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These people you see with me are into various businesses, two women among them happens to know me and we do support each other financially,for the growth of any business that is facing challenges. Mrs Sharon is the lady sitting at my right hand side,she own a boutique which she sells unisex wears. She came to me guest house to discuss about how difficult it has been for her to be able to pay her customer oversea for the goods she bought through her master card,which she got from her Zenith bank. I told her that CBN is changing every policy and that there has been a block on international transactions on every master card, and that international transactions online will no longer be possible,only if she will go to her bank for them to provide an alternative way.
While I was still explaining at length for her to understand properly, I noticed her focus on the bitcoin payment payment which I post on the wall of the reception and bar that says I accept bitcoin payment.
She asked me that what kind of payment method is btc,that she has heard of it on social media and from someone that said bitcoin is a scam. I told her little about bitcoin but she couldn't concentrate on my explanation because she was worried about her goods and she left. I called her that evening and advised her to go to her bank the next day to rectify the issue, I also asked her to call her customer abroad,if he accepts btc payment. I called her the next day and she told me that she was on her way to my guest house from the bank with a friend. Finally, when they arrived,she told me that her customer customer oversea accepts bitcoin payment. She also said her bank couldn't attend to the issue due to much customers and told her to come back the next day. I was relieved when I heard this and I told her that everything is over and she will be able to pay her customer with btc,that it is faster,safer and reliable than the banks but she couldn't believe me. I took my time to explain to Sharon how come about btc,and how I started accepting it as an alternative means of payment in my business. Her friend paid more attention listening and they were also asking questions,which I was given them answers. After seeing what Mrs Sharon is passing through with her bank,it has become a challenge to her business and I know that so many other business people will somehow pass through this situation directly or indirectly. I told her that as business people, we are to follow the new era of digital currency payment method which is done online and adopt it in our various businesses.
I put her through on how to buy btc and how to setup a wallet, she paid her customer and got her goods. She now has a bitcoin holdings. After some days,I thought of how Sharon will always be buying btc with fiat to maker her payment for her goods overseas. So I said let me use this opportunity to spread and teach bitcoin awareness to people in my locality starting with businesses people. Since Mrs Sharon is in a union with business people in her area,I decided to call her an tell her to see if she can talk to them that there is a new development in business,that she has already arranged with someone that will come and teach them about bitcoin,to enable them benefits from it,so that they might consider accepting it as an alternative payment method in their business if they are OK with it. Sharon did as I directed her and informed are business colleagues, the women concluded that for the meeting to be possible, I need to come over to their community because of their busy schedule with their businesses, which I accepted and a date was fixed by them. On the appointed day,when I got to Sharon's place she made calls and within 30 minutes,I saw these people,who said for now they are the only ones who wants to hear what I have to introduce to them.
They took me to this room for the meeting, I chose to carry everyone along for proper understanding by using our local language.I chose to givethem about bitcoin awareness first and teach them the basics of bitcoin concept,so that if any of them is interested to apply it in their business, then I will teach them how to get a wallet and how a buy and receive bitcoin. If ther e is any interested person among them I have planned to teach next about how to secure their btc safely in their business either by accepting or buying bitcoin in my guest house next.
What I taught them about bitcoinwhat is bitcoinBitcoin is a digital currency that was launched in 2009, and was created by Satoshi Nakamoto and his group. It is a decentralized and uses peer-to-peer payment system,which prevent third party, institutions and governments when making transactions.
why was bitcoin createdTo serve as an alternative means of payment so that people will be free from central control system and giving a common man the capacity to control his funds through a decentralized system.
usefulness of bitcoin- it is used to pay for goods and services either locally or overseas,in this part Mrs Sharon was they case study which she explained her experience in paying with bitcoin to her customer.
- It can serve as a part time job for traders who are into trading of btc.
- It makes transaction easy and faster.
Importance of bitcoin- Inflation cannot affect bitcoin, if you have your savings in btc during inflation, if fiat currency depreciates,btc still maintain it's value.
-Btc has a volatile nature, which can make you a quick rich person in a twinkle of eye,if the price hits the bull market at a very high place. The price can also go down and you might be discourage in it.
- You will be the one in total custody of you btc,by becoming your own bank and nobody can trace or know when you are making a transaction because transactions is added to the blockchain.
- It gives financial freedom,i.e banks and government can not have access to your funds or freeze it.
Consequences of using bitcoin - If you leave your btc in an exchange, you will surely lose your coin,you need exchanges only when you want to trade. You can only leave funds that you can afford to lose in an exchange. The reason is not your key,not your coin.
- If you btc is not properly secured in your wallet,it can be stolen by hackers.
- If your seed phrase does not have a proper back up,if you forget your password, you have lost your assets.
- You can also lose your coin when you mistakenly send it to a wrong address. Btc sent can't be reversed.
Do you think it will be possible for these business people to welcome this new idea and implement it in their business ? Wouldn't it look crazy to them ?