 |
| getitrightnigerians, MMM, Bitcoin |
MMM Nigeria says it has introduced Bitcoin, said to be the world’s best performing currency in 2016, as part of its mode of payment in its comeback plans.
The Ponzi scheme, which froze accounts of its three million participants on December 13, 2016, is preparing to return, and it is throwing up a number of plans to get its community active again.
Last week, MMM promoters issued instructions to its participants whose accounts were frozen, to perform “Promo Tasks: A New Tool for MMM Community Development.”
In the MMM message, subscribers were told to perform tasks, both online and offline, to promote the scheme and drive “traffic and participation” by the time the restriction on the account is lifted.
“Being an MMM member implies not only opportunities, but also a responsibility for the state and development of the MMM Community”, the message said.
Now it has come up with Bitcoin, the increasingly popular cryptocurrency or digital currency.
It was said to be the best performing currency in 2016, appreciating by more than 100 percent, from about $400 per bitcoin to over $1,000 per bitcoin. The currency has now fallen to $887 as at last Friday, with China tightening rules to curb capital outflows.
Prior to the freeze of MMM, participants were allowed to provide help in bitcoin, but they were paid back in naira.
However, MMM new plan allows participants to receive payment in bitcoin, and watch their monies grow in bitcoin.
In a statement to participants, MMM said “due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the system
All you need to know about the new form of payment:
1. When was bitcoin invented?
Bitcoin is a cryptocurrency and a payment system invented by a yet to be identified programmer, or group of programmers, under the name of Satoshi Nakamoto.
Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009.
2. What is bitcoin?
Bitcoin while it is called crytptocurrency can also be referred to as digital currency. Bitcoins can be exchanged for other currencies, products, and services. In layman's terms, bitcoins are money, a type of currency, which is slowly being accepted worldwide.
3. How can you get bitcoins?
Apart from buying and exchanging it for other currencies, you can also get bitcoins, by mining for them.
When bitcoins are created as a reward in a competition some users offer their computing power to verify and record bitcoin transactions into the blockchain. This activity is referred to as bitcoin mining and successful miners are rewarded with transaction fees and newly created bitcoins.
4. What is the worth of bitcoins currently?
Currently, a bitcoin is worth 285,367.95 Nigerian Naira, not a small amount by any means. The unit of account of the bitcoin system is bitcoin.
As of 2014, small amounts of bitcoin used as alternative units are millibitcoin (mBTC), microbitcoin (µBTC, sometimes referred to as a bit), and satoshi.
Named in homage to bitcoin's creator, a satoshi is the smallest amount within bitcoin representing 0.00000001 bitcoin, one hundred millionth of a bitcoin. A millibitcoin equals to 0.001 bitcoin, one thousandth of bitcoin. One microbitcoin equals to 0.000001 bitcoin, one millionth of a bitcoin.
5. Where is it accepted?
In February 2015, the number of merchants accepting bitcoin for products and services passed 100,000. So far, Amazon, JC Penney, Ebay, Target, CVS, WordPress.com, Subway, Victoria Secret, PayPal, Expedia, Home Depot, Kmart, Sears, the Apple App Store, Grooveshark, Dell and Zappos all accept it as a form of payment.
6. What are the dangers?
However, it is not a stable form of currency and is still not accepted in most countries. Also bitcoins are untraceable, so if you lose it you lost it for good.
According to expert, Ivan Razl, there is no mechanism to recover stolen or lost Bitcoins. If somebody hacks into your wallet where you store your Bitcoins you lost them for good. The best way to store your Bitcoins is on disk that is disconnected from the internet.
Also, it is not useful in many places, so you are more likely to buy or mine it now as an investment.
Watch a video explaining bitcoin below:
Bitcoin is a cryptocurrency and a payment system invented by a yet to be identified programmer, or group of programmers, under the name of Satoshi Nakamoto.
Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009.
2. What is bitcoin?
Bitcoin while it is called crytptocurrency can also be referred to as digital currency. Bitcoins can be exchanged for other currencies, products, and services. In layman's terms, bitcoins are money, a type of currency, which is slowly being accepted worldwide.
3. How can you get bitcoins?
Apart from buying and exchanging it for other currencies, you can also get bitcoins, by mining for them.
When bitcoins are created as a reward in a competition some users offer their computing power to verify and record bitcoin transactions into the blockchain. This activity is referred to as bitcoin mining and successful miners are rewarded with transaction fees and newly created bitcoins.
4. What is the worth of bitcoins currently?
Currently, a bitcoin is worth 285,367.95 Nigerian Naira, not a small amount by any means. The unit of account of the bitcoin system is bitcoin.
As of 2014, small amounts of bitcoin used as alternative units are millibitcoin (mBTC), microbitcoin (µBTC, sometimes referred to as a bit), and satoshi.
Named in homage to bitcoin's creator, a satoshi is the smallest amount within bitcoin representing 0.00000001 bitcoin, one hundred millionth of a bitcoin. A millibitcoin equals to 0.001 bitcoin, one thousandth of bitcoin. One microbitcoin equals to 0.000001 bitcoin, one millionth of a bitcoin.
5. Where is it accepted?
In February 2015, the number of merchants accepting bitcoin for products and services passed 100,000. So far, Amazon, JC Penney, Ebay, Target, CVS, WordPress.com, Subway, Victoria Secret, PayPal, Expedia, Home Depot, Kmart, Sears, the Apple App Store, Grooveshark, Dell and Zappos all accept it as a form of payment.
6. What are the dangers?
However, it is not a stable form of currency and is still not accepted in most countries. Also bitcoins are untraceable, so if you lose it you lost it for good.
According to expert, Ivan Razl, there is no mechanism to recover stolen or lost Bitcoins. If somebody hacks into your wallet where you store your Bitcoins you lost them for good. The best way to store your Bitcoins is on disk that is disconnected from the internet.
Also, it is not useful in many places, so you are more likely to buy or mine it now as an investment.
Watch a video explaining bitcoin below:
Update: MMM Dumps Naira, To Use Bitcoin (see all you need to know about the new form of payment)
Reviewed by getitrightnigerians
on
08:36:00
Rating:
Reviewed by getitrightnigerians
on
08:36:00
Rating:
Why not Dollars? I smell a rat.
ReplyDelete