by BitcoinZAR at Today, 03:27 AM
I was answering some questions for someone doing a magazine article, so thought this might fit here too:

  • What is Bitcoin?
  • How does Bitcoin work?
  • How can one get “in on the action” with Bitcoin? Where to start and how to be successful?
  • How does South African policy around cryptocurrencies differ from the rest of the world? And what is the impact on investors?
  • Why should people choose Bitcoin rather than some of the other cryptocurrencies that are around?
  • What are your comments for the sceptics? Forbes Magazine recently published an article suggesting Bitcoin is “about to self destruct”. Do you disagree and why?
  • Where is Bitcoin going? What lies ahead here in South Africa and around the world?
  • What else do South Africans need to know about Bitcoin?
  • What is Bitcoin?
Bitcoin is the worlds first decentralized digital currency. It was invented in 2008 and released to the world in 2009 as open source software, to be a system of peer-to-peer electronic cash by its anonymous creator known only as Satoshi Nakamoto.
Because it is peer to peer (person to person), you can send and receive value as bitcoin pretty much instantaneously with another person. There is no company in the middle like a bank, Western Union, Moneygram or PayPal, that puts a delay on your funds for 24-48hours, or can stop a payment, freeze your account, blacklist you, reverse a transaction etc.
Bitcoin is open source software, so there is no single person or company in charge, no servers or website that can be hacked or shut down. There are no offices or branches you can visit for bitcoin, the system is entirely online. The system is decentralised and so there is no central point of failure and extremely robust. Since it was released to the public as open source software, the inventor no longer has any power or control of the system either, changes are made by consensus, so  it is extremely hard to make changes or manipulate as the community needs to agree for a change to take place.
Bitcoin is finite, and there will only ever be 21million of them. The supply is limited and the rate of creation of new bitcoin is set at 12.5 bitcoins created roughly every 10 minutes. Every four years the rate bitcoins are created is cut in half, so after the next 'halving' the rate will be 6.25 bitcoins made every 10min. This makes bitcoin a deflationary currency, and it becomes rarer and rarer over time. As time goes on there is less available, and combined with the influx of new users and uses for bitcoin, the demand increases. As supply has decreased, and demand has increased, the value has increased dramatically. This is the opposite to regular currency, where there is inflation of the money supply, making your Rand less valuable every year, and your purchasing power less and less over time.
  • How does Bitcoin work?
We can send pictures and messages instantly on the web, so why not money....a bitcoin transaction is data being sent, just like a message or a picture upload. Sending bitcoin to someone as a payment is similar to sending an send from your wallet direct to the recipients wallet, just like you would send an email from your address to the recipients email address.
Anyone can have a bitcoin wallet regardless of their age, or where they live in the world, there is no criteria you need to provide such as proof of residence or funds, it is completely borderless. Anyone can transact at anytime with anyone else without any person or company being able to stop or interfere with their transaction.
The cost to send a bitcoin transaction is minimal and extremely cheap compared to regular methods of sending money. Since the transaction is data, the cost per transaction is based on the amount of data sent, not the amount of value being sent. If you send 10 million Rand worth of bitcoin to someone, or 1000 Rand worth of bitcoin, the cost will be similar and around a few Rand to send. So if you send a small transaction, the fees could look like a lot percentage wise, but on a large transaction, it can be a very small percentage.
  • How can one get “in on the action” with Bitcoin? Where to start and how to be successful?
To use bitcoin you need a digital wallet to store them in, which can easily be installed on your computer or mobile phone, or you can use a web based or physical hardware wallet.
If you want to use bitcoin you first need to actually own some bitcoin. You can be given bitcoin by friends or family, or you can purchase bitcoin from someone who has some and is willing to sell some to you. The safest place to get bitcoin is on a bitcoin exchange, as they make sure that nobody gets cheated and make sure that if you deposit money, you get your bitcoin. Using an exchange to buy bitcoin is safe and fast, and normally the best prices for bitcoin, although the exchanges themselves will have their own rules about who can open an account, and how much you can transact etc. We list a variety of methods to get bitcoin on our website here:
Using an exchange, the process is that you deposit Rand, exchange it for bitcoin, and withdraw your bitcoin to your wallet. If you have bitcoin and want Rand, you reverse this procedure, deposit your bitcoin on the bitcoin exchange website, exchange it for Rand, and withdraw Rand to your bank account.
Being successful with bitcoin is like being successful with any currency. Dont 'invest' in get rich quick schemes and anything that seems too good to be true. If you are investing in some bitcoin, treat it as an investment and be rational. A good way to invest is to set aside an amount of money you want to invest on a monthly basis, and buy bitcoin on a set date (eg end of the month) regardless of the price. Some days you may get it cheaper, sometimes it will be more expensive, but you will be spreading the risk over time and get an average price for your bitcoin. It would be reckless to invest your life savings into bitcoin as it is considered a high risk investment.
  • How does South African policy around cryptocurrencies differ from the rest of the world? And what is the impact on investors?
Cryptocurrencies are unregulated in South Africa and you are using them at your own risk.
  • Why should people choose Bitcoin rather than some of the other cryptocurrencies that are around?
Bitcoin is THE original blockchain and the first real cryptocurrency.
It has been used successfully and continuously since 2009 and is the most tested and mature blockchain in existence with years head start on any other cryptocurrency clones.
The bitcoin blockchain is the only blockchain that has scale, resilience and trust. Bitcoin is the only use-case for blockchain technology that has succeeded in any meaningful way to date, and is the only working commercial application of blockchain technology.
The only blockchain that works with proven utility at scale is the bitcoin blockchain.
Only the bitcoin blockchain is trusted, secure, immutable and reliable enough for business.
  • What are your comments for the sceptics? Forbes Magazine recently published an article suggesting Bitcoin is “about to self destruct”. Do you disagree and why?
Bitcoin is always "about to die" or is "dead" somewhere in the world. There is even a bitcoin obituary website that has links to over a hundred different articles and news posts saying that bitcoin is dead. If you mean dead as in cease to exist, it will never die as long as there is at least one person in the world running the bitcoin software. Most articles claiming it is about to self destruct or similar are click bait or written by people who dont really know what they are talking about. Bitcoin is here to stay....the price of bitcoin might go down and there might be articles saying it is 'dead', but it will still technically work as it should.
  • Where is Bitcoin going? What lies ahead here in South Africa and around the world?
There are a lot of new and exciting things waiting on the sidelines for bitcoin. The use of the bitcoin blockchain for money is only the tip of the iceberg. As the next round of improvements to the software are implemented, we will see amazing applications coming. Just like when the internet first started, nobody could even fathom that you would be able to stream live video, the same is true for bitcoin. We have no idea of the amazing things that will be done in the future with blockchain technology. Money is just the first application of the technology, just like email was one of the first great applications for the internet.
  • What else do South Africans need to know about Bitcoin?
To invest in bitcoin, you only need to own some bitcoin. If you invest in gold, you only need to own some gold, it is the same principal. To invest in property, you only buy property, the property, gold, or bitcoin appreciates or depreciates in value, and you can make a profit or loss when you sell it.
There is no interest earned with bitcoin, and no table of earnings for bitcoin, just like with owning gold. There are no fees to join, there is no account manager to pay or subscription to pay, be weary of 'investment' websites that ask for these things. Any website that is advertised as a bitcoin investment website or system of earning bitcoin is probably a scam or pyramid scheme that just wants you deposit your bitcoins. Stay away from websites where you 'earn bitcoins', as well as "get rich quick" schemes using bitcoin.

The best way to invest in bitcoin, is to just buy bitcoin, and secure it in your own bitcoin wallet. Do not store your bitcoin on a bitcoin exchange, keep it in your own bitcoin wallet off a bitcoin exchange that you control the private keys for. Use a bitcoin exchange to deposit and exchange Rand and bitcoin, then withdraw your funds.

If you would like to invest in bitcoin, dont take the easy or lazy route and trust other people or websites, learn about it and get educated on everything to do with bitcoin. If your money is at risk, dont trust anyone else, look after your own bitcoin on your own secure bitcoin wallet.

If you are not trained in trading of stocks or forex, do not try and be a bitcoin trader and play the market. You will most likely get eaten alive by savvy traders out there and lose your money.
by SlimArchi at Yesterday, 05:35 PM
Hellooo everyone

I've been trading in Luno for a while now, but I still watch Ice3X to see their market price of bitcoin. Every now and then I notice extreme outliers in the price. Has anyone else notice this?

For example, if you look at the exchanges history, the price of bitcoin instantly shoots up to exorbitant amounts ( such as R100 000 per Bitcoin) and then drops to market averages. I've also seen some buy orders filled at around R100 per Bitcoin.

Do you think that this is just a system glitch or are people actually trading at these ridiculous amounts?

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by PACT at 08-19-2017, 07:10 PM
In light of the crookery en stealing that is going on by government, I propose the the following tax structure:

1. Since Cape Town is a DA controlled city, all taxes paid by people living and trading (businesses, VAT....) in the Cape Town metropolitan area, should go to the DA to be utilized in that area. Cape Town tax payer money should not be used to pay for services delivered in another party's controlled area. The same goes for an ANC or other party controlled area. The winner get's the spoils of the area.

2. The taxes of an area must be utilized for the following purposes only: L-O-E-I-J

L=Law. The government will make SENSIBLE laws. Every crime will have an appropriate punishment. Every area will have their own laws and punishments. If the Western Cape feels that they want to bring the death penalty back in and the voters of the Western Cape voted for that, then so it shall be. If they want their own police force, then so be it.

O=Order. Any factor that would hinder any of the other 4 items in the manifesto. If not complied to, can lead to financial penalty or criminal punishment. Items like healthcare would also fall under this item. Basically anything that would hinder people from doing their day-to-day jobs would be covered under this item.

E = Education. Not all people are clever enough to go to university. Thus technical and entrepreneurial schools will be implemented. All kinds of courses and lectures will be available through all kinds of mediums.

I =Infrastructure. To grow a country you need infrastructure (roads, electricity) where business can start and factories be build. Includes any and all renewable energy resources for example.

J=Jobs. Through the implementation of manifesto items 1 to 4 and some incentives, we get businesses back in an area and grow current businesses thus creating jobs.

3. To balance taxes out, VAT will be the major income of taxes but it will work on a sliding rule. The more expensive the item, the more VAT you pay.

4. TAX breaks/ tax incentives for new businesses. This of course will be monitored with strict rules and regulations to prevent misuse but to encourage new business and entrepreneurship.

5. Education will be free with in limits and will be payed for out of these taxes. Once again it will be monitored for any and all misuse but any person should be able to learn a skill.

Add what you as a citizen feel should be included in a new tax system.
Forum: Introductions
by Masataka at 08-18-2017, 10:30 AM
Hey guys,

Decided to join the forum since cryptocurrency is currently my main reason for being relatively active on MyBB.

Haven't put much thought into pursuing this before, but took the plunge last weekend and have spent some free time getting to grips with the ecosystem and understanding what coins are more in line with my thought process.

So far I've sent 15k to Luno and have spent 10 of the 15, but will probably use the last 5k today since I plan on holding it for quite a while. I've been hesitant to buy more as quite a few articles have it stated as being overvalued, but even if it does drop, I just see it as an opportunity to buy more as it's ultimately going to go back up (barring some disaster where the entire ecosystem crashes).

I sent another 5k to ice3x and have assigned half of that to a buy order for LTC, and plan to use the other half for ETH, although I feel like it still has some more room to drop given the recent loss of faith and the BTC hype-train taking all of the attention.

Next steps are to look at trading smaller coins, but need to gain some knowledge on which platforms are the most effective.

Looking forward to learning from the rest of you, and hopefully contributing my own thoughts.
by Aiden Walton at 08-17-2017, 03:11 PM
Hi everyone

I am currently in my honours year at UCT, studying towards a Bachelor of Business Science in Information Systems. One of the requirements for my degree is to complete a research paper. My topic focuses on the factors that affect Bitcoin adoption and Bitcoin’s perceived barriers to entry in South Africa. In particular, it looks at members of forums and virtual investment communities.

Please could you help out by answering the questionnaire below. Everyone is invited to participate (no matter your knowledge of Bitcoin and cryptocurrencies). The more the better! 

The paper incorporates two research models: Theory of Planned Behaviour and the Technology Acceptance model. If a question doesn't seem relevant, please select "Neither agree nor disagree". 

Up for grabs, for all who complete the survey, is a Raspberry Pi Starter Kit. The last question asks for your email, don't miss it! The kit includes:
  • A Raspberry Pi 3 Model B

  • An 8GB NOOBS SD card

  • An official case

  • An official 2.5A multi-region power supply

  • An official 1m HDMI cable

  • An optical mouse and a keyboard with high-quality scissor-switch action

  • A copy of Adventures in Raspberry Pi Foundation Edition
[Image: 1354.jpg]
Note: If you have already answered on another forum, please don't complete it again.

Participation would be much appreciated! 

Survey: Bitcoin Adoption in South Africa. Win a Raspberry Pi starter kit!

by Platinum Wealth at 08-15-2017, 11:08 PM
What is IOTA?
IOTA is a revolutionary new transactional settlement and data transfer layer for the Internet of Things. It’s based on a new distributed ledger, the Tangle, which overcomes the inefficiencies of current Blockchain designs and introduces a new way of reaching consensus in a decentralized peer-to-peer system. For the first time ever, through IOTA people can transfer money without any fees. This means that even infinitesimally small nanopayments can be made through IOTA.

IOTA is the missing puzzle piece for the Machine Economy to fully emerge and reach its desired potential. We envision IOTA to be the public, permissionless backbone for the Internet of Things that enables true interoperability between all devices.

What can I do with IOTA?
IOTA currently does two things really well: transactional settlement (especially micropayments) and data integrity. Through these two features you can derive most use cases that make sense and are most of the time, only possible with IOTA. More features (such as Oracles, Smart Contracts, etc.) are on our roadmap and will be added in the near future.
The main focus of IOTA is the Internet of Things, with machines paying each other for resources, services or access. This includes smart cities, smart grids, infrastructure, supply chain etc. where IOTA makes certain use cases possible. On this blog you will continue to find more concrete examples of what you can do with IOTA. Look out for a tutorial in your preferred programming language, or even write one yourself.

How to buy IOTA
Buying IOTA is a lot different than the other currencies we did so far, most currencies we bought by using Shapeshift and Changelly, however to buy IOTA you will need to use the Bitfinix exchange (Hong Kong based, so there’s that).

The process is simple to understand, but it gets a little bit tricky/overwhelming at stages. A simple overview will be that you transfer Bitcoins from luno to the Bitfinix exchange and then from there you put a buy order in to buy IOTA which you will then transfer from the Bitfinix exchange to your IOTA wallet.

First step, download the IOTA wallet (this thing is primitive as hell). Go to the Github page to download the latest release: if you are on windows then click on the download labeled: IOTA.Wallet.Setup.2.4.0.exe

Install the wallet, you will be greeted with a choice between light mode or full mode, the IOTA GUI makes it possible to choose between Full Wallet, and Light Wallet. The Full Wallet automatically runs an IRI (IOTA Reference Implementation) instance in the background, which in turn means that you need neighbors in order to participate in the network and be synchronized. If you run the full wallet, you have no "trust requirements", as you are completely and independently participating in the network.

The Light Wallet makes it possible to connect to a remote node (whether it is your own node, or someone else's), and it's users to get the latest state of the network, most importantly branch/trunk transactions which are required for making a transaction. When running a Light Wallet, it should be noted that your seed never leaves your wallet, and all the sensitive work (such as signing) is done client-side.

For this tutorial, I would suggest going with the light wallet until you are comfortable with how it all works.

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Choose the Bitfinex node.

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Now you need to create your own seed, I will save you some time, click on this link and the site will generate a random seed for you:

NOTE: Save this seed, this is your key. If you lose this seed you lose your wallet. Gone, no way to get it back ever.

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Before you can receive any IOTA, you have to generate an address. This is fairly simple. Click on the 'Receive' tab and there should already be an address there.

Click ATTACH TO TANGLE and it will attach the address to the tangle.

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Now comes the harder part, buying IOTA’s on the exchange, Create a Bitfinex Account. Sign up button is at the top right. Do use a real email address as you'll need to confirm the withdraw at the end via email.

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Next step is to generate a Bitcoin address to send the BTC too, Now I know there's a lot happening on this screen, but hit deposit at the top right.

Now click on Bitcoin as shown below

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Then make sure you copy the exchange wallet address and then paste that into luno so that you can send bitcoins from luno to bitfinex.

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Now it is time to purchase IOTA with bitcoin, so hover your mouse over the top left where it says BTC/USD, it will open the sidebar, navigate to bitcoin in the IOTA category.

Now the screen will show trading of BTC to IOTA. Click "Limit" from the dropdown box and select Market. This is the easiest option for someone new at this but if you understand markets you can limit buy as well.

Hit this green button! This will calculate the maximum amount of mIOTA you can buy with your available funds. Hit Exchange buy and you finally own some IOTA!

JSE Finance Forum Attachment - Filename: 2017-08-15_22-36-38.jpg   

Success, now you need to transfer you IOTA from Bitfinex to your IOTA GUI wallet you downloaded in the beginning.

Click on withdraw in bitfinex. click the value amount on the right side of the screen and insert your receiving address.

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Your receiving address can be found in the GUI wallet under the receive tab. Just click it and it should copy to the clipboard for copy pasting.

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After you have taken your receiving address, place it into the address entry field on bitfinex, Check the read and understand box (of course you read it) and hit Request Withdraw.

You'll have to confirm the withdraw twice. The first is a confirmation number you enter on the next page. After that, you will get an email to finally approve the withdraw. That's it!

Seems like a process but it really doesn't take too long. It involves 2 websites and the IOTA Wallet application, so best of luck!

Tips: If you found this guide useful, please send some IOTA our way by using this wallet address OFOPVYUIMACJKWZB9DAAZUNRIODHBZYTGKIE9POHBHUOMGKPCGNZ9NEOCALOHCYRVDI9BLTKSCRYCLOTW9LGGFBGYX or scan the QR code of the wallet in the screenshots.
by Shirou at 08-15-2017, 09:40 PM
Exclamation MOD NOTE: The links below could either be to a source of a very lucrative opportunity or a scam. Please make sure of the facts, do your own research (the poster provided a few links to get you started) and be sure you understand what it does, how it works and the risks involved.

The basic rules of investing apply: If you don't understand it, don't do it.

-------------------- original post --------------------

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So there are three ways to make money with them..

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BitConnect Coin Presentation:
BitConnect Lending Presentation:

Check them out for sure.. I've been doing some research and is quiet trusted by many people, go watch some youtube video's etc..

Min Investment is $100 and then you start with 1% Daily interest.. pretty amazing, also you get your original investment back after 299 Days.. the more you invest the quicker you get your money back.

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by adamsmiths at 08-14-2017, 11:04 AM
Most people think that Forex trading is someway similar to doing office. There is not even the slightest similarity in Forex and doing your job in the office. It is nothing but a misconception that most of the people hold about Forex. In our article, we are going to demolish this misconception about Forex trading industry and doing the day job. After you have finished reading your article, you will be able to understand why more and more people every day are becoming interested in this market. It is not the money that are attracting people in this market, but it is the freedom and the choice making ability that people have been missing for thousands of years in this world.

No more 9-5 grind
Can you name any person who does not do his job in the office from 9 am to 5 pm? Even the CEOs of the world top companies are doing the same official time. This time is like a meat grinder for the employees and it will take out all of your life energy from you. Traders like Forex trading because there is no fixed time. You are your own boss and can place your trade anytime. You have that golden chance to escape the slave time of an office. You need to work very hard at the early part of your trading career to develop your trading skills. If you take any short cut in this industry then you are going to lose a huge amount of money. Though it’s not a fixed time job since you will have your trading sessions where you need to present yourself in front of your work station so that you can trade to earn money. In a job, you will get paid at the end of the month even if you don’t follow strict discipline but in your trading career discipline is one of the key factors for long term success.

The economic and the REAL freedom
Traders in the world of Forex has one thing that no other employees in the world have. That is your economic and real freedom over your life. There is no fixed economic salary on your work. There is no boss on your work. You are working on your own and you can make any amount of money as you want. But the most real advantage is the REAL freedom that you enjoy by being a Forex trader. You can do whatever you want to do. There is no need to give an explanation to your office why you cannot come or why you are late. There is no need to do overtime in the office when you should be home for your dinner.

These are very few rare opportunities that only a handful of job can give to people and Forex is one for them. Imagine you can work from your home and earn your money by only having a computer and an internet connection. This freedom is priceless and you cannot put a price on this freedom. You can easily place your trade in your online trading account at any movement from any part of this world. No one is going to ask you why you have place your trade. You are the one who will truly enjoy the potential profit or loss in the financial industry. So if you think to become a full-time trader then make sure that you have a solid trading strategy to deal with your losing trades at hard times. And never trade the market with any money which you can afford to lose.

Summary: Trading is one of the most elite professions in today’s world. If you want to consider this elite profession as your career then be prepare to lead a disciplined life. And you also need to highly educate yourself in order to survive the wild swings of the market.
by Spreadsheet Ranger at 08-11-2017, 11:30 AM
How long until the mainstream adoption of Bitcoin?

I tried my best to transcribe the video:

How long will the adoption reach out until you have mainstream adoption? 
Well let's look at the previous revolutions and money, in the sixteenth century there was this radical proposition to replace gold with gold certificates written on paper and if you think people find Bitcoin weird imagine the time when they told them Gold is no longer the money bits of paper are. 

Right, you got to be kidding so that idea was so radical it took four hundred years until it became broadly deployed in mainstream society. 

The next one in the 1950s was credit cards right and so with credit cards people were now told the pieces of paper that have the government seal on them are now pieces of plastic that have a company number on them and that's it, but don't worry you'll get paid eventually.

It took almost 50 years for that to become mainstream, you really started seeing it around the middle of the 1980s and I remember as recently as the early 90s in most places in Europe you could have paid with a credit card anywhere right I remember coming back from the United Kingdom as a student and visiting Greece visiting Italy visiting Spain with my brand-new Visa debit card and boy was that a disaster because I couldn't use it anywhere.

So 400 years for the first,150 years for the second one.

I think we can do Bitcoin in less than 15 maybe 20 we're going to see broad adoption of a form of digital money that will be based on a shared open borderless cryptographic ledger. Whether it's called Bitcoin or something else I don't know but it will be broadly based on those ideas. 

We're in a race and the reason we're in a race is because governments around the world are trying to ban cash and take us into a different digital currency system a digital currency system with complete surveillance where the government's and the banks are completely in control where when you go to the wrong protest participate in the political party they flip one bit in the database and you no longer exist as a person you are outside of the economic community bye-bye can't feed yourself good luck. 

I don't want that future so we'd better get our asses in gear and build some Bitcoin solutions faster but 15 years I think we can do it the good news is we don't need to build out the infrastructure the Internet is already there.

Okay so to be really popular and to be successful in mainstream it has to rise in value to match the capitalisation of Fiat that's not a cause that's an effect it adopts it gets adopted it rises in value it doesn't get adopted because it's risen in value it rises in value because it is adopted.

Yes, I do expect that the system of Bitcoin will be unbalanced, so the question was “do you think it's going to be unbalanced?” Bitcoin has a not very particularly good Gini coefficient and so what that means is that the Equality of ownership is quite diverted is not as diverse as it should be or it could be I think that's primarily because of the way it grew.

Any solution you know I'm not going to pass judgment because to me the idea here is that you have a system of wealth where people who took enormous risk on a completely untested technology because they saw the vision that this technology created will become rich which is a far better basis than my grandfather killed a hell of a lot more people than your grandfather which is the basis of wealth we have in our society today that is the truth now if Bitcoin goes to zero are you going to bail out the people who have a lot of Bitcoin I didn't think so, so they still run the risk all of us do who are invested anybody who's invested in in Bitcoin is running an enormous risk that they will lose their entire investments and whatever time we've invested into these technologies right could go away tomorrow right that's part of the risk no risk no reward and nobody's coming to bail out Bitcoin.

Right so from that perspective I think that's earned wealth in a way that is much more true from any other aspects of society so I think it's the most equal system no but I don't think Bitcoin is going to be the only system we create bitcoin is a testbed yeah sure lots of people may become rich on Bitcoin but there will be other cryptocurrencies there will be other decentralized Ledger's and broad adoption doesn't mean just Bitcoin it could be a completely different system that's built from scratch and much more equally distributed in fact if you think this is a big problem start writing the block change that will be more equally distributed and bring it to the world bitcoin already gives you the recipe I'll take you.
by Bandit at 08-10-2017, 11:34 PM
A forum is not a forum without a thread where anything goes.
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