Cryptocurrencies & Blockchain / General

Cryptocurrency not immune from greed

It has taken just over a decade for bitcoin to achieve its goal of becoming a de facto means of exchange for the purchase of goods and services. Thousands of users worldwide dip into their bitcoin wallets each day, copying and pasting recipients’ wallet addresses to finalise transactions with as much ease as tapping a credit or debit card or transferring funds by EFT. Why an individual would not simply use these existing technologies to effect payment is the topic for another newsletter. Today we reflect on the latest hurdle cleared by digital currencies as they attempt to gain widespread public acceptance, namely being used in financial scams.

Choosing crypto-assets you can trust

There is much to reflect on regarding the recent Mirror Trading International (MTI) scam, which managed to attract investments of around 17 000 Bitcoin (almost R8.8bn at the time of writing), then magically disappeared through what appears to be a multi-level marketing scheme.

Crypto assets defined as financial products

Paxful Highlights Security and User Education Can Boost Trust in Crypto

The company believes that these are key in keeping Africa’s crypto-economy safe