Cryptocurrency

Bitcoin Price to USD and Nigerian Naira for January 11, 2018: $13,939.60US dollars

(Last Updated On: January 11, 2018)

Last Update: January 9, 2018 (07:12)

#BitcoinPriceToday is $13,939.60US dollars

One BTC was $13,939.60US dollars as of 09:44AM on January 11, 2018, representing 1.03% drop in value in the last 24hours, price chart  monitored on coinmarketcap.com says.

Bitcoin boom in the past months have given rise to the emergence of other cyptocurrency and digital coins, which has led to the current trend of Initial Coin Offers (ICOs) replica of the conventional banking offers.

The value of bitcoin isn’t stable, but since the surge in its value, millionaires have been made, while people around the world are exploring the investment opportunities in the most valuable digital currency worldwide.

 January 10:

$13,849.70 at 09:40AM

January 9:

$15,186.60US dollars (5,466,960.00 Nigerian Naira) as of 07:27

January 8:

$16,036.60US dollars as of 07:32AM

January 7:

$16,386.20 as at 23:12

January 6:

$16,824 US Dollars (6,056,640.00 Nigerian Naira) as of 21:50

January 5:

$15, 922 US Dollars (5,739,881 Nigerian Naira) as of 14:20.

January 4 Value:

N5,266,675 ($14,650USD) at 11:50AM

January 3 Price:

5,410,681.20 Nigerian Naira ($15029.67 USD at 23:26)

January 2 Price:

It was 4,845,600 Nigerian Naira ($13.460) on January 2, 2018.

January 1 Price:

It was 4,892,400.00 to Nigerian Naira ($13,590) as at 22:27


Its price has been swinging between $13,000 and $13,600 for the past three weeks after it reached the earlier record of $19,783.06 (7,112,010.07 Million Nigerian Naira), the all-time high ever.

Note:

fx-rate.net converter was used in today’s dollar to Naira.

1BTC was 4717080.00 Nigerian Naira ($13,105) at 13:08 December 31, 2017, according to the price update monitored on bitcoin.com charts, one of the first bitcoin domains on the internet.

One of the reasons for the current drop in value has been attributed to the emergence of a closely related rival coin, Bitcoin Cash, which was launched on the market recently.

Bitcoin Cash (BCH) is an upgraded version of the Bitcoin Core software. It was released on August 1st, 2017. The main upgrade offered by Bitcoin Cash is an increase of the blocksize limit to 8mb. This effectively allows miners on the BCH chain to process more payments per second. This makes for faster, cheaper transactions and a much smoother user experience.

Other coins like litecoin, ethereum, monero, and ripple are also pushing back and forth to compete with the most valuable one, but bitcoin has proven to be the leader, and it’s likely to maintain the lead as we approach New Year.

Before the launch of Bitcoin Cash, which is seen as BTC replica, Bitcoin grew beyond prediction, it’s predicted to reach $10,000. 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.

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 and held electronically, which is controlled by no one. Bitcoins aren’t printed, like Naira or dollars – they’re produced by people by using software that solves mathematical problems.

It’s the first example of a growing category of money known as cryptocurrency.

What makes it different from normal currencies?

Bitcoin can be used to buy things electronically. In that sense, it’s like conventional Naira, dollars, or euros which are also traded digitally.

However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

Who created it?

A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.

Who prints it?

No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency.

Instead, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘mined’, using computing power in a distributed network.

This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.

What is bitcoin based on?

Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin isn’t based on gold; it’s based on mathematics.

Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it.

The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.

Its characteristics include:

  1. It’s decentralized
  2. It’s easy to set up
  3. It’s anonymous
  4. It’s completely transparent
  5. Transaction fees are miniscule

6. It’s fast

About the author

Opeyemi Quadri

Ope is the brain behind all contents on infobase, an online media which is among the earliest and foremost publications covering N-power Programme, cryptocurrency, travel guide and other problem-solving guides. He has authored over 1,000 articles for infobase.

When he isn't watching Channels Tv or BBC, he's on NatGeoWild. He's cryptocurrency and blockchain enthusiast. Email: ope@infobase.com.ng

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