DURBAN - Bitcoin has become the currency of the world and those who have invested in the digital cryptocurrency have no regrets. One 24-year-old Joburg man became a bitcoin millionaire two years ago.
Now Mpho Dagada is using his experiences to coach others on bitcoin and plans to release a book on his journey in 2018.
Just like Dagada, there are many other prominent faces who have made it big in the digital currency market.
Dagada bought 10 bitcoins valued at $200 each, which are now worth more than R1 million.
But what is bitcoin?
Bitcoin is electronic currency known as cryptocurrency. It is digital public money created by mathematical computations, policed by millions of computer users called "miners".
According to tech website lifewire.com, bitcoins are virtual coins designed to be "self-contained" for their value, with no need for banks to move and store money.
There are several online companies that market bitcoin, but do your research as there are many scams. Register online, create a profile, buy bitcoins using a credit card, bank transfer debit card, or via a bitcoin exchange and start trading.
People can buy goods or services online using bitcoin.
Bitcoins can be stored in the hope that their value will increase over the years.
They are traded from one "wallet" to another. A wallet becomes a personal database that you store on your computer drive, smartphone, tablet or in the cloud.
Dagada said bitcoins are the currency of the future. He opened an academy to mentor others on how to use cryptocurrency.
“It is the only currency not influenced by politics. Currencies devalue, but bitcoin increased enormously."
Another miner, President Jacob Zuma’s son, Momelezi, frequently hosts seminars on bitcoin as many people don't know how it works.