Want to learn about digital currencies? Here’s a quick guide
The simple concept behind money is an exchange of value for value. However, when an item becomes a payment standard that is generally accepted in exchange for goods and services, it is considered a currency.
Before the coins and paper money that we have today, items like cowries, shells, bronze objects were once used as currency.
In fact, the earliest record of the use of currency can be traced back to about 3000 years ago in China, when bronze objects representing actual goods were used as a payment form.
Today, with the digital revolution that our generation is witnessing, the idea of money is also beginning to shift. Hard currency like banknotes or coins is now giving way to a new form of currency known as digital currencies.
What is Digital Currency?
Digital currency is a form of currency that is only available in digital or electronic form and just like hard currency, can be obtained, transferred, spent or exchanged for another currency but only via electronic means. Digital currencies can come in different variants, they can be issued by a government, or be used within a digital community. However, the major form of digital currency that is in use today and is universally accepted is the cryptocurrency. (Not necessarily by some country’s central banks though)
Cryptocurrency: The Most Popular Digital Currency
Cryptocurrency is a type of digital currency that is decentralised, this means it is not monitored or controlled by any government or financial institution. Cryptocurrency is designed to allow two parties to make a transaction without the need for a middle-person or a central controller.
What Makes Cryptocurrency Different?
- Greater flexibility and freedom to trade independently because there are no government or institutional restrictions over cryptocurrency transactions.
- Gives you access to a universal economy because it is a currency that is accepted across the world.
- With cryptocurrency, you worry less about unfavourable financial policies from the government or the instability of the value of Naira.
- Cryptocurrency transactions are convenient and can be done from anywhere you are in the world without the need to visit a physical bank.
Bitcoin is one of the strongest and most trusted cryptocurrencies in the world. It is also the most popularly used digital currency in Nigeria. In the past year, an average of $160 million worth of bitcoin transactions has taken place in the country. Nigeria also ranks number one on Google Trends for the country with the most interest in Bitcoin globally. This year, Nigeria's first bitcoin ATM was launched in Lagos Nigeria.
Patricia, Nigeria’s largest cryptocurrency company, Bitcoin users in Nigeria can fix their Bitcoin assets, own a Bitcoin debit card, buy a gift card and make easy payments across online platforms. With their Patricia card, users can freely withdraw their cryptocurrency in Naira whenever needed or use their Patricia app to settle everyday bills like airtime or data subscription.
Currently, more than 300,000 people use Patricia to meet their everyday needs.
Looking to own, store or spend Bitcoin in Nigeria? It’s simple. Open an account with Patricia today!
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