Bitkoin Africa Blog

What is Bitcoin Mining and How Can You Mine Bitcoin?

One of the most popular questions we get from new cryptocurrency enthusiasts is “How can I mine Bitcoin?”. We decided to help those who are interested with a getting started guide. Please note that Mining bitcoin is a very complex process and there are no guarantees. What is Bitcoin Mining? To understand Bitcoin mining we first how to understand how Bitcoin works. Bitcoin is a cryptocurrency that works on a decentralised network called a blockchain. A blockchain is essentially blocks…

What is A Blockchain? – A Beginner’s Guide

In this article, we will explain what a blockchain is, how it works and offer some background as well as history about it. What is A Blockchain? A Blockchain is a growing list of records. Each of these records is called a block and these blocks are secured using cryptography. In a blockchain, a block is linked to a previous block – this is what makes it a ‘chain’. Each block contains a hash pointer(think of this as an address)…

6 Reasons Bitkoin Africa is the Best Bitcoin Exchange in Nigeria

Bitkoin Africa recently joined the league of Bitcoin exchanges in Nigeria. One wonders, how is Bitkoin different from all the other exchanges and why is the best Bitcoin exchange in Nigeria? Verification At Bitkoin Africa, we take verification seriously. We verify each user by phone number, BVN and Bank Account. These are guidelines put in place by the Central Bank of Nigeria and we have to follow them. This also ensures all the traders on Bitkoin Africa are legitimate. They…

12 Websites and Services That Accept Bitcoin

If you’ve got bought some Bitcoin and you’re not looking to keep it as an investment, you can purchase some items from the Internet using them. Ever wondered “Where can I spend Bitcoin?”, here’s the answer to that question. We’ve made a list of 12 websites and services that will allow you spend Bitcoin. 1. WordPress WordPress is one of the most popular services for creating blogs and websites – powering over 25% of the web. In 2012, the site…

How to Keep your Bitcoin Safe from Hackers

Keeping your Bitcoin might seem like a chore but when you consider that hundreds of thousands of Bitcoin wallets are hacked yearly, you need to take extra precaution to keep your Bitcoin wallet safe. 1. Choose a Secure Bitcoin Wallet – How to Protect Bitcoin The first step is to select a secure wallet. There are several types of Bitcoin wallets available. There are hardware wallets where Bitcoin is stored on a flash drive or external hard drive as well…

You Really Need To Know These 10 Crazy Facts About Bitcoin

Bitcoin is built with amazing technology and it’s just great for sending money, buying things and even trading it in exchange for regular cash. Here are some facts you might not know about Bitcoin. 1. The creator of Bitcoin is Unknown The inventor of Bitcoin is known by the moniker Satoshi Nakamoto. However it is unclear if Satoshi is one person or a group of people who adopted the name. A few years ago Newsweek claimed to have identified Satoshi…

What are Altcoins? The Guide to Bitcoin Alternatives

What is an Altcoin? “Altcoin” is simply a merger of two words “Alternative” and “Coin”. Altcoin is the word used to describe alternative digital distributed cryptocurrencies that are not Bitcoin. Altcoins became popular and were created after Bitcoin achieved great success in 2009. Most Altcoins existing today are built on existing technology that Bitcoin provided. They however seek to make the technology better by solving certain Bitcoin network problems such as increasing the speed of transactions, enabling larger Bitcoin transfers…

Bitcoin Price Hits All-time High of $5800

Yesterday the price of 1 Bitcoin peaked at about $5800(2.1 million Naira) at around 3.45 GMT+1 this morning. This is the highest value of Bitcoin ever as more legal tender is being converted to the currency all around the world. The new record came a few hours after getting to a high of $5000. In a week Bitcoin has risen by over 30 percent and in 24 hours, over 13 percent. The price of other cryptocurrencies also saw a lift…

Introducing Dynamic Pricing

Bitcoin prices fluctuate often enough and a large part of trading is being able to take advantages of these differences in pricing over time. To let you take advantage of this, we’ve now made it possible to create Trade Postings that change with the current BTC price from Coindesk. Why Dynamic Pricing? Our users can currently create Trade Postings by setting their own custom Price per Bitcoin which determines the rate at which they buy or sell Bitcoin. This, however,…

Is Bitcoin Illegal in Nigeria?

Many Nigerians who want to invest in Bitcoin wonder what the law of the land says about Bitcoin as a currency. People who want to use Bitcoin as a means of sending money abroad or for purchases also worry whether they are committing a crime. This is largely because many governments around the world have outrightly banned cryptocurrency use as it can be a tool for criminals as a form of payment for illegal goods and services. Cryptocurrencies are used…