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What is this Bitcoin thing everyone is talking about?

By Zuko Komisa

There is a common consensus throughout the world that this year is a year to be savvier with money and finding new ways to invest it. It’s not a bad idea to explore new ways to do so. Enter Bitcoin, an increasingly popular cryptocurrency that is gaining traction from millions of people across the world.

What is bitcoin?

Bitcoin is the first decentralized digital currency, they are digital coins you can send through the internet. It also happens to be one of the first digital currencies to use peer-to-peer technology to facilitate instant payments

Bitcoins have a number of advantages:

  • They are transferred from person to person via the internet without going to the net or clearinghouse.
  • This means the fees are much lower.
  • You can use them in every country.
  • There are no prerequisites to acquiring them

Bitcoins are kept in your digital wallet on your mobile device or desktop computer. Sending bitcoin is as simple as sending an e-mail and you can purchase pretty much everything with it. After every transaction, it gets verified and put into a transparent public ledger. The bitcoin software is open source and anyone can review the code.

This revolutionary invention is changing the finance and banking industries in the same way the internet changed publishing. It’s also a great way for businesses to minimise transaction fees. Other advantages for many South Africans include it being a definitive way of investing your money outside of the country at this stage. There are still tax laws that apply to these returns so be sure to read up on them.

Some disadvantages of Bitcoin

While bitcoin is revolutionary, there are a few disadvantages worth mentioning about this currency. Right now, its pretty much unclear that international law and regulations systems are properly equipped to tackle this under-regulated currency. The currency is also unpredictable if you are a long-term investor. Transaction fraud is also a problem as there are no chargebacks or refunds, the Bitcoin system has no dispute resolution structure for affected parties.

The big question remains, however, are digital currencies the future? There have been many inventions in the past that have made life simpler and more convenient. The common prediction is that Bitcoin could potentially be a much faster no fee payment system for transactions across the world, cutting out banks by making a transacting democratic.

Written by: Zuko



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THIS PRIVACY STATEMENT FORMS PART OF KAYA 959’S TERMS OF USE POLICY. IF YOU DO NOT AGREE WITH ANY TERM OF THIS PRIVACY STATEMENT, YOU MUST CEASE YOUR ACCESS OF THIS WEBSITE IMMEDIATELY. 

POPIA ActTo promote the protection of personal information processed by public and private bodies; to introduce certain conditions so as to establish minimum requirements for the processing of personal information; to provide for the establishment of an Information Regulator to exercise certain powers and to perform certain duties and functions in terms of this Act and the Promotion of Access to Information Act, 2000; to provide for the issuing of codes of conduct; to provide for the rights of persons regarding unsolicited electronic communications and automated decision making; to regulate the flow of personal information across the borders of the Republic; and to provide for matters connected therewith.

RECOGNISING THAT—

  • section 14 of the Constitution of the Republic of South Africa, 1996, provides that everyone has the right to privacy;
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AND BEARING IN MIND THAT—

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AND IN ORDER TO—

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1.1.“Personal Information” means information relating to an identifiable, living, natural person and where it is applicable, identifiable, existing juristic person, including all information as defined in the Protection of Personal Information Act 4 of 2013. 

1.2  Parliament assented to POPIA on 19 November 2013. The commencement date of section 1Part A of Chapter 5section 112 and section 113 was 11 April 2014. The commencement date of the other sections was 1 July 2020 (with the exception of section 110 and 114(4). The President of South Africa has proclaimed the POPI commencement date to be 1 July 2020.

 
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  1. Queries

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