Advocates of Bitcoin and other cryptocurrencies say that those who did not invest have missed out on the biggest opportunity of our lifetime. “We have watched people scurry to invest and have read about people who have made serious money out of the platform,” says Floris Slabbert, director at Ecsponent Financial Services.

“Sadly, we have also seen people scammed out of millions. For example, BTC Global promised investors guaranteed returns of 14% per week.

More than 27,000 people lost money due to this scam that hit South Africa and Australia. And they did so by willingly sending their Bitcoin to BTC’s cryptocurrency wallet.” Slabbert said that it is imperative for investors to understand where their money is going.

Cryptocurrency is a digital currency that uses cryptography as security. It is not issued by any central authority, which theoretically renders it immune to manipulation.

It is built on technology called blockchain. Blockchain is a digital ledger in which cryptocurrency transactions are recorded chronologically and publicly. Read more from businesstech.co.za…

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