few years ago, no one would have believed that a currency could be created that would circumvent the monetary strongholds of central banks and national governments on fiat currencies all over the world. Today, there exists such a currency, its a digital currency which relies on cryptography and mathematical precision, that currency is the Bitcoin.

Bitcoin, created by Satoshi Nakamoto in 2008, has grown tremendously over the years. It has faced widespread criticism, downright degradation, and utter rejection by governments and financial institutions the world over, most especially in its early years of inception, but the currency remained defiant in the face of all oppositions and challenges and has continued to gain more followers and believers as the years go by.

Now the bitcoin is recognized by many governments, financial institutions, and private investors, such as US government, Wall street, Nasdaq, UBS, JP Morgan, Richard Branson, P Diddy, Mike Tyson, Microsoft, Payal etc. Though the digital currency is yet to be accepted as a mainstream form of payment, but yet it is doing very well as an acceptable online payment system because of its ease of use, low transfer fees, and high volatility making it an online trader's preferred trading asset.

The bitcoin is a most welcome solution to the problems and challenges facing the financial industry today. A closer look at its inner workings, makes almost anyone interested in it, to fall in love with the currency and embrace it in its totality.

The bitcoin currency is highly valuable, and is commonly referred to, amongst its users, as the gold of the internet. Presently 1 Bitcoin is valued at about N100,000 (one hundred thousand naira), and as its acceptance and use grows worldwide everyday, so will its value also continue to rise.