Bitcoin…….I want in.



What is Bitcoin: According to – Bitcoin is a digital asset and a payment systemcreated by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released asopen-source software in 2009.There have been several high-profile claims to the identity of Satoshi Nakamoto; however, none of them have provided proof beyond doubt that back up their claims.The system is peer-to-peer and transactions take place between users directly, without an intermediary.These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed and it is more correctly described as the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value.

Well, this page is dedicated in me trying to understand what Bitcoin is and how it works. One of my other projects I am working on is a guy who lives in Soweto and trades Bitcoin.

How we as Africans, can adopt the concept if not create our own and use it to bridge the financial gap on the continent. By financial gap I mean, using the service to pay for services and products and also how it can bridge the gap between the millions who remain un-banked across Africa and the rest of the world.

I have recently sent an email to a friend who wants to be part of a digital incubator in Braamfontien, Johannesburg. The incubator brings together people from all backgrounds who have an interest in all things digital. I was part of the initiative until I found a really good job, that I just could not miss out on. Another business partner of mine is still working in the incubator, I just channel ideas and concepts to him. How we work is, I fund the ideas and look at their feasibility in solving key issues in South Africa and across the continent. We have one initiative, which for obvious reasons I cant share.

Our main issue still remains in writing code.  So were looking at Bitcoin, trying to figure out the best way to create a market for this in the townships and also around the rest of South Africa.

Today I looked at how much a single Bitcoin can cost you in South Africa, and the number is R8000, the beauty of this is that one can buy half a coin. So now my intentions are focused on finding an account and learning as much as I can about Bitcoins and how they work.

If you happen to know anyone who trades in Bitcoin and is willing to share their knowledge with other people, please email me on or get me on my twitter account: @cyazulu1  – this information will go beyond me, I will share it with other individuals who want to know and learn about Bitcoins.

This article was inspired by an article shared with me by a good friend of mine: @helloimngcebo

The article is titled: Greetings From Bitcoin Island.