Bitcoin 03.31.22

Price : 46,618.82

Quick Explainer

Bitcoin

A digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for other parties. Imagine using mobile money but without the need to go through a telecom provider or a bank, all you need is an internet connection. You can send it to anyone and anywhere in the world.

Fact

While it is not accepted in many many countries in the world, it is legal tender in El Salvador, a country in Central America. Bitcoin is allowed in Uganda although there is no regulation for it at the moment all that is required is for the entities that trade it to register and report to the country’s Financial Intelligence Unit

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Random

The President of Uganda met the founder and CEO of Binance, one of the biggest crypto currency exchanges in the world ( kind of like a forex bureau online where you can exchange your Uganda shillings for bitcoin) in May 2016 at the state house in Entebbe.

Insight from others

"Can you use Bitcoin to buy something from the shop down the street? Well, no, but you can’t very well use a piece of gold either, and no one argues that the latter isn’t worth whatever price the gold market is willing to bear." - Ben Thompson

Source ; Tulips, Myths and Cryptocurrencies