Joburg's cryptocurrency millionaire

I told you before the break Bitcoin has grown from the thousand dollars at the beginning of this year to about fifteen thousand US dollars now so just in October one Bitcoin cost around sixty thousand rand acknow hovers around listen to this two hundred and fifty thousand rand now similar to markets the bitcoin responds to developments and the recent surge in is speculated to be due to the announcement by two global markets that have announced their intention to legitimize it as an asset class for mainstream investors what does that all mean i don't know what we've got somebody in studio is gonna help us pour the gada is the author of how i became a millionaire at 21 bitcoin is here in studio with us good to have you welcome to morning life thank you thank you so much for having me okay so you're a millionaire cryptocurrency meaning a cryptocurrency millionaire does that translate into being a millionaire it does yeah it does why is cryptocurrency so basically what we're looking at we're looking at currency with specific encryption techniques that do two things the first thing is they actually verify that you actually have got to the currency and the second thing they do is they help facilitate the transfer between two people and they help encrypt it meaning no one can hack you no one can duplicate the method of payment that you're using so it's basically an encrypted kind a safer digital currency yeah so you are you 23 years old yeah so you've you first sort of bought into to Bitcoin at around what were you you 21 at the time 20 yeah 20 21 yeah 20 21 at the time and you got it one it was still sort of on the rise I did you buy the hot what made you interested in Bitcoin so what happened is somebody asked me to buy them Bitcoin and I bought it and overnight the price jumped so I did my research as to what's actually going on here started studying it started looking materials involved in a sudden look at blogs where people speak about it and I mean what what interested me most was the technology behind it now bitcoin is run through blockchain technology and when you look at block technology it's sort of like the future of all transactions it's a piece of technology which allows everyone to see transactions happening out on board so for example things like corruption are stopped through blockchain because everything is visible to everyone your your blockchain can not be hacked because the transactions are actually linked to each transaction that has ever happened so it's those sort of attributes that that interested means the technology behind it the speed behind it we're looking at the future of currency and that's how I got interested in synthesis grown know the one thing is people think okay so there's no way I can afford one Bitcoin I mean when we're talking I quoted a price of two hundred fifty thousand Rand is that about right yeah one but quite wondered Quenya it'll be you don't buy one bitcoin you buy portions of a Bitcoin difficulty yeah so how does that work I mean just explain this to me so basically when we think about cryptocurrencies will not only talking about Bitcoin Bitcoin is the most valued one I mean we have a crypto currency like ripple which is 3 R and 4 and for one ripple but when we buy Bitcoin you don't buy you don't have to buy a complete Bitcoin you can buy 0.1 of a Bitcoin because you can buy a specific portion of a Bitcoin yeah and what does it mean to me so I own 0.1 of a Bitcoin so what what what then what you got to help me out here because I think a lot of people are very confused by how this works so I decide today that I get off here I want to go buy Bitcoin and invest in it so isn't an investment or is it pretty much so now I use this as a as internet currency I can buy things for it well you definitely can transact using it in South Africa I mean take a lot calm picking pay different addresses so they accept Bitcoin as a method of payment you can even get a card to use your Bitcoin so you can cite your Bitcoin or swipe your card and then the transaction will happen through Bitcoin so you can do that or you can look at just holding it and assessing the value to say I back this technology and because of this technology that's involved in because I see it as a future I'll just hold it sort of like gold so it plays both as dual a currency and at the same time it plays both as a technological advancement that's happening that people look at and say look I'm seeing value in this yeah a lot of people also see it as a potential bubble and something that could burst very very soon because I think some people are very very nervous even though cryptocurrencies we're talking of a perhaps a combined value of Iran about four billion dollars I mean that's that's larger than the GDP of a lot of countries but some people say that there is no backing where do we go how do you lay fears and say there is a future in Bitcoin or in cryptocurrencies you know what it is when when bitcoins were actually started one cryptically started people were saying we want to create something that will be driven by demand and supply of the people that are involved and not by a specific political power so people are trying to move away from your fans sitting with for example this is Marvin dollar sitting with the government in the political situation happening and that values what your currency is worth so now they wanted to move over to something that's less decentralized that's affected by demand and supply for the people who are within the actual space so that's what they looked at the demand and supply within the people in the actual community so it becomes a global market instead of a country Gavan market and that's always it's decentralize and its global because anyone in any country can participate in Bitcoin so that's what people are looking at and it's driven by demand and supply and I mean in an economy you want the instruments of demand supply to play the role where the demand is high where the demand is low with the supply is high or low you want those instruments to play out and you want it to be fairly governed by the people involved in the system and that's what bitcoin offers people yeah a system where people are involved and they get to make a choice through their decision to say look I want to be in or not if you invest in Bitcoin so now as you have done so give us your lesson so you decided that you are going to go this route the cryptocurrency route you are going to invest in obviously there's about 900 cryptocurrencies we keep on emphasizing Bitcoin because as you yourself have said it's probably the most valuable and well known at this stage but if I want to start what is a good way to begin all right well I'd say you the first thing you need to do i've got a website called WOD invest in future currency calm and under that website the tab there called coin market cap yeah and what that gives you that gives you information on all the out coins that are available now when you go about investing cryptocurrencies you look at what type of solution is this specific cryptocurrencies solving because different cryptocurrencies are made to solve different solutions you look at the market cap you look at what what are the future advances for it and you take it from there there's a coin developed by one of the guys who actually helped develop Google so he branched away from Google and he started a coin called litecoin and now he's looking at partnerships with other retailers so you look at a queen at that and say do I see value in this if this guy's involved in Google and this is his plan and this is how the coin is being developed you assess that situation and then you go forth and you do investment based on that like Quinn as we speak last week it was about 1,300 and because of the potential partnerships that he's got lined up Microsoft is one of the people that are saying look we're going ahead and we're investing in this cryptocurrency today it's it's around 4,000 because of the value of technology so I always say cryptocurrencies are likened to the digital age of currency you've got something that's coming on board that's solving solutions that we've had for so many years and if you look at it and you say is this actually solving the solution that I want and that's how people are thinking about it as something of the solution I once spoke in Zimbabwe and when I thought they were so surprised there's a petrol station in Zim that only accepts Bitcoin Wow so they say we're not accepting anything else we also we only accept in Bitcoin and they buy their petrol to Bitcoin so in a country way it seems like their currency has failed Bitcoin comes in as a solution so it's those technological advances that are causing people to say look we want to know what this is and we want to see can we actually use it a solution Dubai has now got a minister of blockchain which is essentially a minister of Bitcoin yeah so even government's allocated a solution and well it's eight o'clock so I can't I can't ask you another question but the reality is is that it is here to stay this is the future and it is now we've got okay if you if you miss out on this book then you could be one big profitable vote that you could make your fortune off all right well I think I'm gonna go and take a look at this and perhaps I know it might be a little bit late but maybe I can become a millionaire soon and then I can I can run away and become a Bitcoin specialist for tagada sharing his personal experience about Bitcoin and cryptocurrency thank you so much for talking to us alright let's let's get our news at

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