Bitocin Prosper was excited to attend this event hosted by top members in the blockchain space
Throughout the month of August in cities across the world, Startup Grind is featuring leading experts in all things cryptocurrency and blockchain.
This month we’ll host Tanya Knowles, Mpho Dagada, and Tumelo Ramaphosa.
Topics that were covered were -:
The difference between Blockchain and cryptocurrencies
A breakdown of Blockchain
Why do we need decentralized systems?
Benefits of Blockchain Technology?
Why we need Blockchain
Current and futuristic use cases
The power of decentralization
Examples of use cases within corporate South Africa
Startup Grind is a global startup community designed to educate, inspire, and connect entrepreneurs. We host monthly events in more than 400 cities and 200 countries featuring successful local founders, innovators, educators, and investors who share personal stories and lessons learned on the road to building great companies.
Our monthly fireside chat provides ample opportunities to connect with amazing startups and the people behind them, tap into a strong support network, form meaningful connections and gain inspiration for the startup journey ahead.
Blockchain and fintech hackathon | Johannesburg | 18/10/2018
24 hours | 15 pitches | 4 winners
This past weekend marks one of the biggest blockchain and fintech hackathons attended in South Africa to date. Developers, entrepreneurs and designers flocked to BCX’s head office in Centurion on Saturday morning to show what the local talent has to offer. We’d like to congratulate and commend every participant for sticking out a gruelling race against time whilst having to overcome the obstacles of bugs, API integrations and sleep depravation.
I was very impressed with the amount of energy and effort that all the participants put into the solutions that were presented at the end of the Hackathon. We saw a number of commercially viable solutions that we would like to explore with the innovators/entrepreneurs. The teams achieved so much in such a short space of time! — Frank Rizzo, Managing Executive, BCX
What made this particular fintech hackathon unique was the focus on solving problems in Africa by leveraging blockchain technology. Rehive was used by several teams as an application layer on Stellar for issuing assets, hot wallet management, account creation etc. Read more about Rehive’s Stellar Service here.
There was also a focus on education and rapid learning. Participants were awed by Blockchain Academy’s 2-hour deep dive session in which a broad spectrum of knowledge was shared and consumed in a short space of time. Rehive then presented both a fintech and crypto workshop which equipped participants with a platform and toolkit for making development on a complex underlying technology both simple and possible. (Not to mention fun!)
In order to keep things local and encourage aspiring developers and entrepreneurs, we had Ndabenhle Ngulube and Matthew Smith, co-founders of Pineapple as featured judges to share their story, learnings and knowledge of growing a startup.
Pineapple is a technology company that has created the first decentralised peer-to-peer insurance platform in South Africa.
Mandla Magagula from RMB’s Foundery as well as Jacques Booyens and Keru Naidoo from BCX completed the judge panel, making for a serious pool of knowledge and expertise.
Of the ±80 participants, 15 teams pitched their products on Sunday morning. The criteria was split between 33% product, 33% tech and 33% pitch — requiring a well rounded delivery of all 3 in a mere 5 minutes. The following teams featured in the top spots.
(1) Usizo | First place | R20k
Usizo meaning help in Zulu is a donations marketplace for connecting patients who are suffering from a range of conditions, with donors wishing to make a difference in the lives of others in a transparent and auditable way.
Usizo presented both a web and mobile application. Check out their product here.
(2) Skoloto | Second place | R15k
Skoloto is a P2P lending platform targeting informal markets where it’s super hard obtaining a loan from FSPs without a credit record. Millions of South Africans remain unbanked and as such, P2P lending happens in cash between individuals whose credit score is based on relationship or a word-of-mouth synopsis.
Skoloto presented a mobile application where some of the key features of their solution includes a rating system for users wishing to lend or borrow from individuals outside their existing ecosystem as well as transaction record keeping. Over time, their profile on Skoloto may serve as valid transactional data for an informal but factual credit score for these unbanked individuals to obtain loans.
Third place was shared between two teams, as the competition was simply too rife for the judges to make a call on only one team to take the podium stand.
(3) Sequoia | Third place (1/2) | R5k
Sequoia is financial management application that teaches users to budget and rewards them for reaching their goals. Sequoia embodies Warren Buffet’s quote, “If you can’t buy it cash you probably shouldn’t” by encouraging users to save and not spend and reward them by doing so based on milestones reached.
(3) Sigma | Third place (2/2) | R5k
Sigma built a marketplace for crowd-purchasing goods in bulk. Their model encourages the public to collectively purchase products that are offered by merchants or retailersin bulk volume. This helps the retailers sell large amounts of product at a price that’s cheaper for the group who collectivelypurchased the stock than if they had to purchase their desired units of that stock individually.
Two additional teams featured as top teams although they just missed the podium. These are;
(1) Grapevine | USSD service for sending money via a blockchain.
(2)AssetWise | Upload, track and manage assets on a blockchain.
Well done to all teams who participated, the competition was tough but everyone who pitched showed tenacity and perseverance and we are sure that everyone learned a bit more about solving problems in Africa using fintech.
We’d like to thank BCX who sponsored this event as well as the warm up hackathon earlier this year. BCX continue to play an instrumental role in incubating talent and new technology innovation as the largest IT company in South Africa.
With all that is going in the crypto market space there is still a definite boom – so you should’nt be worried about investing in the currency instead you should worry about not investing in it because there are sure profits to be made. In 2018, you may choose to invest in the GPU mining market which will help you mine cryptocurrencies or ASIC’s.
Instead of wasting your time on checking which GPUs are the most appropriate for you, we decided to list the options which are likely to suit you best in order to continue/begin long your mining journey. So, henceforth is the list of GPUs you could take into consideration in order to make use of – the ones which are not only energy efficient but also are amongst the cheapest of the lot so that you’re ble to reap the highest profits out of the whole procedure.
Nvidia GeForce GTX 1060
This graphics card is available on the market for approximately R 6000 and is listed here– which means the price at which it is marketed is quite reasonable. Apart from this, it does not make use of a high amount of electricity and does a decent job when it comes to mining cryptocurrencies. Apart from this, if you want to use your graphic card for other purposes – then – this device is your go-to option because it will support your gaming endeavors. More info on this rig can be viewed here.
Nvidia GeForce GTX 1070
This GPU manages a mining rate of around 30 MH/s and does not require a lot of energy to do so. However, one thing that you have to keep in mind is that the more energy your GPU decides to use – the lower your cryptocurrency profits are. Thus, you have to make sure that the graphics card that you make use of is energy efficient. This is yet another amazing GPU mining hardware that could be used that has a good balance of mining profitability and energy usage. Given the amazing qualities that it has to offer – it is available in the market for around R 7500 and various products are listed here. And rigs based on this card can be viewed here.
AMD Radeon RX Vega 56
Rumor has it that this mining rig is better than the Nvidia GeForce GTX 1060 and also is cheaper. However, this mining rig is not very easily available in the market and you need to put in some effort in order to find it. Also, it is not a very great option to employ this graphic card as your 24×7 mining rig because – it might as well eat your pocket out and wouldn’t reap as many profits in return. Nonetheless, comparatively this option is a good one to inculcate. The price of this GPU is around Rs 16000.
Thus, you have to choose the best option amongst the above-mentioned ones – prudently. GPU is a good option to resort to but you have to keep in mind that it’s not as cost efficient as you might think of it to be.
Its one thing mining Bitcoin, however navigating the ability to buy Bitcoin can also seem like a daunting task to some. That’s why BitcoinProsper has decided to put a summary list of the best places to buy Bitcoin. Bitcoin, though being popular worldwide, is restricted in some countries with caps on its applications. However, if you are living in South Africa, you don’t have to worry as we luckily haven’t banned the currency and you can still easily buy Bitcoins. One important thing to keep in mind is that you need a Bitcoin Wallet before you wish to buy some exchange. Here are few mediums through which you can buy bitcoins in South Africa
Local Bitcoins- this is a popular platform acting as an escrow service. The platform acts as a bridge between bitcoin sellers and buyers. The method of payment is cash deposit and transaction is done through face-to-face meetings. This is a fastest and confidential way of buying bitcoins in South Africa. The only drawback is that is more focused on higher amounts of bitcoins exchange.
Coinmama– this platform is helpful as it allows you to buy bitcoins with the use of credit or debit card. The transaction fees are approx 6%. Another good feature is that you don’t need to reveal your identity if you are buying less than $150 of bitcoins.
Bitcoin ATMS- people in South Africa have been consistently using Bitcoin ATMs to purchase Bitcoins with cash. The transactions are private and offer convenience. Most ATMs have fees around 5-10%.
Luno– you can use Luno app on your phone to buy more bitcoins while on the go. The app offers 0% fees and is operating in selective countries including South Africa, Nigeria, Malaysia, Indonesia and Nigeria. The app offers instant buy feature but misses out on wallet storage service. The app also offers infinite exchange limits depending on the level of the verification.
Bitit– this is yet another popular means of buying Bitcoins in South Africa. Bitit lets you buy the cryptocurrency through a 3DS enabled debit or credit card. You can also buy via cash with Neosurf, Flexepin and Cashlib vouchers.
Coin corner– the bitcoin exchange is based on Isle of Man and normally caters to first time bitocin buyers. The mode of the payment includes credit-debit card, SEPA, GBP bank transfer and Neteller. Furthermore, you don’t need to verify your identity for the transaction amount below £
Changelly-this bitcoin exchange lets you transact bitcoin through Litecoin, Dogecoin and several other digital tokens. The exchange takes place in Changelly almost instantaneously as you are only exchanging your tokens. This is a fastest and easiest mode of Bitcoin exchange in South Africa with reasonable fees. The disadvantage is that it can be used without digital tokens or altcoins.
As prolific as crypto currencies might seem, there are various tools and mediums through which one can buy bitcoins in South Africa. The price of this cryptocurrency is reaching new heights since last years spike. As it turns more mainstream, more and more people are looking to exchange currency in Bitcoin. We hope that the listing will help investors and users benefit from Bitcoin through an efficient exchange gateway.
If you are lured by the investments made in cryptocurrency network, then you must be searching for new ways to invest in this striking market. You need not to worry as you have arrived at the right place.
With the expansion of cryptocurrency market, more and more people are planning on investing in Ethereum, just like Bitcoin. However, most people don’t know that they can also mine in this platform to generate a passive income every month.
Even without having technical knowledge, a normal person can learn the basics of Ethereum mining.
But before getting into details, it is imperative to know why you should opt for Ethereum mining.
Why start mining in Etherrum?
This relates to the fact that Ethereum is one of the fastest growing crypto currencies only next to Bitcoin. The miners are rewarded for providing solutions to challenging math problems through blockchain technology. Few years ago, the price of Ethereum was $1, this has now elevated to a booming sum of $400. The rapid growth of popularity of this mining technology has injected excitement in the users worldwide to not to miss this ever-growing money-making opportunity. And you should not be the one to miss out in the race that is already started. Let’s know the methods of mining in Ethereum pools.
Starting Etherum mining? Here’s what you will need
The basic necessity for mining includes a computer and a graphics card. You must be wondering why to use graphics card other than playing games. This is because a graphics card will help in computing an algorithm that the computer attempts to solve to generate Ethereum. The trick here is to generate the block almost every 15 seconds by the GPU. The Ethereum pays a sum of money in the form of Ethereum or ETH, say 5 or 10, to miners who are able to find the block.
A complete professional mining setup might include 5-6 processors and will be able to find an average of 0.5Eth per month.
Joining the mining pool,
After setting up your equipment for mining, it is important to join a mining pool. Mining pools of Ethereum combines hashrates of all miners and increase the chances of finding a block. This helps miners as they can get a steady payout from the pool. There are various mining pools that can be used. For instance, NiceHash is a popular choice as the pool chooses the best algorithm to hash and pays out in bitcoin. Another pool is the Nanopool which has a large community. The main highlight of Nanopool is that it even pays if a miner was close to solving a block.
How do you get paid?
When your video card has successfully mined a block, you are entitled to receive 3 – 5 ETH rewards. You will also get the mining fees associated with the transaction of the money. This is also the reason, many miners offer to do the job with high transaction fees. The rewards are transferred to the Ethereum linked wallets of the miners.
After installing setup, you just need to sit and view your graphics card find the blocks and hash the algorithms. The approximate income is calculated on the basis of your hash rate and the exclusions will be your electricity bill. With passage of time, the difficulty of Ethereum mining is increasing, not to mention the increase in costs associated with the setup. However, if we look at the facts, the difficulties have dropped thanks to the decrease in the rewards. Either way, it is a field that tracts million of miners around the world and is worth a try.
The boom in the cryptocurrency market itself stands for what a great time it is to make an investment in one of the leading as well as the maiden cryptocurrency – Bitcoin – which is said to be digital gold. Also, when it comes to dealing in cryptocurrencies – it involves a lot of risk because of the volatile world it comes from but it is worth taking the risk.
Given the ease of buying and selling of these currencies – a lot of people have indulged in its trading in South Africa. Although, the government has not declared the cryptocurrencies as a legal tender – we should make sure that we trade in these cryptocurrencies on popularly genuine platforms. However, you cannot trust on just any exchange in order to purchase a Bitcoin. Hence, we have a list of the world-reputed bitcoin exchanges which you could make use of without any fear since they are one of the most trusted exchanges to resort to.
Coinmama is one of those bitcoin exchanges which serves not only in the South African region but also in the global marketplace – thus – making the exchange a lot more reliable. However, this bitcoin exchange is one of the priciest ones that prevail in the market for they charge 6% for each purchase so made. However, this also implies that the chance of scam has reduced since only reliable people will be able to make such investments.
This exchange is marked due to its global presence and also because it barely charges anything for the exchanges. One of the most essential things that need to be mentioned about this particular exchange is that it is focused on the exchange of Bitcoin alone. Thus, it gives you a leverage in learning the basics if that is what you intend on doing.
This is a “homegrown” exchange for cryptocurrencies which was launched in the year 2013. The basic focus of the exchange is on Bitcoin, Ethereum and Litecoin. The scope of this exchange is limited since it has not gone worldwide yet but it is a safe zone for people looking to buy cryptocurrencies in South Africa.
This exchange is not only available in South Africa but also has its presence in the UK, Australia and other powerful countries. Thus, allowing an increase in the scope of the trade to take place. Along with this, this particular exchange offers a huge number of payment options making things easier for the consumers.
By the means of Bitit, it is possible for consumers to purchase the Bitcoin in person as well due to its offline presence around the world. The exchange platform also allows online purchases of the cryptocurrency by the means of using Credit as well as Debit card. However, the fuss that is involved in the whole process makes it less desirable to be used by the users.
This is another exchange which is very well known throughout South Africa, apart from this – the exchange has its roots in the rest of the countries as well. However, the concept of this exchange is that in order for you to buy a Bitcoin you must be in possession of alternate cryptocurrencies so that you can buy a Bitcoin out of that. Thus, this would allow you exposure to other alt coins.
One of the most user friendly tokens that is available in town is none other than Bittrex. Bittrex inculcates a very simple process in order to exchange the cryptocurrencies. The best thing about this exchange is that it trades in a lot of cryptocurrencies and is available throughout the world, thus, making the platform really competitive.
Binance is an exchange which could be considered as reliable in order to use to purchase Bitcoin. The exchange has a very easy to use design and the menus allow you to navigate between your portfolio with regard to trade. The exchange allows you to trade in 30 markets as well as in 20 different coins. Thus, this is something that you could put to good use in accordance with what you desire.
If you are an advanced trader then this is your go-to option because the interface has been developed in such a manner in order to suit those who have had knowledge in this field. The presence of this exchange is throughout the world and that adds to competition edge which one must be thoughtful about while getting into the buying and selling business of Bitcoin.
The exchange involves a 0.25% for its traders, however, the fee is less as compared to other exchanges, thus, increasing its competitiveness. The competition of this exchange can be felt throughout the globe, thus, exposing the South Africans to the highs and lows of the cryptocurrency market. This is yet another highly recommended exchange to make use of in order to buy Bitcoin.
These exchanges can be seen as safe resorts for buying Bitcoin and the chance of con decreases a notch when you use these exchanges. Also, since they have their presence nearly all over the world they would expose you to the desired competition. However, we recommend readers to check the commissions, fee and other terms and conditions before finalizing the platform.
These are exchanges that are similiar to traditional stock exchanges where buyers and sellers trade based on the current market price of cryptocurrencies exchange, these type of trading platforms generally charge a fee for each transaction. Some of these types of exchanges deal only in cryptocurrency, others allow users to trade fiat currencies like the U.S. dollar for cryptocurrencies like Bitcoin. There are website-based exchanges that are like the currency exchanges at an airport.
They allow customers to buy and sell cryptocurrencies at a price set by the broker. Coinbase is an example of this type of exchange. Shapeshift provides a similar service as well This is the simplest solution for new users, since it is simple and easy, you’ll pay slightly higher prices than you do on the exchanges. Cryptocurrency Funds: Funds are pools of professionally managed cryptocurrency assets which allows public buy and hold cryptocurrency via the fund. Using a fund, you can invest in cryptocurrency without having to purchase or store it directly. In almost every case a person will want to use an exchange or broker. One will generally only want to use a direct trading platform when their options are limited. Meanwhile, while funds might be ideal to some, they tend to have a range of restrictions.
The main purpose of the creation of Bitcoin as a decentralized currency was to give the masses the power to control and manage their own money. You might ask “Well, do I not have full control of my money?”. Since the money you deposit in the bank is usually used to lend it out to others, you technically do not have full control over it. What you own is simply an IOU, or a promise by the bank to pay you. Bitcoin offers you the power to have absolute and total control over your money. And given the fact that Bitcoin and other cryptocurrencies have been increasing in value, it is vital to have your own crypto wallet to store and manage your coins.
What is a Crypto Wallet? It’s a software program that stores your coins / It’s a software program that stores your private and public keys (they come in pairs), enabling you to send and receive coins through the blockchain, as well as monitoring your balance.
How does it work??? First off, digital wallets are quite different as compared to your physical wallet. Instead of storing money, digital wallets store private and public keys. Private keys are like your PIN number to access your bank account, while public keys are similar to your bank account number. When you send Bitcoin, you’re sending VALUE in the form of a transaction, transferring the ownership of your coin to the recipient. In order for the recipient to spend the newly-transferred Bitcoin, his private keys must match the public address that you sent the Bitcoins to.
The cryptocurrency market is barely a decade old yet it has presented one of the most amazing ecosystems to study. The intrigues include an anonymous found and surge in value to several thousand percentages in a single day. Here are exciting facts that will blow your mind about the cryptocurrency market. In 2009, one Bitcoin was worth $0.003 which is another interesting fact about cryptocurrency. People had not taken note of the currency and were not even interested in its value. By 2017 Dec, the value amazingly increased and as rising it also translates to shedding 2/3 of its value in just two months. This is an indication of the strength of cryptocurrency.
The value can swing dramatically causing both huge gains. The value is pegged on perception and is not controlled by any central bank or monetary regulator. The value of currencies lies in the technology that is used during storage and transactions. This is a digital platform that is also decentralized. A ledger record is known to have all transactions and gives a history of all activity on a coin. This technology makes the coins safe and efficient to use. This technology has made investors so excited about the currencies. This is a growing ecosystem with unique offerings for investors and the financial market. As new coins are born, the market will get more interesting to watch.
Cryptocurrency has become one of the biggest topics in social media due to the sudden rise in cryptography’s popularity many people have crafted theories about it causing engineers to be keener to start streaming cryptocurrency related projects. Bitcoin mining / cryptocurrency mining is the process of gathering the cryptocurrency from the market which requires great monetary investment or commitment when it comes to mining cryptocurrencies. Anyone with a decent understanding of computer can get started with Bitcoin mining.
Early adaptation has made Bitcoin the strongest cryptocurrency in the market. There has already been speculation that the value of Bitcoin will only increase from here on also confirming ups and downs are part of the game, and eventually, it will reach more value in the upcoming years, even with a finite supply in the market.
Cryptocurrency is 100% legal, many countries don’t have a ban on cryptocurrency, but rather some regulations on how they should be distributed. The future of cryptocurrency is looking extremely bright as the market is growing with new cryptocurrencies. Startups are also focusing on taking the advantage and making the most out of it. The fact that cryptocurrencies are universal makes it a part of the bigger picture.
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