What is Bitcoin

What is Bitcoin?

Bitcoin refers to a relatively new form of currency developed by a mysterious man by the name of Satoshi Nakamoto in 2009. Since then it has taken off and grown rapidly as a source for anonymous online commerce. In order to get bitcoins, or BTC, today is to purchase them with real physical money, thus the need for the bitcoin converter was found. Shortly after bitcoin exchange for goods and services became commonplace enough to continue on self sustainably, a bitcoin exchange rate was established. However, because there are no consumer protections and no law regulating the use of BTCs yet lots of financial speculation and glitches in the system, the bitcoin exchange rate has proven very volatile.

BTC transactions rely on a relatively simple two password system to protect the anonymity and funds of its clients. While the system has proven to be fairly reliable, thefts have become a greater threat as BTC has spread in its popularity, especially among the illegal trades. The thefts themselves were only a minor concern to the team that has developed bitcoin, however as rumors spread that BTCs were not as safe as people were led to believe they lost a number of participants in their virtual economic experiment.

Currently the exchange rate for a single bitcoin is well over several hundred dollars per coin. Most converters use information from the major BTC accepting websites and averages them. Some sites may have better exchange rates than others, and competition between sites to maintain the best exchange rate is fierce, although this has also driven up prices for goods and services overall. Most users of BTCs say that the ridiculously high prices they sometimes pay for items is worth it: they are willing to pay more to have their commerce take part without government or corporate surveillance.


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  • According to Overseas Development Institute (ODI) report, African people are paying the highest transfer charges worldwide; average 12 in fees to transfer money back to relatives in Nigeria. In addition to the huge fees, your foreign currency gets converted using a poor exchange rate.A game changing technology is changing the way we transmit money back home to Africa. With Bitcoin (a new kind of money that is created based on mathematical proof and held electronically without any central bank or government authority), you can send money from oversea to your family or friends (beneficiaries) in Nigeria at a moderate fee and better exchange rates than banks and money transfer operators.Case Study: compare the cost of transferring home to Nigeria from the USA.With Money Transfer companies, sending $100 to Nigeria will cost you $110 and your recipient will receive average ₦37,312.50.Bitcoin Sending $100 to Nigeria will cost you $101 (Bitcoin exchange fees varies from 0.25 to 1) and your recipient will receive ₦42,000 (This is based on 247xchanger exchange rates 2017-01-02). The 247xchanger dollar to naira exchange rate is based on the adjusted parallel market rates.How to send money to Nigeria using BitcoinFirst, get yourself a bitcoin walletBitcoin wallet is like a bank account, a place where you safe your new bitcoins to send and receive bitcoins from other bitcoin users. You can get one with Blockchain or BlocktrailBuy Bitcoin at Bitcoin Exchanges (Covert cash into bitcoins).Bitcoin exchange is an online marketplace where you buy and sell bitcoins with cash, bank accounts, debit and credit cards.You need to find a bitcoin exchange that operates in your country. Bitcoin exchange is an online business, you buy and sell on the platform online including payment. Most of the exchanges will ask for identity verification for their Know Your Customer policy and some of the bitcoin exchanges allows you to keep the bitcoins on their platform, if not you can withdraw it to your bitcoin wallet (you can get a bitcoin address/account number on most wallet with the receive option).247xchanger is a Nigeria-based bitcoin exchange service. (You can buy or sell bitcoins with Naira with us in Nigeria).How to send bitcoins to Nigeria:Once you buy the bitcoin, you can go ahead and create a bitcoin Sell order at 247xchanger with the amount of bitcoin you are trying to send. Follow these guidelines:1. Go to 247xchanger and register with your email address, verify phone number and upload your Nigerian photo ID.2. Go to SELL bitcoin, enter the amount of bitcoins you are trying to sell and confirm your bank account. Then Click continue.3. The next page will display steps and instructions to transfer bitcoin to us.After receiving the bitcoin with at least 3 confirmations from the bitcoin network, 247xchanger will pay Naira into your Nigerian Bank account.How to send bitcoins abroad; (Convert Naira to Bitcoin).First, you have to understand the concept of Bitcoin. 247xchanger doesn’t deposit or operate in foreign countries so we can’t pay into someone’s bank account at overseas.You need to buy Bitcoin in Nigeria and send it to the person abroad. The person will now exchange the bitcoin into the local currency there at any bitcoin exchanges in that country.You can ask the person to create a bitcoin wallet where you can send the bitcoins to and then he/she can exchange it by sending it to a bitcoin exchange.How to Buy Bitcoins in Nigeria.You can create a bitcoin BUY order on 247xchanger.com with the amount of bitcoin you are trying to send.Go to 247xchanger and register with your email address, verify phone number and upload your Nigerian photo ID.Go to BUY bitcoin, enter the amount of bitcoins you trying to BUY and enter your bitcoin address (you get this from your bitcoin wallet). Then Click continue.The next page will display 247xchanger bank account, pay naira into the account on the trade confirmation and bitcoin will be sent to your bitcoin address after confirmation.Contact us if you need any help.

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