My take on Bitcoin as an African developer

Bitcoin is changing lives every day, redefining processes in major sectors like finance, and causing individuals and institutions to rethink their earlier stance on Bitcoin. The decentralized nature of Bitcoin also adds to this mix, as it provides a system where there is no central authority that regulates the activities or participants of the system, and this allures a lot of people whose different restrictions may have made them incapable to use certain software.

Bitcoin means many things to a lot of people but to give an umbrella description, bitcoin can be likened to our everyday currency which we use as a medium to exchange value between different parties. But unlike our everyday currency which is physical, bitcoin is digital and used on the internet. It’s a decentralized virtual currency in the sense that it is not issued by a central authority like a government or bank, the way the dollar, pound, euro, naira, and other fiat currencies are, instead, bitcoin is created, exchanged, and overseen by networks of computers at different locations in the world (A distributed peer-to-peer network).

Bitcoin has multiple use cases for different people, depending on how they use it and how it solves their problems. The various use cases for bitcoin have brought about various definitions as to why people use bitcoin.

This will be a somewhat biased take based on my experience and interactions I’ve had with people over time and why they use Bitcoin.

Using bitcoin not only has its perks but also comes with some associated risks. I for one believe that the pros far outweigh the cons for me and that has been a major reason why I still use bitcoin today. Some of the disadvantages of using bitcoin are:

bitcoin just as we said before is digital money used on the internet but how can you hold this? If you’re a newbie or just starting out in the bitcoin space, you’ll need a digital wallet to hold your bitcoins, most likely a bitcoin wallet. You can get bitcoins from a couple of places.

Bitcoin is the most popular cryptocurrency and most widely used digital currency driven by its ease of usage, incentives for mining, and security. People have different reasons why they use bitcoins, and what it offers to them. It has a lot of advantages when used properly and offers some benefits traditional currency may not offer.
I hope piece this will provide an introduction to what bitcoin is, why people use it, and spur you on to learn more about bitcoin.

Tell me, why do you use Bitcoin?

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