Bitcoin Prices in Ghana Cedis

Bitcoin Prices in Ghana Cedis – Cryptocurrency, especially Bitcoin has seen massive patronage in recent years.

Most people have dedicated time and resources to studying the trend of Bitcoins, and there are some who have actually invested heavily in Bitcoin.

Well, in this article, we will be taking a look at Bitcoin and our concentration will be on the price of Bitcoin in Ghana.

About Bitcoin

Bitcoin is a digital currency that can be exchanged among peers via the bitcoin network. Bitcoin transactions are cryptographically verified and recorded in a blockchain, which is a publicly distributed ledger, by network nodes.

The cryptocurrency was created in 2008 by an unknown individual or group of individuals using the alias Satoshi Nakamoto.

After its implementation became open-source software, the currency was first used in 2009. Bitcoin’s legality varies by region. Nine countries have explicitly prohibited the use of bitcoin, while another fifteen have done so implicitly.

Several governments have made use of bitcoin in some capacity. Although Bitcoin has been legalized in El Salvador, merchant adoption remains low.

Bitcoin is a pseudonymous currency, which means that funds are not linked to real-world entities but rather to bitcoin addresses. Owners of bitcoin addresses are not explicitly identified, but all blockchain transactions are public.

Furthermore, transactions can be linked to individuals and businesses using “idioms of use” and cross-referencing public transaction data with known information on the owners of specific addresses.

Furthermore, bitcoin exchanges that trade bitcoins for traditional currencies may be required by law to collect personal information. To increase financial privacy, each transaction can generate a new bitcoin address.

Bitcoin Prices in Ghana Cedis

Although the price of Bitcoin in US dollars has decreased drastically this year, the amount is still significant amount when converted to Ghana cedis.

A few months ago, one Bitcoin was sold for more than $60,000, however, due to the economic downturn across the world, one Bitcoin is now valued at $16,100. Converting that amount to Ghana cedis, you get GHC 234733.29.

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