bitcoin

Bitcoin for Zambians full guide

[Music]

hi there my name is keith and welcome to

my youtube channel in zambia

this is the first video in my bitcoin

playlist in zambia

to learn and understand what bitcoin is

and how it works in zambia

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playlist

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i am going to explain to you on what

bitcoin is and how it works in zambia in

africa

but before i start please take three

seconds to like this video and subscribe

let us begin now so what is bitcoin in

zambia

many people in zambia consider bitcoin

to be a scam

but only a person who does not know

anything about bitcoin

can call it a scam bitcoin also known as

btc is a digital currency

which is used and distributed

electronically as compared to quattro

dollars

bitcoin has no physical notes and it

can't be printed into physical money in

sambi or anywhere

so who created bitcoin bitcoin was first

introduced as an open source software by

an anonymous programmer

or group of programmers under the alias

satoshi nakamoto in 2009

there has been a lot of rumors about the

real identity of btc's creator

however all of the people mentioned in

those rumors have publicly denied being

nakamoto top nakamoto himself once

claimed to be a 37 year old male living

in japan

however because of his perfect english

and his software not being labeled in

japanese

there are reasonable doubts about this

around mid-2010

nakamoto moved on to other things

leaving bitcoin in the hands of a few

prominent members of the ptc community

also satoshi named gavin anderson elite

developer

so which company or who controls bitcoin

this is the good part about bitcoin

actually bitcoin is not controlled by

anyone

for a lot of people the biggest benefit

of bitcoin is its freedom from world

governments

banks and companies not one authority

can interfere into bitcoin transactions

impose transaction fees or take people's

money away

moreover the bitcoin movement is

extremely transparent

every single transaction is being stored

in a massive distributed public lecture

called the blockchain dot essentially

will bitcoin is not being controlled as

a network it gives its users total

control over their finances

so how does bitcoin work in zambia in

africa

well each bitcoin is basically a

computer file which is stored in a

digital wallet app on a smartphone or

computer

people can send bitcoins or part of one

to your digital wallet

and you can send bitcoins to other

people you can sell things and let

people pay you with bitcoin since zambia

and africa

let's now talk about the characteristics

of bitcoin that makes it unique from our

normal currencies

we have the first characteristic of

bitcoin is that it is decentralized

when creating bitcoin one of satoshi

nakamoto's keynes was the freedom of the

network for many regulatory authorities

it is built to become part of a vast

network for every person

business and every machine involved in

mining and transaction verification

in addition the money can keep going

even though any component of the network

goes down

to summarize bitcoin is not controlled

by any government or authority

bitcoin transactions are verified by

anyone like you

and this process of verifying bitcoin

transactions is called mining

therefore you can participate and verify

transactions surming bitcoin and get

rewarded

so who rewards the bitcoin actually when

people send bitcoin there is a fee you

can control called mining fee

this is paid to miners who verify

transactions

if set a high mining fee your

transaction will be verified fast by

miners

bitcoin transactions take from an hour

to even weeks

depending on the fees set

the second characteristic of bitcoin is

anonymous

the government can't track you because

it is all very different with bitcoin

as the wallet doesn't have to be linked

to any personally identifying

information

and while some people just simply don't

want their finances to be governed and

tracked by any kind of an authority

the third characteristic of bitcoin is

that it is transparent

anyone can view your bitcoin

transactions because very single btc

transaction that ever happened is stored

in the blockchain

in theory if your wallet address was

publicly used

anyone can tell how much money is in it

by carefully studying the blockchain

ledger

however tracing a particular bitcoin

address to a person is still nearly

impossible the fourth characteristic of

bitcoin is that it is non-reputable

this means that when you send bitcoin to

someone you cannot reverse the

transaction

unless the recipient sends it back

now that you have understood what

bitcoin is the question is

how do you get bitcoin in zambia in

africa well there are three ways you can

get bitcoin in zambia and one of them is

to buy them

i will make more videos on how to buy

bitcoin in zambia in africa

keep on being subscribed the second way

is to accept it as payment

if you have a shop or you provide

services you can start accepting bitcoin

payments in zambia

the last way of getting bitcoin is to

mine it i talked about this in the first

minutes of the video

let us now talk about the advantages and

disadvantages of bitcoin in zambia in

africa

let's begin with the advantages and the

one being freedom

bitcoin is designed with freedom in mind

most importantly

freedom from governing authorities

controlling the transactions

imposing fees and being in charge of

people's money

the second advantage is that bitcoin is

portable as compared to fiat money

one of the distinct characteristics of

money is portability

meaning it should be easy to carry and

use since bitcoin is completely digital

practically any sum of money can be

carried on a flash drive

or even stored online the third

advantage of bitcoin is that you can

choose your own sending fee

the fourth advantage is that bitcoin is

safe transparent and neutral

bitcoin users are able to control their

transactions

no one can withdraw money from your

account without you knowing and agreeing

to it

like sometimes happens with other ways

of payment and no one can steal your pay

information from merchants

every single transaction as well as

every single bit of information about it

is always available for everyone in the

blockchain

which can be checked and used in real

time and it can be counterfeited

when it comes to the disadvantages of

bitcoin the only disadvantages are

people losing keys and that bitcoin is

very volatile meaning it gains

or loses value fast

let me now conclude on bitcoin and

answer some of the most asked questions

about bitcoin in zambia

and give you some free tips is bitcoin a

scam

no bitcoin is not a scam this is like

asking if quacture dollar is a scammer

nod

what you should understand is that they

are people taking advantage of other

people to join pyramid schemes in zambia

that promise

you to 100 daily or weekly returns on

your investments

and when these websites disappear the

ignorant people end up calling bitcoin

is scammed when it is their platforms

they invest money into

so how do you make money with bitcoin

the legit way

well at the time of making this video

one bitcoin was equal to 19211.80 united

states dollar

so people who bought bitcoin in the

early days are now millionaires or

billionaires

you can also do the same you can buy

bitcoin now and store it

in the future you might be a millionaire

too this investment is good for the long

runner long term

thank you for reaching this far if i

miss something where you have questions

feel free to comment below and i will

reply you within 20 minutes

don't forget to like and subscribe and

also share this video to your friends

so that they don't end up being scammed

again bye for now