You will agree with me that the only thing that kept you and I in business is the level of information we had. The more QUALITY information you have ahead of your colleagues the better for you and your business. No wonder, Information rules the world!
If you have not started doing business with Bitcoin; then you are missing out a lot. Whatever might be your reason; you are indeed not doing yourself any good. That is why I shall be discussing 10 awesome reasons why Nigeria entrepreneurs should start using Bitcoin for business.
Just last month I was trying to use my master cards online for payment but was not successful; so, I called my account manager and she said Federal Government has disable all Naira master card foreign payment. Sho? just like that?! If not for Bitcoin; the transaction wouldn’t have been possible!
Yes! There are so many awesome reasons why Nigerians should consider doing business with Bitcoin this recession. Some of which are:
- Bitcoin Is CHEAP
When it comes to transaction charges; the Bitcoin system is much cheaper to use than credit cards, bank transfers, and other traditional ways of banking. Because there are much lower transaction fees compared to banks everyone is doing business in bitcoin as it will reduce cost of productions.
- Bitcoin Wallet Is FREE And Easy To Open
For you to have a current account in Nigeria; you know what it is. Two referrals operating current account; minimum deposit; utility bills, passport photograph and many other things will be required. Setting up a bitcoin wallet is (relatively) easy and free. No costs at all!
- Bitcoin may protect you from inflation.
Inflation is rising in Nigeria, no doubt! So, also it is in Europe, and other countries around the world. As we speak The Wall Street Journal warns inflation could become a serious problem sooner than the Federal Reserve and many others now recognize.
That means it is not even safe to save your money in other currency because of inflation. That is why you should consider having a Bitcoin Wallet; it costs you NOTHING.
Bitcoin is a deflationary system because no more than 21 million bitcoins will be made (the last bitcoin in the year 2140). At the moment almost 13 million bitcoins are in circulation. You may wonder why it will take until 2140 for the last bitcoin to become available but that has to do with the increasing difficulty of ‘mining’ bitcoins.
Because the total amount of bitcoins in circulation can never be more than 21 million, the price is very likely to go up. Especially when more and more dollars and euros are flowing into the system.
- Bitcoin GIVES You Personal Freedom.
Just an example, online gambling is prohibited in the US and many other countries. Which of course is ridiculous because we should be able to decide for ourselves if we want to gamble. (I don’t gamble but I think everyone should be able to decide for themselves)
People now can use Bitcoin and get away with it. The government can no longer control people and tell them what is supposed to be good for them.
- Bitcoin s transportable.
You can send it almost instantaneously at virtually no costs all over the world. There are no storage fees because there’s no need for a third party to keep it in a vault somewhere.
- Sending Bitcoins Is FAST.
You can send money all over the world and it will arrive seconds or minutes later, as soon as the bitcoin network processes the payment.
- Bitcoin Is FLEXIBLE.
One BTC may currently be worth about $650 but it is scaleable because a bitcoin can be subdivided into 100.000.000 smaller parts allowing it to scale as a payments technology.
The smallest unit is called a Satoshi which is 0.00000001 bitcoin. In other words, 1 BTC has 100,000,000 Satoschis (100 million).
You also have a millibitcoin, 0.001 BTC, centibitcoin, 0.001 BTC, and so on.
- Bitcoin’s Acceptance And Popularity Are RISING.
Bitcoin has now surpassed Western Union in total transaction volume and looks set to pass Paypal this year. More and more companies are accepting or investing in Bitcoin.
Companies such as Circle, Overstock, Dish Network, eBay, Paypal, Expedia, and Amazon have anounced to accept bitcoin. After initial skepticism now eBay has embraced Bitcoin and recently Apple allows bitcoin wallet apps in its App Store. Recently Wall Street anounced it comes aboard.
Richard Branson, CEO of commercial space startup Virgin Galactic said: “Virgin Galactic is a company looking into the future, so is Bitcoin,” “So it makes sense we would offer Bitcoin as a way to pay for your journey to space.”
Again, the incentive for large companies are lower transaction fees. Credit card companies charge merchants are in some cases more than double what a comparable bitcoin processer might charge.
- Bitcoin Is Completely TRANSPARENT.
Every single transaction that ever happened is stored in a huge digital version of a general ledger, called the block chain.
Proof of ownership and acquisition can therefore be proven at all times through this system, again without the intervention of a third party.
Everyone can see how many bitcoins are stored at a publicly used address. They just don’t know that it’s yours. In order to create more privacy on the bitcoin network you can take measures such as not using the same bitcoin addresses consistently, and not transferring big amounts of bitcoin to a single address.
- The Bitcoin Network Is VERY Powerful.
At the end of 2013, the global computing power of the bitcoin network was already 256 times faster than the top 500 super computers combined.
The Bitcoin network is incredibly strong, however, it could theoretically be cracked. A “51% attack” means bad guys getting as much computing power as the entire rest of the Bitcoin network combined, plus a little bit more taking actions that would shut down the network.
When someone wants to attack the Bitcoin network, they need a build a nearly a billion dollar data center which consumes more megawatts than you can get using regular power supply.
This makes an attack on the Bitcoin network virtually impossible. Even if someone would be able to pull it off, then they can keep the network from 10 to maybe 30 minutes for a ride. Which would not be worth the investment.
Even if they were successful in shutting it down, it would confirm the “Bitcoin thesis”, and thus the incentive to start a new digital crypto-currency that’s not as susceptible to attack would be magnificently high. Maybe the new currency would somehow start off where the old Bitcoin blockchain ended.
That’s exactly the beauty of crypto currencies. Bitcoin is open source and duplicatable, meaning it provides a template for a proliferation of crypto-currencies.
- Bitcoin Prices Are Likely To Skyrocket.
I you read this post of mine you will understand what we are saying better. Bitcoin to the moon, a phrase often used by bitcoin enthusiasts
“Bitcoin’s true value is NOT in it’s use a currency for conducting day to day commerce. Very soon people will start to figure out how to use the bitcoin protocol to transfer ownership of real world assets and destroy the traditional “clearing house” and “title company” model that is in use today. At that point demand for bitcoins will surge to “unimaginable levels” and the few “speculators” that got in early will become very very wealthy.
99.999% of people are completely missing this world changing aspect of bitcoin.”
Often when it comes to investments you either lose all or double up, maybe triple your investment. According to some the price of one Bitcoin may eventually reach the 100.000$ and even more.
Ex-Facebook executive Chamath Palihapitiya said on Bloomberg that if bitcoin will evolve to a useful reserve currency, “its value will far exceed $400,000” and it is just around #7,000 +
Therefore, with Bitcoin the sky is the limit (if everything goes well) making Bitcoin likely to be the best investment opportunity you may ever have.
- Bitcoin Is SECURE.
Bitcoin and cryptocurrencies being intangible may scare off a lot of people. They are however very secure because they can not be counterfeited or multiplied at will.
In order to counterfeit cryptocurrencies you would have to hack the software on a decentralized network running on tens of thousands (if not hundreds of thousands) of computers. In other words, forging bitcoin is impossible.
Anything can be hacked and certain exchange websites have been hacked but Bitcoin itself has never been hacked. Famous hacker and security expert Dan Kaminsky tried it and failed.