With cryptocurrencies being all the rage, you might be toying with the idea of investing in one, especially if it's a local cryptocurrency. Before you do, read this. First, do you know what a cryptocurrency is? The golden rule of investing is that you must understand the investment and the associated risks. Deconstructing the word shows that it is has to do with cryptography and currency/money. Cryptography is the science of encrypting sensitive information so that it is undecipherable to anyone that should not have access to it. Cryptocurrencies are therefore intended to be a secure form of digital money that cannot be counterfeited like cash or gold. Unfortunately, many cryptocurrencies are not as secure as they ought to be. When you log in to your banking app or use internet banking to view your account balances or make a payment, all the previous payment transactions you see are electronic records that are stored in the database owned and secured by your bank. In the case of cry...

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 articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now