Can bitcoin eventually replace world currencies?
Won't be a bad thing for Nigeria, I don't think.
Anybody understand exactly what gives bitcoin value?

(Note that the price of one bitcoin is now more than seventeen thousand USD - $17,000)

Bitcoin value history (comparison to US$)

Value of one bitcoin (1 BTC) over the years

Jan 2009 – Mar 2010
basically none. No exchanges or market. Users were mainly cryptography fans who were sending bitcoins for hobby purposes representing low or no value.

In March 2010, user "SmokeTooMuch" auctioned 10,000 BTC for $50 (cumulatively), but no buyer was found.

Mar 2010 - $0.003
On 17 Mar 2010, the now-defunct BitcoinMarket.com exchange is the first one that starts operating.

May 2010 - less than $0.01
On 22 May 2010, Laszlo Hanyecz made the first real-world transaction by buying two pizzas in Jacksonville, Florida for 10,000 BTC.

July 2010 - $0.08
In five days, the price grew 1000%, rising from $0.008 to $0.08 for 1 bitcoin.

Feb 2011 – April 2011- $1.00
Bitcoin takes parity with US dollar.

July 2011 - $31.00
Top of first "bubble", followed by the first price drop.

Dec 2011 - $2

Dec 2012 - $13.00
Slowly rising for a year

11 April 2013 - $266
Top of a price rally, during which the value was growing by 5-10% daily.

May 2013 - $130
basically stable, again slowly rising.

June 2013 - $100
In June slowly dropping to $70, but rising in July to $110

Nov 2013 - $350 — $1,242

From October $150, $200 in November, rising to $1,242 on 29 November 2013.

Dec 2013 - $600 
$1,000 Price crashed to $600, rebounded to $1,000, crashed again to the $500 range. Stabilized to the ~ $650–$800 range.

Jan 2014 - $750 — $1,000
Price spiked to $1000 briefly, then settled in the $800–$900 range for the rest of the month.

Feb 2014 - $550 — $750
Price fell following the shutdown of Mt. Gox before recovering to the $600–$700 range.

Mar 2014$450 — $700
Price continued to fall due to a false report regarding bitcoin ban in China and uncertainty over whether the Chinese government would seek to prohibit banks from working with digital currency exchanges.

Apr 2014 - $340 — $530
The lowest price since the 2012–2013 Cypriot financial crisis, had been reached at 3:25 AM on 11 April.

May 2014 - $440 — $630
The downtrend first slow down and then reverse, increasing over 30% in the last days of May.

Mar 2015 - $200 — $300
Price fell through to early 2015.

Early Nov 2015 - $395 — $504
Large spike in value from 225–250 at the start of October to the 2015 record high of $504.

May–June 2016 - $450 — $750
Large spike in value starting from $450 and reaching a maximum of $750.

July–September 2016 - $600 — $630
Price stabilized in the low $600 range.

October–November 2016 - $600 — $780
As the Chinese Renminbidepreciated against the US Dollar, bitcoin rose to the upper $700s.

January 2017 - $800 — $1,1505

12 January 2017 - $750 — $920
Price fell 30% in a week, reaching a multi-month low of $750.2-3

March 2017 - $1,290+ 
Price broke above the November 2013 high of $1,242 and then traded above $1,290.

April 2017 - $1,210 — $1,250

May 2017 - $2,000 
Price reached a new high, reaching US$1,402.03 on 1 May 2017, and over US$1,800 on 11 May 2017. On 20 May 2017, the price of one bitcoin passed US$2,000 for the first time.

May–June 2017 - $2,000 — $3,200+
Price reached an all-time high of $3,000 on 12 June and is oscilating around $2,500 since then. 

On 5 August 2017, the price of one BTC passed US$3,000 for the first time. 

On 12 August 2017, the price of one BTC passed US$4,000 for the first time. 

Two days later, the price of one BTC passed US$4,400 for the first time.

September 2017 - $5,000
On 1 September 2017, bitcoin broke US$5,000 for the first time, topping out at US$5,013.91.

12 September 2017 - $2,900
Price dipped harshly from China's bitcoin ICO and exchange crackdown (those following improper practices)

13 October 2017 - $5,600
Price shot back up as the world moves on past the incident following China's crackdown.

21 October 2017 - $6,180
Price hit another all time high as the impending forks draw closer

6 November 2017 - $7,300 

12 November 2017 - $5,519-$6,295 

November 2017 - $7,600-8,100 
This surge in Bitcoin may be related to developments in the 2017 Zimbabwean coup d'état. 

25 November 2017 - $9,000 
Bitcoin surpasses the $9,000 mark for the first time.

28 November 2017 - $10,000 
Bitcoin surpasses $10,000 for the first time.

29 November 2017 - $11,000 
Bitcoin surpasses $11,000 for the first time.

5 December 2017 - $12,000 
Bitcoin surpasses $12,000 for the first time.

6 December 2017 - $13,000 
Bitcoin surpasses $13,000 for the first time.

7 December 2017$17,000 
Bitcoin surpasses $17,000 for the first time @ 23:03.

8 December 2017 - $18,000 
Bitcoin surpasses $18,000 for the first time @ 00:28.

8 December 2017 - $14,277 
Bitcoin price drops to $14,000, but later that day it reaches $16,250

12 December 2017 - $17,000 
Bitcoin price stabilize at $17,000. 
The all time high so far is $19,697.
-------------------------------------------------------


50 Amazing Facts About Bitcoin

By Saruni Maina
August 25, 2017 


1) Satoshi Nakamoto is a fictitious name of the Bitcoin creator or creators. Nakamoto is believed to own around 1 million Bitcoins worth $2 Billion.

2) No single entity or government has control over the Bitcoin currency.

3) There is a finite number of bitcoins, 21,000,000.

4) 1% of the Bitcoin community controls 99% of the world’s wealth.

5) Since March 2015, Bitcoin transaction fees are up by 1289%.

6) 69% of all banks in the world are experimenting with permissioned blockchains.

7) Bitcoin value has multiplied 879,999 times from 2010 to 2017.

64% of Bitcoins have never been used and might never be used.

9) The Federal Bureau of Investigation (FBI) owns 1.5% of the world’s Bitcoins.

10) Around 5% of the Bitcoin economy is active on Silk Road online black market.

11) The world’s largest Bitcoin exchange MT Gox crashed in 2014 and prices fell by 40%.

12) Potential annual savings for banks utilizing blockchain technology is $8-12 million.

13) Only 807 people worldwide have ever declared Bitcoin income for tax purposes.

14) There are 7 Bitcoin debit cards for businesses and individuals.

15) The first big Bitcoin acquisition was worth $11.5 million for 126,315 Bitcoins. This is known as the SatohiDice.

16) A person by the name Nakowa won 11,000 Bitcoins worth $1.3M back in 2013 on a gambling site.

17) Chinese mining pools control more than 70% of the Bitcoin network’s collective hashrate (the speed at which a computer is completing an operation in the Bitcoin code).

18) Bithumb, the 4th largest Bitcoin exchange was hacked for billions of dollars in July 2017.

19) In May 2010, 10,000 Bitcoins would get you two Pizzas.

20) In May 2017, 1 Bitcoin was worth 20 million Pizzas.

21) Refunds are not possible on Bitcoin transactions

22) Bitcoin transactions are measured in Satoshi/byte. 1 Satoshi = 0.00000001 Bitcoin.

23) James Howell lost 7500 Bitcoins worth £4 million by throwing his hard drive which had his Bitcoin wallet.

24) Bitcoins generated as a reward for mining halves every 4 years until all Bitcoins are fully mined.

25) A new block of coins is “solved” every ten minutes which leads to about 6 new discoveries of Bitcoins per hour.

26) Unlike conventional currency, Bitcoins are based on mathematics and are decentralized.

27) All data from Bitcoin transactions are transparent and can be seen on Blockchain.

28) By July 2017, 16.4 million Bitcoins were in circulation.

29) The 4000th Bitcoin worth $3 million was donated to Wikileaks in December 2016.

30) The Bitcoin network is more powerful than 500 supercomputers put together.

31) In 2016, someone accidentally sent $137,000 worth of Bitcoins instead of $5 with no way to get it back.

32) 17 million Bitcoins are expected to be in use in 10 years.

33) The 21 million Bitcoin limit is expected to be reached in 2140.

34) Alphabay Phisher Phishkingz claims to have made $1 million by stealing Bitcoins over a period of 14 months.

35) University of Nicosia, Cyprus, was the first university to accept Bitcoins to pay for academic fees.

36) Virgin Galactic, theoretical space travel adventure club accepts Bitcoins.

37) You can earn extra Bitcoins by playing Blockchain game.

38) Florida circuit court dismissed a money laundering case in 2016 saying Bitcoin is not money as per state regulations.

39) Bitcoin has surged up ( )% in 2017 only.

40) In August 2012, a Bitcoin Ponzi scheme by the name Bitcoin Savings and Trust was shut down and people lost 700,000 Bitcoins in total.

41) Microsoft, Dell and Expedia are examples of companies that accept Bitcoins as payment.

42) Austin Craig and Beccy Bingham showed how one can survive 90 days on Bitcoins alone.

43) The number of merchants accepting Bitcoins grew from 36,000 to 82,000 in 2014.

44) Ethereum with a market cap of 18.7 billion coins and Litecoin with a market cap of 2.27 billion coins are believed to be Bitcoin successors.

45) 90% of all Bitcoin addresses have little or no real value at all.

46) Roger Ver (52 million Bitcoins), Charlie Shrem (45 million Bitcoins) and Dave Carlson (35 million Bitcoins) are some of the Bitcoin millionaires today.

47) There are 1354 Bitcoin ATMs worldwide, in 55 countries by 21 ATM producers and 231 operators.

48) Bitcoin has value added tax (VAT) exemption on Belgium.

49) Swiss classified digital currency as a foreign currency.

50) Bitcoin is illegal in Vietnam, Bolivia, Kyrgyzstan, Iceland, Ecuador, Bangladesh and Thailand.

http://www.techweez.com/2017/08/25/50-bitcoin-facts/

Lalasticlala, Seun

What a Read, Earned 4btc back den And Sold all.
Funny Ppl Ain't allowed to Talk Abt btc on Nairaland

Isokowadoo:
What a Read, Earned 4btc back den And Sold all.
Funny Ppl Ain't allowed to Talk Abt btc on Nairaland

Yes o. I condemned It when it first came and made a huge mistake. I heard about tbc too now, I see people condemning it, but I don't care as I bought it.

I guess we just have to develop something new again..like a diamond backed currency.!

whitebeard:
I guess we just have to develop something new again..like a diamond backed currency.!

But bitcoin is not backed by ANYTHING. that's what I don't understand. What exactly gives bitcoin value?

Isokowadoo:
What a Read, Earned 4btc back den And Sold all.
Funny Ppl Ain't allowed to Talk Abt btc on Nairaland

But how do u get paid in Bitcoin - like, were u given anything physical?

ipodstinks:
Yes o. I condemned It when it first came and made a huge mistake. I heard about tbc too now, I see people condemning it, but I don't care as I both it.

What is tbc?

ameri9ja:


But bitcoin is not backed by ANYTHING. that's what I don't understand. What exactly gives bitcoin value?

Understand the features of money and you'll understand how Bitcoin gets its value. Money is a medium of exchange, the intrinsic value comes from the cost spent in printing it. Same with trade by barter, the cost of cultivating.

Bitcoin is mined by solving complex algorithms. That's were the value is.

TBC - the billion coin is a scam coin. Do not buy it. I repeat, do not buy it.

ameri9ja:


What is tbc?

The billion coin.

Bitcoin will take over

ameri9ja:


But bitcoin is not backed by ANYTHING. that's what I don't understand. What exactly gives bitcoin value?

u have no idea by what I mean by a diamond backed currency do u..!! The last time a president tried to back up his country's currency using gold, this would make his country currency very strong, he was killed by the Americans, I am talking bout gadafi.

JustCryptos:


Understand the features of money and you'll understand how Bitcoin gets its value. Money is a medium of exchange, the intrinsic value comes from the cost spent in printing it. Same with trade by barter, the cost of cultivating.

Bitcoin is mined by solving complex algorithms. That's were the value is.

TBC - the billion coin is a scam coin. Do not buy it. I repeat, do not buy it.

Who solves those complex algorithms?

Coldfeets:


Who solves those complex algorithms?

"Miners". In layman's term call them money printers. It takes some expensive mining hardware to do that now. For example the Antminer s9 which costs almost $4000 and you won't get you capital in 12-24 months.

These mining farms are situated in countries where electricity is cheap because they have to run for 24 hours. In a place like Venezuela, mining Bitcoin has caused blackouts because people are resorting to mining to try and feed their families (the country is in heavy recession). Finally, unless you have about $10,000 to spare, good cooling system, and affordable and constant electricity, and the technical know how, I don't advice any Nigerian to mine in Nigeria.

There's a lot to say but I'll stop here.

JustCryptos:


"Miners". In layman's term call them money printers. It takes some expensive mining hardware to do that now. For example the Antminer s9 which costs almost $4000 and you won't get you capital in 12-24 months.

These mining farms are situated in countries where electricity is cheap because they have to run for 24 hours. In a place like Venezuela, mining Bitcoin has caused blackouts because people are resorting to mining to try and feed their families (the country is in heavy recession). Finally, unless you have about $10,000 to spare, good cooling system, and affordable and constant electricity, and the technical know how, I don't advice any Nigerian to mine in Nigeria.

There's a lot to say but I'll stop here.

Thank you so much.

I wish you can continue because I have so many things I will so much like to know about this bit coin as I continue in my quest to fully demystify the bitcoin revolution!

I hope you'll be there...?

Isokowadoo:
What a Read, Earned 4btc back den And Sold all.
Funny Ppl Ain't allowed to Talk Abt btc on Nairaland

Ignorance....that is why they don't....




Meanwhile use the opportunity of Cryptocurrency now as the early embracer...take the advantage of this LIMITED-TIME PROMO on Crypto-Currency Trading Strategy (New Business model) to lay foundation for your FINANCIAL STABILITY in 2018 right from NOW before it's too late.

Visit the website in my signature area or get in touch with the contact details there right now!

Coldfeets:


Thank you so much.

I wish you can continue because I have so many things I will so much like to know about this bit coin as I continue in my quest to fully demystify the bitcoin revolution!

I hope you'll be there...?

You can ask your questions, I will help in the little way I can. Personally, I learnt about this in 2015 but I was a typical Nigerian. Started buying when it was $800 but sold and a lot happened. I just got fully back a couple of months ago. I store several currencies, I trade sometimes, and I mine. So ask your questions.

JustCryptos:


You can ask your questions, I will help in the little way I can. Personally, I learnt about this in 2015 but I was a typical Nigerian. Started buying when it was $800 but sold and a lot happened. I just got fully back a couple of months ago. I store several currencies, I trade sometimes, and I mine. So ask your questions.

in figure aw many is a thousand bitcoin

zainmaxwell:
in figure aw many is a thousand bitcoin

1 BtC = ~$17,000
So 1,000BTC = ~$17,000,000
That's 17 million dollars.
I'll leave you to convert it to Naira.

Thinking bitcoin will replace fiat is delusional.

I like bitcoin and all, but that's not possible.

At most it will be the world reserve currency .

rookidmart:
Thinking bitcoin will replace fiat is delusional.

I like bitcoin and all, but that's not possible.

At most it will be the world reserve currency .

You can never be so certain. It could in 5-10 years from now. The came way paper money replaced coins in some regions, and paper/coin replacing trade by barter. Same way mobile phones replaced landlines. All it takes is time.

What the government is really interested in is how to tax cryptocurrencies and regulate transactions. Follow the news and you'll know where blockchain technology is headed.

I buy Bitcoin/iTunes gift card, I give rate better than some exchangers. reach me fast via my signature.
fast payment is guaranteed.

rookidmart:
1 BtC = ~$17,000 So 1,000BTC = ~$17,000,000 That's 17 million dollars. I'll leave you to convert it to Naira.

tnx

JustCryptos:


You can never be so certain. It could in 5-10 years from now. The came way paper money replaced coins in some regions, and paper/coin replacing trade by barter. Same way mobile phones replaced landlines. All it takes is time.

What the government is really interested in is how to tax cryptocurrencies and regulate transactions. Follow the news and you'll know where blockchain technology is headed.

Nah.

You really can't replace cash.

So there'll always be fiat.

JustCryptos:


You can ask your questions, I will help in the little way I can. Personally, I learnt about this in 2015 but I was a typical Nigerian. Started buying when it was $800 but sold and a lot happened. I just got fully back a couple of months ago. I store several currencies, I trade sometimes, and I mine. So ask your questions.

Thank you so much.

everywhere now you keep on hearing people talking about trading bitcoin profitably.

So please in a layman's language, I'll be glad If you can tell me how one can trade bitcoin so as to make some profit.

rookidmart:

Nah.

You really can't replace cash.

So there'll always be fiat.

Well, I will not argue with that. I bet those that used typewriters said the same thing two decades ago.

Coldfeets:


Thank you so much.

everywhere now you keep on hearing people talking about trading bitcoin profitably.

So please in a layman's language, I'll be glad If you can tell me how one can trade bitcoin so as to make some profit.

In layman's language you trade bitcoin profitably by buying when the price is low and selling when it is high. To succeed swiftly in this, you need a remarkable capital. Like I said earlier, shift your focus away from Bitcoin (buy and store), focus on other coins Ethereum, Ripple, Dash, IOTA, Litecoin, etc. for trading.

Send a text message, whatsapp message or call the number on my signature and I would send you a website and a free invitation code you would use to earn free cryptocurrency. You would not pay any money for the cryptocurrency but you need to be active on the internet to unlock the cryptocurrency step by step. This is to prevent cheaters from creating multiple accounts to claim cryptocurrency.

The cryptocurrency is currently traded on a cryptocurrency exchange and in the next few weeks it would be traded on two or three more cryptocurrency exchanges. When you claim your free cryptocurrency you can sell it immediately on the exchange or you can keep it and sell it later at a far higher price. The choice is yours.

Cryptocurrency cant replace physical cash becos it doesn't have fiscal control, secondly nt everybdy yet have access to technology... Cos paying with crypto would require smetin lyk a card or a device where the cryptos will be stored... Think about it... Have you watched the movie #time

ponti93:
Cryptocurrency cant replace physical cash becos it doesn't have fiscal control, secondly nt everybdy yet have access to technology... Cos paying with crypto would require smetin lyk a card or a device where the cryptos will be stored... Think about it... Have you watched the movie #time

Have you thought about the mobile payment revolution in Kenya?

M-PESA is used by more than 17 million Kenyans, that is over two-third of the entire adult population. I am not saying cryptocurrencies will replace fiat money, but be open to the possibility that Cryptos may have wider range adoption that fiat money.

More people will have access to technology in the future. As this happens, acceptance will increase. This may take 10 years, or 100 years. But be reminded that blockchain technology is still relatively new and we have not fully explored its potentials.

My point in summary is that you should be open to possibilities.

The reason why people buy bitcoin is because it can be easily use for money laundering and the rest since it's not back my any law.

If it is to be replaced fiet, then it must be regulated.

The very moment it becomes regulated and taxable, you will watch how it will drop.

JustCryptos:


In layman's language you trade bitcoin profitably by buying when the price is low and selling when it is high. To succeed swiftly in this, you need a remarkable capital. Like I said earlier, shift your focus away from Bitcoin (buy and store), focus on other coins Ethereum, Ripple, Dash, IOTA, Litecoin, etc. for trading.

but there is no wallet for ripple