Thoughts on Bitcoin..

Peter posted this on October 16, 2018

I bought my first Bitcoin sometime in 2013 on a website Local Bitcoins.

More out of curiosity than anything else.

Hearing so much about the new form of money and co I wanted to know how it worked, how to get it and how to spend it.

Since then I’ve come to appreciate the novelty and versatility of this innovation.

After buying back then, creating a wallet and seeing how the entire process of buying, spending and selling the currency worked I got consumed by school work (I was almost rounding up my MSc then), starting a new business and other things till I opened my multibit wallet some years later & realised the bitcoin I abandoned was worth more than 10 times the original value & that brings me to why I’m writing this.

I’ve become a regular user of Bitcoin, mostly because I find it makes taking payments for my Web Hosting business easier as I can send and receive money to & from the most obscure parts of the world without hassle.

I also don’t get the kind of harassment I get from mainstream financial institutions like I do when I try to use them with my Nigerian passport or when I’m in Nigeria.

I see bitcoin as a fast and easy means of exchange (like another type of money) but unfortunately, it’s advantages anonymity (relative), speed and the inability to reverse transactions have made it (and a lot of other cryptocurrencies) a goldmine for scammers.

A large percentage of people who hear the word “Bitcoin” immediately associate it with crime because there’s been a lot of news of people being duped in crypto doubling schemes, kidnappers and hackers demanding payments in bitcoin, fraudsters laundering proceeds of crime through crypto and governments globally never having anything good to say about it.

If you do a lot of cross border transactions then you should try using bitcoin!

You can get started with using bitcoin by opening a Wallet & buying some from an exchange.

If you already use Bitcoin, how do you use it?


Edit (09-12-2020) : Did a more detailed post on Bitcoin.

There Is 1 Comment

  • Bitcoin for beginners – Peter Banigo

    09 Dec, 2020

    […] A couple years back I wrote a spur of the moment post expressing what I think of Bitcoin, […]

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