1 Bitcoin=N5,048,099 on December 24, 2017 (8:55AM)
The most valuable digital currency, bitcoin, reached an all-time high lately when one bitcoin was worth 7,112,010.07 Million Nigerian Naira ($19,783.06), but BTC has been taking some steps backward and some forward recently, giving some critics louder voices against the future of the digital coin.
Today, December 24, 2017, one bitcoin is 5,048,099 Million Nigerian Naira ($14,042) as at 8:55AM on bitcoin.com chrts, one of the first bitcoin domains on the internet.
The current fall in value could likely be attributed to the emergence of a closely related rival coin, Bitcoin Cash, which was launched on the market recently. Other coins like litecoin, ethereum, and ripple are also pushing back and forth to compete with bitcoin, but bitcoin has proven to be the leader.
Before the launch of Bitcoin Cash, which is seen as BTC replica, Bitcoin was growing beyond prediction. Though it’s been a volatile month for BTC, after beating December prediction of 3,595,000 Million Nigerian Naira ($10,000) to reach 4,655,525 Million Nigerian Naira ($12, 950) on December 10, 2017, its slump worries its critics.
An eBay executive told Yahoo Finance that his company is “seriously considering” accepting bitcoin payments after its recent success.
Some have also predicted that bitcoin is going to crash the way it rose, they believe that it hasn’t reached its peak, anyway.
What is bitcoin?
Bitcoin is a digital currency created by computer code invented in 2009 by an anonymous computer whizz using the alias Satoshi Nakamoto.
At the moment, bitcoin can’t be seen or touched; its acceptance by some global companies has helped in its high demand leading to surge in price.