The question of how to ‘join bitcoin’ or ‘invest’ in bitcoin in South Africa, is a common one, usually from someone looking for the next way to make fast money, not from someone genuinely interested in bitcoin, the Blockchain, or crypto currencies in general.
There happen to be a wide variety of ‘get-rich-quick schemes’ and ‘systems’ running in South Africa that use bitcoin as well as Rand. Almost all of them are a variation of a pyramid scheme or High Yield Investment Program, and will eventually fail, causing many people to lose their money.
With the rise of bitcoin over the last couple of years, many of these programs are now jumping onto the bandwagon and spreading half-truths and misinformation about bitcoin, to promote their system.
There are ‘bitcoin accumulation’ schemes and ‘systems’ where you can earn ‘interest’ or more money than you ‘invest’ with bitcoin. Often disguised as free bitcoin education, the information provided is factually incorrect, and filled with affiliate links to substandard and questionable websites that will financially benefit the authors when you sign up.
The bitcoin supply is finite, there is no interest to earn, and if you believe you will buy bitcoin for one price, and after some time you will have more bitcoin than you bought….you are being scammed. Dont believe everything you read on the internet….ask yourself, if you are ‘earning bitcoin’, where does it come from? In most cases either you are getting completely scammed and you will not get back all your money, OR, you are recruiting others and scamming them without knowing it, as it is them who are funding your ‘earnings’, and they are the ones who lose all their money…making you the one who is literally stealing money from other users. Do not contribute to this problem in the bitcoin community! Normally these are the same people who are promoting a variety of ponzi schemes and dubious ‘systems’ to make money, and they have a reputation for questionable conduct in the bitcoin community.