The pros and cons of bitcoins

24 January 2019 - 09:26
By Thuli zungu
Image: pixelfit /
  • Bitcoin is a currency brought to life by the internet. It works by using blockchain technology to transfer bitcoin between bitcoin wallets;
  • You need to install a bitcoin wallet on your computer or mobile phone to generate your first bitcoin address and you can create more whenever you need them;
  •  You can disclose your addresses to your friends so that they can pay you or vice- versa;
  • This is similar to how e-mail works, except that bitcoin is money. You can then use bitcoin ATM to withdraw cash or bitcoin to buy goods and services in any institution that accept bitcoin;
  • Bitcoin ATMs work like regular ATMs, except that they allow you to deposit and withdraw money so that you can buy and sell bitcoin;
  • You can buy Crypto currency from local supermarkets, local exchanger like Luno or Altcoin Trader or bitcoin ATM. You simply scam your personalised code to your e-wallet;
  •  It allows you to put your desired amount to buy bitcoin or Euthariaum; it sends the amount chosen to your e-wallet; and
  • Mostly, a consumer needs an internet to access e-mails or a smartphone to download some applications.