Tuesday, January 16, 2018

Japan Approves Bitcoin As Legal Currency

Japan's decision to legalize Bitcoin as legal currency is enough validation of cryptocurrency.
~ Ekenyerengozi Michael Chima, https://www.amazon.com/author/ekenyerengozimichaelchima.
@Orikinla Osinachi,
CEO, International Digital Post Network Limited (IDPNL), author of "#Bitcoins for #Nollywood"

  • In April, 2017, Japan passed a law recognizing bitcoin as legal tender. 
  • In September, 2017, Japan's Financial Services Agency (FSA) officially recognized 11 companies as registered cryptocurrency exchange operators. officially recognized 11 companies as registered cryptocurrency exchange operators. 

  • American billionaire, Warren Buffett said he regrets not investing in @Google and @Amazon when they launched. And I am afraid he is also going to regret not investing in Bitcoin now. The last time I checked, Warren Buffet called Bitcoin a "scam" and I chuckled at him. Well, he is a bricks and mortar business man who made his billions by being a smart investor and not by being a genius like any of younger Silicon Valley billionaires and one of them, Jeff Bezos, Founder and CEO of Amazon.com is richer than him with current net worth of US$110 billion.

    Bitcoin is money in digital currency.

    Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.

    A blockchain is a global online database that anyone with an internet connection can use. Unlike traditional databases — which are typically owned by big institutions — a blockchain doesn't belong to anyone; and with an entire network of people monitoring it, cheating the system by faking documents, transactions and other information is nearly impossible.

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