As bitcoin ramps up in price, a new cryptocurrency is being launched every week. Cryptocurrencies are no longer a millennials’ utopian construct. The space has become big business with all types of investors (read: speculators) and white-shoe investment banks wading in on bitcoin prospects. The bitcoin conversation is now hitting the dinner table, with technophobes discussing how much money they could have made had they been lucky enough to invest $10,000 back in 2012. Blah-blah. Bitcoin’s raison d’être was to be a medium of exchange with a "store of value" underpin that is not under government control and not subject to central banks printing money at will. It appears to have been modelled on gold. Hence you have "mining" as a way of creating new bitcoin, and there was initially a cap on the amount of future supply. This cap has been circumvented through "splits"; now you have Bitcoin Core, the original, and Bitcoin Cash, the new uncapped bitcoin. Cheerleaders will tell you it is d...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.