Everything you need to know about Bitcoin
Bitcoin, the digital currency, seems to be the way forward, but before investing, we need to know what it means for us economically.
In case you didn't know, Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralised digital currency – the system works without a central repository or single administrator and has been around since 2009.
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It has been hailed by many as the stock opportunity of a lifetime and if you make the right moves, you could find yourself jumping for joy on top of an enormous pile of cash.
Transactions are made with no middlemen – meaning, no banks! You don't have to give your real name - and more merchants are beginning to accept them.
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How does it work?
Once you own Bitcoins, they possess value and trade just as if they were nuggets of gold in your pocket. You can use your Bitcoins to purchase goods and services online, or you can tuck them away and hope that their value increases over the years. Bitcoins are traded from one personal 'wallet' to another.
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So, to put everything into perspective, I chatted to Dawie Roodt, Economist from The Efficient Group, to find out what the hype is all about?
What are your thoughts on Bitcoin? Have you invested or do you think it's just a quick fix that won't last?