WATCH: A guide to bitcoin

There’s plenty of talk about bitcoin, but do you know what it is and how it works? Business Day journalist Hanna Ziady explains.

Bitcoin is growing in popularity among hobbyists and IT geeks who trade the currency in South Africa‚ with one local expert estimating 100‚000 trade the crypto currency.

The internet currency is traded on two exchanges in South Africa: Luno and Ice3X. Bitcoin's value has increased a thousand fold since 2011‚ where a person who bought $1‚000 of bitcoin now would be a dollar millionaire.

ALSO READ:Considering using bitcoin to store wealth? Here's what you need to know

Ice3X bitcoin exchange founder Gareth Grobler says the bitcoin market in South Africa is still “tiny” compared to Asia but guesses about 100‚000 people could be trading it.

 

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