Are you one of the thousands of people who hear about Bitcoin all the time but you are not 100% of the whole concept?
Well you are certainly not the only one. So what is Bitcoin?
With complements from Wikipedia…
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency. Its conception is peer-to-peer and transactions take place between users directly, without an intermediary. Wikipedia
This article is not about what Bitcoin is but rather one of the ways that you can purchase a Bitcoin or part thereof anyway…
Over that past few years there have been many scams doing the rounds claiming to make people rich through Bitcoin. Bogus “brokers” ends up taking your money you get NOTHING in return. DO YOUR HOMEWORK before you get involved in any Bitcoin investment!
Buying Bitcoin through Luno
The MyJozi team is a pretty tech savvy bunch of characters if I don’t say so myself. We are always keen to try something new and share our experiences. So we decided to make a small investment into Bitcoin.
After doing some research and asking around, found a mobile app call Luno that act as a Bitcoin wallet and purchase facilitator. They were founded in 2013 and operate in over 40 countries worldwide including South Africa.
Luno makes their money by taking a fee when you deposit funds into your virtual wallet and when withdrawing funds. We did our homework, read reviews and were satisfied to try them out.
To deposit fund, you get Luno banking details from most leading South African bank accounts. Luno gives you a unique code to use as a reference number and you make your payment. Once the payment is made, it takes a few moments and your funds appear in your Luno app. From there you exchange your investment for Bitcoin.
We invested R200.00 in Bitcoin and R200 in Ethereum (Another type of cryptocurrency). We bought in to both currencies when they were peaking early in January 2018. Since then, their value has dropped about 40% so we are sitting at a loss. It is not a huge stress for us as we invested a small amount but I am sure there many people are crying with far bigger losses!
That is the game of investing in any currency… You win some and you lose some. We are leaving our funds to sit. Who knows, maybe our R400 investment will make us super rich one day!
Find Out More About Luno
If you would like to find out more about Luno, visit www.luno.com or download the app here:
There is a lot of money to be made in Bitcoin, Ethereum and other online investments but there is also a lot of money to be lost. MyJozi is just showing our view point and not advising anyone to make an investment of any kind. It is your choice and you have to accept the risks that come with it. Always do your own research, get advice and be 100% sure of your investment before proceeding.