Comment on 15 things you need to know about Bitcoin before buying! by Anibe Idajili


Hi JoelHFX.

For the record, this is an objective review of bitcoin. And so, I’m somewhat confused as to whether your response is an attempt to refute the claims in this article or bolster them up.

Now, the article says bitcoin (not the network) is susceptible to hacks. Did you hear of the MX Gox’s hack in 2011, 2013 and 2014?

Also, based on the theory of portfolio investment, bitcoin has zero intrinsic value because of its volatility. It could be potentially valuable if it were a global currency. Otherwise, it’s simply all demand and supply.

You argued that the government has nothing to do with bitcoin. I disagree. Wouldn’t it be right to argue that in this case, the CBN as the controller of Nigeria’s monetary and financial sector is the government? Currencies get their value from being backed by the government as legal tender.

The point of this article is that, like all markets, bitcoin has its own share of oddities, especially since it operates in an uncensored financial system. But it’s still an investment option that is worth considering.


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