Blockchain Nigeria: Understanding the Technology behind cryptocurrencies

Over the years, a lot of investors and entrepreneurs have dismissed the topic of the cryptocurrency revolution as a fraud and time wasting opportunity that will die down in no time. This made a lot of people to withdraw their interest, enthusiasm and readiness towards anything that has to do with cryptocurrency, Forex trading, binary options, sports betting, digital wallets, cryptocurrency exchanges and everything that has to do with the concept of making money online.

Right now, the vision is becoming more clearer for so many myopic and ignorant persons that truly, the cryptocurrency and digital currency concept has come to stay. Many people who embraced and welcomed the idea and concept of digital currencies at the early stage are reaping and experiencing a bountiful return on their investments.

Back then, the question asked was “Should I Invest In Cryptocurrencies ?”; but now, the question on the lips of people is “how do digital currencies work?”. It is pertinent for people to understand the technology and the idea behind cryptocurrencies. The comprehension of how digital currencies work will make life easier and better for people whenever they interact with a digital business website which deals with cloud mining services.

The idea behind the ctryptocurrency market is based on the blockchain technology. It is said that this technology was established in 2009 by an entity which was known as Satoshi Nakamoto.

The aim and objective of this technology is to make it possible for two people or two and more individuals to send payments and make monetary and financial transactions over a secured and safe platform without having to reveal and their identities and details.

With this technology in place, there is no need for the transaction to be verified and observed by a third party. At the inception of this project, the aim of the technology was to make to sanction, register, enable, record cryptocurrency transfers.

The Blockchain Technology

Ever since it was introduced, the blockchain technology has been growing and evolving into something really gigantic and gargantuan. The reason is that it is able to facilitate and ensure a smooth transmission of information in the digital world without any fear or attack.

Blockchain is not just a technology or a program that has to do with recording and registering transactions but it has increased its capacity into having the ability to record anything that has value.

The Blockchain technology ensures and guarantees safety behind the use of cryptocurrencies. Cryptocurrencies are financial instruments, although not like physical cash (FIAT currencies) but, digital money. There are tools of exchange that use the blockchain technology to facilitate secured transactions.

There are many digital currencies in the cryptocurrency industry. A good example of them is Bitcoin, which is popular and used by most people in the world.

Cryptocurrency technologies rely heavily on the size of the network, which is an important component for its security.

Ever since the launch and inception of the Bitcoin blockchain, it has grown it capacity to the extreme whereby figures are now in the region of 3,500,000 TH/s.

A data which is in the region of 3,500,000 TH/s depends on a great source of power.


Although, cryptocurrency has been on board for more than a decade, it is still taken as a new concept. It is expected that these technologies will continue to develop as time goes on because they have shown resilience ever since they were launched and created.