HOW TO MAKE (OR LOSE) MONEY WITH CRYPTOCURRENCIES

Trading: The units can be traded against other actual currencies such as US dollars or euros. The value of a bitcoin is extremely volatile. On 1 September this year the value of one bitcoin stood at over R60 000, which is more than double what is was worth as recently as the middle of July, and far more than the couple of hundred rand it was worth in the first few years.

HOW TO MAKE (OR LOSE) MONEY WITH CRYPTOCURRENCIES Photo Gallery



While fortunes have been made, there is a very real potential for losses. To trade you need to set up a cryptocurrency account and buy your chosen currency. Become a cryptocurrency blockchain miner.

This entails buying computer hardware that enables you to crack the complex mathematical coding that is used to create blockchains. The faster (and more expensive) the hardware, the bigger the advantage you give yourself. Be warned: it is not a case of setting up your own currency printing press. You need to get yourself up to speed on the hardware, software, procedures and options, which are too complex to be dealt with here.

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