Wia dis foto come from, Reuters
If you don hear about di popular digital money wey dem dey call bitcoin, then Ethereum na di one wey wan show am say im na baba. As di two of dem resemble in dia purpose and benefit.
So wetin be Ethereum?
Well, see am like money wey you no fit take eye see, wey dey live inside online cryptocurrency wallets.
- Ethereum like Bitcoin na money but you no fit see am although e dey live inside online cryptocurrency wallets.
- Dem dey call am digital virtual currency and na for 2015 one person, Vitalik Buterin launch am with 75 million coins. As at April 2020, 60% of that money don enta circulation
- E dey live inside online cryptocurrency wallets.
- Unlike normal money wey central banks dey regulate, digital money like Bitcoin and Ethereum no get central bank wey dey approve and distribute am. Instead, na computer dey ”mine” am. Na through special computer codes sha dis one dey happen
- You fit buy Ether (wey be di name of di money Ethereum dey produce) online and use am pay for tins or even sell am
- As at January di value of all di Ethereum wey dey na $16 billion (compare to Bitcoin wey be $147 billion)
Sample of machine wey dem dey use mine cryptocurrency
We fit trust cryptocurrencies?
Like any anything for technology wey dey develop sharp sharp, some cryptocurrencies dey wey dia quality dey high and odas dey wey low.
Sometimes e dey difficult for ordinary pipo to sabi which kain cryptocurrency go make dem money, because now, different different types dey comot everytime.
Like di one from One Coin wey claim to be cryptocurrency, but later pipo see say na just pyramid scheme magomago wey dey use centralised database. Di BBC do investigation into dis mata recently for dia ‘The Missing Cryptoqueen’ podcast series.
Ethereum dey legal?
Ethereum and oda cryptocurrency na something wey many goments dey find hard to adopt and encourage because first, e dey do di opposite of wetin dia central bank dey do.
Anoda tin be say so many tins dey to also consider for goment, like wetin law tok (you fit jail pesin wey tiff Ethereum?), public orientation, insurance etc.
For Kenya even though di central bank don warn pipo not to touch cryptocurrency, some companies don begin accept am.
Di total number of Bitcoin transactions for Kenya worth pass $1.5m, according to di Blockchain Association of Kenya.
Central Bank of Nigeria, never comot to say dem support or legalize am, although Bitcoin dey popular for di kontri too. Some pipo claim say dem bi millionaires ontop cryptocurrency trading.
On di oda hand, India don ban am.