There’s plenty of talk about bitcoin, but do you know what it is and how it works? Business Day journalist Hanna Ziady explains. Bitcoin is growing in popularity among hobbyists and IT geeks who trade the currency in South Africa‚ with one local expert estimating 100‚000 trade the crypto currency. The internet currency is traded on two exchanges in South Africa: Luno and Ice3X. Bitcoin's value has increased a thousand fold since 2011‚ where a person who bought $1‚000 of bitcoin now would be a dollar millionaire. Ice3X bitcoin exchange founder Gareth Grobler says the bitcoin market in South Africa is still “tiny” compared to Asia but guesses about 100‚000 people could be trading it. TimesLive
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.