Crypto currency is a digital currency from block chain technology. It is a secure means of transaction cause it depends on cryptography. The control of additional unit is dependent on complex formula that have to be solve by miners. The first crypto currency that was introduced in 2009 was bitcoin. It was designed by an unknown man who is believed to be Satoshi Nakamoto. Presently one bitcoin is mined every four minutes which will become more difficult as the years goes by. There are currently thirteen million units of bitcoins in circulation and the total units will clock at twenty one million. This according to the algorithm will be at the end of 2140 years.
Crypto currency especially bitcoin became popular when Mavrodi Mondial Movement (MMM), a ponzi scheme, introduce it in the scheme. The Nigeria Government later last year decides to investigate the possible outcome of the use of such currency in the country as to how it will affect the economy. There are some new digital currencies around the world now.
Some countries aound the world have ban the use of cryptocurrencies while some others have been observant. Still other countries are about to or have even lauch their own type. But very few countries have allowed it in their country not as their national curency but have allowed individuals to trade with it at their own risk.
The main reasons why government are finding it difficult to accept this new means of transaction is that there is no third party when transaction is involve like a central bank. Will Nigerian Government accept this mode of transaction in the near future? It all depends on so many factors.