Why you need to know about Bitcoin

3 October 2017


As the world becomes increasingly digital a lot of people are looking for means to make online payments in a secure, efficient and cost-effective way. For the past few months, you will likely have heard some of these terms crypto-currency, bitcoin, blockchain being casually mentioned on TV or the internet.

You probably have wondered what Crypto-currency is? If it’s the same thing as Bitcoin?  How does it work? How do I get it? Where can I use it?

Before we delve too much into the meat of the matter, let’s explain the basics first

Enter Blockchain technology

Let’s say you have one pen, and you give it to your friend. There is no need for an intermediary person to help complete the transaction. This is easy to relate to because that’s how barter trade works. 

But as the world becomes more a problem arises. Instead of giving your friend a physical pen, in a digital world you will want to give them a digital one.

How do will everyone else know that you won’t give out your pen twice? This problem is referred to as the double-spending problem. It’s a problem with digital goods where you can essentially “spend” something twice.

To counter this, Blockchain has a digital ledger which tracks all transactions. The great thing about this ledger is that no one controls it. It’s in the hands of everyone. You cannot cheat it because your ledger will look different from everyone else.  

The security is in the number of ledgers (computers) that are verifying transactions. This is how blockchain technology works like and Bitcoin is simply one of the most known use cases for blockchain. That should pretty much make it easy for everyone else to understand.

How do you get it and where to use it?

One way of getting bitcoins is to mine them yourself. This option isn’t very practical for beginners as you would need custom software. Your best bet is to purchase them with conventional currency. In Zimbabwe, they are websites such as www.bitcoinfundi.com (local website) and www.CEX.io  (international website) where you buy bitcoins. You can also use bitcoin to buy from websites such as beforward.jp which sells second hand cars.

Research some more
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