"What exactly is bitcoin?" The middle aged lady asked me as we both sat on a bus heading to our homes. We both discussed how the naira as recently rallied against the dollar and how long the naira can maintain this momentum in the New Year. I told her that digital currencies were the solution to long term to such issues like exchange rate like bitcoin. When she asked me what bitcoin was all about.
Being relatively new to cryptocurrencies I began to explain it to the lady.
She was understandably suspicious of the fact a currency could be digital and therefore it could all be a fraud. I began by explaining what a digital currency is in simple language . I explained to her just like money such as bank notes and coins that can be used as a medium of exchange, digital currency can also be used for instant transactions and allows borderless transfer of ownership though the "Money" is not available physically but digitally. Like traditional
money , these currencies may be used to buy physical goods and services , but may also be restricted to certain communities such as for use inside an on-line game or social network.
She was amazed that all this was possible but she wanted to know exactly what bitcoin was so she asked what bitcoin was? I explained it was a cryptocurrency. The next question was predictable, what is a cryptocurrency? I explained it is a type of digital currency which can be used for transactions. It uses the technology known as cryptography. I explained bitcoin was a decentralized cryptocurrency so it was not controlled by any government or single administrator. So it was almost impossible for it to be easily manipulated by a person or group of people.
I told her something she says she will never forget about bitcoin . I said "bitcoin is like mining to for gold the only difference is that it is better and more valuable than gold" I explained that over 100 merchants accept bitcoin as a payment system and bitcoin exchange rate is about 1 unit of bitcoin to 14 dollars. I added that it usually appreciates and is more stable. I also said it was borderless meaning it could become a universal currency.
This wonder lady collected my phone number saying she wanted to know more about this "bitcoin " as we neared our destination. She did make a remark that shocked me , she said this "bitcoin had the ability to change the world in terms of trading and marketing in the near future. "
Getting home I thought about what she said deeply, does bitcoin posses this ability in the future? Will countries like Nigeria and India allow banks to use this currencies? Will they continue to frown at its use? On looking through my window I saw a sign on a digital billboard it wrote
"The future is now".