Five Things You Didn’t Know About Bitcoin and Other Cryptocurrencies
Nigeria is the latest country to ban cryptocurrency trading, as announced Friday by the Central Bank of Nigeria.
The CBN ordered banks and financial institutions to freeze bank accounts that exchange cryptocurrencies, noting that failure to comply with the directive would incur heavy fines from regulators.
In the meantime, here are five things you didn’t know about cryptocurrency:
- Cryptocurrency is digital money that can be used to buy goods and services. It exists on the Internet, which means it does not appear in physical coins or banknotes.
- Bitcoin is the first cryptocurrency created in January 2009 by a mysterious person or group known as Satoshi Nakamoto. One bitcoin is selling for N15 million at the time of this report.
- Once you lose your address in your cryptocurrency wallet, you will automatically lose all the money in your wallet. Simplilearn estimates that 60% of cryptocurrencies are ghostly because their owners have lost their address.
- The cryptocurrency has been banned in Nigeria, China, Bolivia, Nepal, Bangladesh, Ecuador, Morocco, and Iran.
- According to Express Computer, the value of cryptocurrencies is extremely volatile. As in the regular stock market, there are many external factors that directly affect the value of cryptocurrencies. They are very volatile and really depend on your trading instinct. The cost can fluctuate a lot, which is sometimes in your favor and sometimes terribly against. Its digital presence and risk factor are why people choose to move away from it.