Bitcoins are decentralized, purely digital virtual coins exchanged directly between two parties online with no middle man. Bitcoin lets you exchange money in a different way than with usual banks. Bitcoins are pieces of computer code - mathematical algorithms, which represent monetary units. Unlike credit card transactions, Bitcoin transactions, which take place internationally every day, are irreversible; they can only be refunded by the person receiving the funds.
With the current shortage of dollar in the country, bitcoins have largely penetrated the Nigeria market. Since Bitcoins have surpassed the traditional money exchange as its global acceptance keep growing all over the world; discovering how to buy bitcoins in Nigeria has been a concern for potential investors. The constant failure of Nigeria cards in other countries has made the bitcoins a viable substitute. Recent times have shown that the bitcoins are now nearly three times higher in price than an ounce of gold. This reveals that bitcoin is becoming a store value of multiple returns.
