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Cryptocurrency – What is the legal framework in South Africa for cryptocurrency?
What is the legal framework in South Africa for cryptocurrency?
Bitcoin, Litecoin, Ethereum, Monero…what do they all have in common? They are all cryptocurrencies. You’ve probably heard of Bitcoin. Many people think Bitcoin and cryptocurrency are the same thing, but in fact Bitcoin is just one type of cryptocurrency. Cryptocurrency is a digital payment system that works outside of the banking system. It’s a peer-to-peer payment system that allows anyone anywhere to send and receive payments. Cryptocurrency payments are digital entries on an online database. Cryptocurrency is stored in a digital wallet and when you make a cryptocurrency payment, the transaction is recorded in a public ledger. Bitcoin was introduced in 2009 by an anonymous developer and it has since become the most well-known cryptocurrency in the world. It has inspired the development of other cryptocurrencies, such as the ones named above.
What is cryptocurrency?
Cryptocurrency, or “crypto” hit the headlines in 2009, when Bitcoin launched, but its origins can be traced back to the 1980s, when it was called cyber currency. An American cryptographer called David Chaum invented digital cash, which relied on cryptography to secure and verify transactions, but the requisite protocols and software that would facilitate a true digital currency did not begin to be developed until the 1990s. So what is cryptocurrency?
