Bitcoin in Ethiopia, which uses the Blockchain technology, was first created in 2009 and ever since it has grown immensely popular across the globe.
Simply, these virtual coins are created using an expensive and complicated computerized process called mining.
Ethiopia has now seen Bitcoin networks and clubs, such as Bit Club and AWS Mining, across the country and more and more people are investing in them.
Recently, there has been widespread controversy as to the legitimacy of the business models used to sell and buy Bitcoins in Ethiopia.
The main source of income comes in the form of commissions and some experts in the field call them pyramid schemes instead of what Bitcoin was originally meant for…which is an open source software used for basic mining.
Bitcoin investment groups (in Ethiopia) are Ponzi schemes run by criminal middlemen…
Solomon Kassa (host of Tech Talk on EBS)
Blockchain is basically a distributed, decentralized and public digital ledger that is able to record transactions across many computers, making it close to impossible for the information data to be distorted without changes made to all the blocks.
Not having centralized data storage makes the blockchain system difficult to exploit, and in essence making it totally secure.
The blockchain network is controlled autonomously using a peer-to-peer system, allowing authentication through mass cooperation.
Promising to finish these ideas next time let me give u a highlight what you could have if..
about 10 years ago, Bitcoin was valued at 0.0025 US cents; today it is valued at 10,700 dollars on todays market.
Thank you for your time. And next i will be back with which dealers in Ethiopia are legit or scam. Leave me your comment