A long, long time ago, money was just shells. A rare type of shell that people exchanged for goods. Then, it was straw. Slowly, it evolved into notes and coins, and now it seems money is changing once again, with the rise of cryptocurrencies – digital or virtual assets that can be acquired and then used as payment on certain websites. Forbes recently released its first list of crypto billionaires (all men, most of a certain age, most clammy-faced), but women are catching up, with the number of us investing doubling last year*. But can you afford to get involved, and will it actually make you rich? We took a crash course in crypto to find out…
CRYPTO WHAT?
Bitcoin, the world’s first digital currency and still the biggest, was started in 2009 by the ultra-mysterious Satoshi Nakamoto, a person (or persons, no-one is quite sure) who has never revealed themselves (though at last count was worth R89,56 billion). Since Bitcoin, other cryptocurrencies have emerged – there are now more than 1 000 – with Ethereum, Litecoin and Ripple being a few of the biggest. Facebook also announced the upcoming launch of its digital currency, called Libra, said to launch in 2020. It’s a currency that only exists electronically – so you can’t hold it, or even see it. But that doesn’t mean it’s made out of thin air. Most cryptocurrencies are created by a process called ‘mining’. Computers (no, your laptop won’t work) ‘mine’ the digital money by solving complicated mathematical equations to validate a block of transactions and then receive a reward – consuming more energy than a small country in the process.
WHAT’S THE ATTRACTION?
This story is from the October - November 2019 edition of Cosmopolitan - South Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October - November 2019 edition of Cosmopolitan - South Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Marc Buckner
The Bachelor SA Season 2’s star is here to make you swoon. Find out why boss babes are ready to risk it all for this adventurous dog lover.
I Tested Positive For The Alzheimer's Gene At 26 Years Old
A DNA testing kit is like a crystal ball, but what if you don’t like what you see?
Basically No-One Has A 28-Day Menstrual Cycle
Brought to you by: the idea of a ‘normal’ period is a lie
For Those Times When You're Like, ‘I Love You, But You're Annoying...'
Coupledom can be hard!
How To Get Sh*t Done
Calling all procrastinators: sometimes getting started on a new project or goal can be the hardest part. Here’s how to stop putting it off and actually press go
Is Rage Bait Okay?
It has become the new engagement strategy for many brands. Companies bait their followers into engaging with their content around topics that cause outrage. But is this okay? Social -media strategists Talya Goldberg and Jabulile Dlamini -Qwesha share their views.
Is Cardio A Scam? And 7 Other Not-stupid Questions About Fitness Things
Thanks for calling 0800 -WTF- Is -This
Hold The Phone
Zozibini Tunzi is here to remind you all to Take. Up. Space. She’s rewriting the pageantry rulebook, and she wants you to join in (in a bath, wearing sparkly boots, because that’s just how we roll).
How To Tell It Like It Is *And Finally Get A Promotion*
Receiving constructive criticism on your work can be terrifying. But do it right and it can be a career game-changer.
What Makes A Compulsive Liar?
We all do it. Tell those lit t le white lies to ourselves, and others. But what about those for whom lying is a way of life? Catriona Harvey-Jenner investigates the rise of a new kind of scammer.
