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    Security features of the new naira notes revealed by the CBN

    JUST IN: CBN orders banks to begin payment of new notes over the counter

    Atiku heads to Europe on ‘business trip’

    Why CBN should not extend naira swap deadline – Atiku

    Kwankwaso not stepping down for Atiku, Tinubu – Campaign spokesperson

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    Obanikoro tells court how he gave Fayose N1.2bn from Lagos Security Account

    Obanikoro tells court how he gave Fayose N1.2bn from Lagos Security Account

    They want to starve us of funds – IPOB  DOS cries out

    They want to starve us of funds – IPOB DOS cries out

    ‘Elements’ in Aso Villa want APC to lose election –  El-Rufai

    ‘Elements’ in Aso Villa want APC to lose election – El-Rufai

    Suspected herdsmen ambush Benue policemen, kill DPO

    Suspected herdsmen ambush Benue policemen, kill DPO

    • Nigeria
    • Africa
    • World
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    • All
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    • Economic Data
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    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

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    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.49%

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

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    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

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    2022 financial year: UAC of Nigeria posts N2.69 billion loss

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    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

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    2023 Bible Lessons on Setting your Financial/Investment Goals

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    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

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    37 years between the Buhari regimes… Economic lamentations remain the same

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Home Financial Education

What is a Blockchain – Cryptocurrency Education

Saturday, 27 March 2021, 11:23 am
in Financial Education, News
0
What is a Blockchain – Cryptocurrency Education
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Bitcoin hit an all time high of $60k recently and everyone is excited about it. But one thing people do not understand and unfortunately, also don’t try to understand is the usefulness of Bitcoin. Bitcoin is useful because of the technology it is built on – the Blockchain.

A blockchain is simply a publicly verifiable record of all the transactions in a network with some features that make it tamper proof. Blockchain was created to solve the problem of double spending. One problem with asset transfers in the digital world is the ability to copy and paste and the ease of digital asset creation.

Consider this, my friend Jide did a beautiful graphic art. I am interested in this art, but I want it for myself alone. I want it to be mine, not his anymore and not anyone else’s. I pay him 30 thousand Naira to give me the art. If this was a physical painting, it would have been a seamless transaction, I would just pay him and take the work of art off his hands to my home. However, in the digital world, he can easily send me a copy. This is called double spending and the possibility of this complicates the transaction.

Let us explore how a blockchain would solve the problem. Jide would create a Non Fungible Token (NFT) on a blockchain, a digital asset that represents the art work and transfer that asset to me. Once transferred, whatever copy of the artwork he has is rendered counterfeit. This happens because the blockchain records that transfer and this record is available for the public to see and verify. This record is also not falsifiable or editable. If someone tries to delete that record, the blockchain automatically and immediately replaces the entire block containing the record with the correct information.

Therefore cryptocurrencies are digital assets that exist because blockchain has created an environment such that, once a Bitcoin is sent for example, the Bitcoin itself actually changes ownership, and it is not merely copied. This change in ownership is recorded publicly for anyone to see and verify and it is not falsifiable.

This article is part of an ongoing series on cryptocurrencies, stay subscribed to Investogist newsletter to keep getting email notifications of new articles in this series.

Victor Nnadi

Victor Nnadi is an Independent Economics Researcher and a Securities Trader.

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Security features of the new naira notes revealed by the CBN

JUST IN: CBN orders banks to begin payment of new notes over the counter

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