Connect with us

Published

on


Some people seem to say they know who the creator(s) of bitcoin is/are due to conspiracy theories. In Japanese, “Satoshi” translates to “clear thinking,” “quick-witted,” “wise.” “Naka” can mean “inside” or “relationship,” while “moto” is defined as “origin,” “the cause,” or “the foundation or basis.” Because of these translations, there are people that believe bitcoin was created by the CIA (Central Intelligence Agency). There are even conspiracy theorists that believe four companies were behind the creation of bitcoin—Samsung, Toshiba, Nakamichi, and Motorola—whose names, when put together, make up “Satoshi Nakamoto.”
The truth remains, however, that bitcoin is the brainchild of a mysterious, unknown person or group known as “Satoshi Nakamoto” and that to this day, nobody knows who the entity behind bitcoin is.


Bitcoin cannot be used to purchase anything of real value. Bitcoin can actually be used to purchase anything in the world as long as it is accepted by the seller. Bitcoin is a currency used by millions of people everywhere, thus making entry to the global economy more accessible.
Most people say bitcoin is a “decentralized” currency while many others argue otherwise. This is because four mining entities control more than 50% of the hash rate. Regardless of whether or not you believe bitcoin to be a decentralized currency, it has unquestionably been built on a distributed system.
Bitcoin itself has no value. You might hear that bitcoin is a hoax, that it has no intrinsic value, and is not backed by the dollar or by precious metal. But wait a minute—how about our government-issued paper money? What’s backing our fiat currencies apart from a central bank that has complete control over how much money they can print?
With fiat currencies, governments can print an infinite amount and inflate the value, which decreases our purchasing power and can even lead to over a 100,000 percent hyperinflation, similar to what happened in Venezuela.
After all, money has value simply because we believe it has value. It could be shocking for you to discover that in the case of bitcoin, it has value because it has been defined as both a type of commodity and a type of currency. While it can be used to make purchases (currency), government jurisdictions such as the IRS (Internal Revenue Service) may also treat it as a property (which may make it taxable).
The United States does not support bitcoin. It might surprise you to learn that the United States has the highest number of functional bitcoin ATMs—even more than the total number of bitcoin ATMs in all the other countries of the world combined.
Bitcoin is just an idea. If bitcoin were just an idea, it would not have value. At the moment, billions of dollars of investment ride on bitcoin. Moreover, what adds to the value of bitcoin is that there is a finite and limited supply of 21 million bitcoins.
Bitcoin is a scam or bitcoin and MMM (Mavrodi Mundial Moneybox) are the same. Bitcoin is open, decentralized, and borderless. It is not a company and is not owned by anyone. It’s unfair and illogical to blame bitcoin for the existence of pyramid schemes. If you understand the technology behind it and how it works, you’ll know that bitcoin has no pyramid structure.
A lot of Nigerians who fell victim to the popular Ponzi scheme “MMM” were advised to invest in bitcoin, as many people were converting their cash into bitcoin during that time. These people invested in the Ponzi scheme with high hopes of exorbitant returns. However, the capital invested was lost and so was the ROI (return on investment). As a result, the victims readily took to social media calling bitcoin a scam, when what really happened was that the MMM platform exploited bitcoin for their planned exit scam. Bitcoin was not, is not, and will never be a scam.
Bitcoin is used for illicit activities. Initially, bitcoin was enthusiastically taken up by criminals to conduct a range of illegal activities, and it became  popular in black markets like Silk Road and other dark web proponents. That is, however, a good sign and we’ll tell you why.
According to crime historian Jérôme Blanchart, criminals are usually the early adopters of emerging technologies. For example, cars were first used by bank robbers as a means of escape, while police—the good people—chased the robbers on bicycles or horseback. As bitcoin gained a significant boost in popularity, criminals have abandoned bitcoin for another currency. A report suggested that at present, less than 1% of bitcoin transactions are related to “illegal” activities. Interestingly, and perhaps not surprisingly, there are a lot more activities, both legal and illegal, that are conducted with fiat currencies.
Bitcoin is more traceable, trackable, and less anonymous than cash, therefore making it a surprisingly safer option. Though its reputation may need some repairing, there’s no denying that bitcoin is the currency of the future that will change the way people manage their finances.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Entertainment

Popular Comedian, Basketmouth’s Marriage Crashes 

Published

on

Popular comedian Bright Okpocha has announced the end of his marriage with his wife Elsie Okpocha after 12 years of marital sojourn.

 

A statement posted on his social media platforms reads “As much as it pains me to bring my personal life to the public space, this is an unavoidable situation.

 

“After much deliberations, my wife and I have made the difficult decision to end our marriage.

 

“As we move forward separately, we will continue to work together to give our beautiful children all the care, love, guidance and support they need.

 

“We humbly ask that you respect our privacy as we navigate through these times.”

Continue Reading

Business

Winner Of 61st First Bank Lagos Amateur Open Golf Championship Gets listed in The World Amateur Golf Rankings (WAGR)

Published

on

L-R Kayode Oguntayo, Director, Concierge Sports Limited; Taiwo Okeowo, Deputy Managing Director, FBNQuest Merchant Bank Limited; Dr. Anthony Oboh, Golf Captain, Golf Section of Ikoyi Club 1938; Olusegun Alebiosu, Executive Director, Chief Risk Officer, First Bank of Nigeria Limited presenting the trophy to Emmanuel Ojeabulu, winner of the 61st Lagos Open Golf Championship; Nkoli Moka, Lady Captain, Golf Section of Ikoyi Club 1938; Akinwumi Akintola, Vice Chairman, Ikoyi Club 1938 and Ibukun Obatoyinbo; Director, Concierge Sports Limited at the prize presentation and awards dinner of the 61st FirstBank Lagos Amateur Open Golf Championship held recently at the Golf Section of Ikoyi Club 1938, Ikoyi, Lagos.

Emmanuel Ojeabulu, winner of the 61st FirstBank Lagos Open Golf Championship has been listed in the WAGR.

 

The premier golf championship which held from 18 – 20th November at the golf section of Ikoyi Club 1938 was keenly contested by over 190 low handicap players from several golf clubs in the country.

 

Benin based Emmanuel Ojeabulu won the 3-day championship.

Playing three-shots off the pace going into the last 18-holes, Ojeabulu played one of the best golf of his life, maintaining steady pars for a closing 74, 3-over the course par to win the World Amateur Golf Ranking recognized event by two shots.

Ojeabulu started his game with an opening 75, a second day score of 78 and a closing 74 to replace Ilorin based Aminu Kadir, the tournament defending champion on the winners list.

Overnight leader, 20-year-old product of David Mark Golf Academy, George Paul who was tipped to win the tournament collapsed under pressure closing with an unimpressive 79 to lose by two-shots.

 

In the third position is Muyideen Olaitan, three-time winner of the coveted FirstBank Lagos Open trophy while Iyare Osaze was further down on the winners chart by one-shot, leaving perennial contender, Olajide Owolabi, who shot tournaments best score of 72 on day two of the competition in the fifth position.

First Bank of Nigeria Limited, sponsors of the annual Lagos Amateur Open Golf Championship has pledged its commitment to the continuous sponsorship of the tournament which is one of the longest running golf tournaments in Nigeria.

Speaking at the closing ceremony of the 61st edition of the tournament in Lagos on Sunday, the Chief Executive Officer of FirstBank, Dr. Adesola Adeduntan who was represented by Executive Director, Chief Risk Officer of First Bank of Nigeria Limited Mr. Olusegun Alebiosu said “This year made it 61 years of our undiluted commitment to this cause, and we are absolutely delighted with the amazing support and partnership we have enjoyed from Ikoyi Club 1938 thus contributing to building a legacy not only for golf and golfers, but sports in its entirety.

 

Continue Reading

Trending News