Bitcoin was the first established cryptocurrency — a digital asset that is secured with cryptography and can be exchanged like currency. Other versions of cryptocurrency had been launched but never fully developed when Bitcoin became available to the public in 2009. “So, bitcoin is a currency?” — Yes! Yes it is!
Bitcoin is a digital currency, so there are no coins to mint or bills to print. There is not a government, financial institution or any other authority that controls it, so it’s decentralized. The owners who have Bitcoins in the system are anonymous — there are no account numbers, names, social security numbers or any other identifying features that connect Bitcoins to its owners. Bitcoin uses blockchain technology and encryption keys to connect buyers and sellers. And, just like diamonds or gold, a Bitcoin gets “mined.”
Easy, you trade it, invest in it or mine it. We recommend trading and buying :). ChainEX is a proudly South African private company, and currently, a South African digital asset exchange that provides a platform for South Africans to buy, sell or trade a variety of different digital assets using the South African rand as the default fiat-buying currency for some.
Ever wondered why bitcoin is gaining traction? The world is becoming ever more reliant on the internet. So, honestly speaking:
It is no surprise that Bitcoin, a secure, global, and digital currency, has claimed the interest of investors.
Bitcoin is open to everyone and provides an exciting opportunity to delve into an entirely new asset class.
Investing in bitcoin may seem scary, but know that it takes time and effort to understand how Bitcoin works.
As with anything valuable, hackers, thieves, and scammers will all be after your assets, so securing your bitcoins is necessary.
Bitcoin in itself, is safe. Who you decide to invest your money with in order to obtain bitcoins however, is everyone’s own responsibility. Hackers, thieves and scammers (as with anything valuable) will always be after your assets. So securing your bitcoins is important.
Bitcoin is s digital currency, so people trade it like Forex. Fun fact: Bitcoin can be traded 24/7 unlike other currencies
Every day 24/7, South Africa traders buy and sell bitcoin on bitcoin exchanges like ChainEX as it fluctuates in price, to try and make a profit.
To make a profit, you must sell bitcoin for more than you paid for it. Traders will try to buy at low prices, wait for the price to increase significantly, and the sell at the higher price.
There is no way to predict the short term price of bitcoin, so there is no way to know when is the best time to buy or the best time to sell bitcoin.
Trading is very difficult thing to do. It can be treated as a full time job. It is extremely difficult to make money consistently with trading. It is not advisable to risk a lot of money with trading bitcoin unless you already have some sort of training in trading and existing financial background already.
But guess what? Our site has a section dedicated to teaching you about trading!
Bitcoin is extremely volatile in price, but history has shown that over a long term period, its price is volatile in an upward direction.
Investing in bitcoin is similar to investing in something like gold or property. To ‘invest’, you buy the asset. There is no income or earnings you get from owning it, but you can sell it after it has appreciated in value and realize a profit.
People who call themselves ‘bitcoin investors‘ are simply buying and holding for long term before they sell. They do this in order to take advantage of long term price appreciation of bitcoin.
Another way people ‘invest’ in bitcoin is to treat it like a long term savings account, which means regular purchases that are put away for a long time period. By treating bitcoin like a long term savings plan you are adding to your bitcoin balance each month, while at the same time, the total value of your balance goes up over the long term.