Bitcoin: Navigating The Dip

Bitcoin, launched in 2009 by a person or group of people operating under the name Satoshi Nakamoto, and fast adopted by what has become a worldwide army of enthusiasts, currently has user dashboards looking like the silhouette challenge filter.

HOW BITCOIN WORKS

Bitcoin is a digital currency which has no ties to any bank or government. Bitcoins are basically lines of computer code that are digitally signed each time they are transferred from one owner to the next.

The coins are created by users who “mine” them by lending computing power to verify other users’ transactions and they receive Bitcoins in exchange. The coins however have monetary value as they can be bought and sold on exchanges with U.S. dollars and other currencies.

Since coming to light, cryptocurrency has been widely hailed as everybody’s “inroad” to financial independence, and though some businesses receive Bitcoin for payment and a number of financial institutions allow it in their clients’ portfolios, overall mainstream acceptance is still limited.

Leading cryptos Bitcoin and Ethereum have endured a turbulent time over the past week as share prices dropped by 37.10% and 42.23% respectively. The market crash follows a decision by Tesla to no longer accept Bitcoin as payment for its vehicles, as announced by the car company‚Äôs CEO Elon Musk.

More recently also, China banned financial institutions and payment companies from providing services related to cryptocurrency transactions and warned investors against speculative cryptocurrency trading.

WHAT TO DO?

  1. Don’t Panic. The most important thing you need to have in order to make the decision whether you are going to buy the dip, see the dip out or get out while you can, is your head. We are not telling you to not be afraid of losing your money, but, be sure you’re not just making an emotional decision.
  2. Assess and Evaluate. From a place of calm, make research, keep abreast of news and developments regarding cryptocurrency. It’s not the first time in recent times that the market is being hit. Just in February, the Central Bank of Nigeria (CBN) banned Nigerian banks from dealing in all forms of cryptocurrencies, then Tesla, now China, and there have been conversations surrounding India.
  3. Make a Decision. When you assess the situation and what it means for the future and are about to make a decision, you will be making an informed decision and have an action plan that reflects your current view on the potential risks and opportunities of cryptocurrencies.

The plunge in cryptocurrency markets may have you unsettled, but remember, this is not the first time the market is dipping.

Easy Ways To Contact VTPASS Support

When we say that we are committed to delivering seamless transactions, we are not joking, and that’s why VTPASS Support is here.

We understand that naturally, it’s quite hard to trust someone else with your hard-earned money, which is worse for us because as Nigerians, we naturally have trust issues, and rightly so, that’s why we are giving you four different channels through which you can contact us whenever you are experiencing any challenge with your transactions.

  • The Live Chat

The Live Chat feature gives you instant access to our 24/7 support centre just by clicking on “help” and “start live chat” from the VTPASS Mobile App or by logging on to www.vtpass.com and clicking on “online – chat with us” at the bottom right. That’s it, instant access in just a few clicks

  • Call Support

Just in case you’re the kind of customer who prefers to hear the voice on the other end of the screen, or you have an urgent need, our helpline is always available to give you 24-hour dedicated support. That’s right, getting that issue resolved is as simple as dialing 08138752358 now!

  • Social Media

We know that you probably spend a lot of your time on Social Media, and because we want to be like you when we grow up, we have decided to spend a lot of time on Social Media likewise. You can get your issues resolved by sending a DM to us via Instagram, Twitter or Facebook just like that. You should engage with us while you’re at it because we always love to hear from you, and that’s the truth!

  • Email

Yes, if you’d rather send us an official mail, we are here for you. You can send a mail to support@vtpass.com now and we’ll help you resolve any issue you have, even if it doesn’t necessarily have anything to do with our platform because at VTPASS, we believe in going the extra mile for you.

Searching for seamless transactions? Simply download the app or log on to www.vtpass.com to buy airtime/data, subscribe GOtv, DStv, or Startimes, or pay electricity bills now!