Many individuals have caught wind of bitcoin before realizing what precisely it is and how to utilize it to profit. Bitcoin in layman’s terms is essentially “advanced cash” which implies it can’t be seen, contacted, smelled or felt. However, it may be utilized to buy things online simply as you do with your web banking empowered ATM cards. It can likewise be utilized offline in a few shops which have it empowered as a method of payment.
Bitcoin is utilized fundamentally by certain individuals, organizations and sites in the more created pieces of the world, for example, Europe and North America, we Africans have not so much got its hang yet. Organizations, for example, Namecheap, and Reddit have embraced it and a ton of top tech folks feel it is the eventual fate of internet payments. Details from Bitcoincharts.com demonstrate that towards the finish of 2013, over 1.5 billion US dollars worth of bitcoin were available for use around the world.
Who created Bitcoin?
According to Bitcoin.org, the first idea for a currency like bitcoin was proposed by Wei Dai in 1998 with the concept called “cryptocurrency” which literally means “secret currency” but can be interpreted as “secure currency” and it was so named because it uses cryptography for its creation and controlling financial transactions. Bitcoin’s first specifications and proof of concept were published by Satoshi Nakamoto in 2009 and as such many regard him as the creator of Bitcoin.
Who owns Bitcoin?
Indeed, this is a dubious one, no one owns Bitcoin. Bitcoin is an open source stage with no focal expert, the Bitcoin programming and convention can be altered by any designer (developer) on the planet however the alter must be explored and acknowledged by numerous different developers before it is accepted. Now you may ponder who controls the Bitcoin stage; it is constrained by all Bitcoin clients on the planet who all need to utilize Bitcoin programming which holds fast to the characterized conventions of Bitcoin.
How does Bitcoin work in South Africa?
First of all, you need to download and install the Bitcoin mobile or computer app which will provide you with a Bitcoin Wallet similar to Google Wallet, etc. It is the Bitcoin wallet that allows you to send and receive bitcoins. Most of the Bitcoin transactions are done through the Perfect money payment platform.
Is Bitcoin secure in South Africa?
Yes it is pretty airtight due to very high-security measures and very recent technology but that is not to say it cannot be hacked, I question on the off chance that anything advanced can’t be.
How do you make money through Bitcoin in South Africa?
There are two main ways you can do this:
1. Through speculative buying and selling:
Bitcoin is a universal currency which means that anybody in the world can buy or sell it. Bitcoin’s value as at the time of writing this article was 1 Bitcoin equal to 69,331.10 South African Rand.
Much the same as individuals exchange forex by conjecturing that a few monetary forms will rise, you can likewise hypothesize with Bitcoin in light of the esteem increments or diminishes with specific patterns and occasions. For instance, individuals who purchased bitcoins when it was simply imagined in 2009 purchased 1 bitcoin for only 6 dollars, its esteem rose to a pinnacle of around 1100 dollars in 2014 at that point took a crash to under 300 dollars in 2015 and began rising once more.
2. By mining for Bitcoins:
This is a process where you use your computer and special Bitcoin mining hardware and software to compete with several other miners to solve some very complex mathematical problems which are used to serve as protection for Bitcoin transactions. If you get lucky and your hardware cracks a problem, you will be rewarded with some bitcoins usually about 25 bitcoins per calculation, you can also form or join groups of people to mine in a pool and then share the bounty according to each team member’s contribution.
Other ways to make money with bitcoin in South Africa include:
3. Investing with Bitcoin
4. Freelance jobs that pay in bitcoin
5. Task completion websites that pay in bitcoin
6. Accept bitcoin payments
7. Bitcoin trade by barter
8. Become a Bitcoin lender
9. Bitcoin Gambling
10. Pay for freelance jobs in Bitcoin
Why you should deal in Bitcoin as a South African?
Bitcoin is still in its early stages and you need a great deal of understanding of how it works before investing. If you have lots of cash you don’t mind losing that doesn’t mean you should write it off completely. There are many South Africans that are making big bucks through it and you can also be one. There are many SA folks dealing in Bitcoin, you guys should tell us your success and/or failure stories.
You can learn more about Bitcoin at www.bitcoin.org