An overview on the impact of bitcoin on monetary activities in Nigeria

Abstract

Electronic cash or cyber cash and virtual currency are all forms of digital currencies. 
Indeed, computers on the bitcoin network check for unauthorized attempts to alter trans
actional records. The importance cannot be overstated, as virtually every human civili
zation, every bank, council, and local library is based on a centralized or decentralized 
organizational structure. Bitcoin is a digital currency that is referred to as cryptocurrency 
because it is a form of electronic currency that relies on cryptographic techniques, the 
science of making and breaking codes, to prove identity and authenticity and to enforce 
read and write access to the bitcoin network. This paper examines the features of bitcoin, 
the stakeholders in it, the mining process, and the position of Central Bank of Nigeria. This 
paper will help new researchers to work on bitcoin and its integration challenges in the 
financial system.