Bitcoin and MMM na di same thing?

Bitcoin Image copyright Getty Images
Image example Bitcoin na digital money.

By dis time last year for Nigeria, many people carry dia hearts for dia hand, after dem put dia money inside one scheme wey dem call MMM.

Fast forward one year later, di value of one bitcoin just climb reach $17,000 on 7 December, wey come put am for many people mouth wey dey talk about am.

One of di questions wey most people dey ask na whether dis bitcoin be like dat MMM. Di answer na capital no.

But di mata of bitcoin still dey confuse people, as if you no be financial expert or tech guru you fit no know or never hear about bitcoin before.

In case you dey dis category, make we try break am down for you.

Wetin be Bitcoin?

  • Bitcoin na money but you no fit see am. Dem dey call am digital virtual currency and na for 2009 na im one person, Satoshi Nakamoto create am. Nobody know who that person be till today.
  • You fit buy bitcoin online. One common way to do am na to download di app, dis one go make you fit use your debit or credit card to buy am. You fit use di same method sell your bitcoin later too.
  • So no be any central bank dey issue dis money and e no get government backing but na computer dey ''mine'' am. Na through special computer codes sha dis one dey happen.
  • Bitcoin na international currency. You fit use am around di world. In fact for Japan, e reach like 200,000 shops wey dey collect am now.
  • Since na only 21 million bitcoins na im dey available, di forces of demand and supply go dey affect am. For example, as more and more people start to dey use am, di increased demand plus say na only dat number of bitcoin dey available, go make di value or price to increase.
Image copyright Getty Images
Image example Like any other currency dem also dey mine bitcoin through special computer code

Like every thing wey dey reign e go still get people wey go draw ear give you about am. Sabi people no use one mouth talk about am. Why some dey warn say bitcoin na fraud and e no go last, others don talk say e go continue to dey big dey go as many many people continue to dey accept am.

Sabi people also say people get to dey careful because di value of bitcoin fit come down fast as e go go up. Dem also warn about hackers dem wey go try steal your online money.

One of di reason na because if you check am, you go see say e don come long way from no value from 2009 wen e first land to like $790 by December 2016, even dis year e don climb from less than $1,000 to around $15656.78 by 8 December 2017.

No be only European and western countries dey use dis bitcoin today, African countries like Zimbabwe wey di local currency no dey stable, dey use am.

For other African countries mainly for South Africa, Kenya and Nigeria - small group of people dey use am trade online on top forex sites.

Image copyright Getty Images
Image example You go fit see bitcoin ATM for some shopping malls for Europe

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