Bitcoin hits real life barriers in South Africa

CCTV Africa's Angelo

Bitcoin is being touted as the next wave in moving money in the developed world, but there still seems to be some reluctance. CCTV Africa's Angelo Coppola ...

First, we start with our top story tonight with a digital currency that's trying to break into the mainstream world. Bitcoin the virtually unregulated virtual currency so before we go there what exactly is Bitcoin?

Bitcoin getting more and more legitimate

Bitcoin is not backed by any central government or federal government like physical money they're traded for goods and services Bitcoin - Bitcoin transactions are made over the internet and can be anonymous it can be used also as an underground currency but it's getting more and more legitimate.

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Bitcoin will regulate digital currencies

More Bitcoin ATM machines are popping up around the world and that's forcing governments to take notice of its prominence. Just this week the UK said it will regulate digital currencies for the very first time.
South Africa Angela Capello finds out
Now some say this coin could be a powerful tool in Africa where the vast majority of the population lacks access to brick-and-mortar stores. The virtual currency may be able to fill that gap but bitcoin is still struggling to gain traction in South Africa Angela Capello finds out why virtual currency doesn't seem to have found a place in South Africa, just yet despite an entrepreneur introducing Bitcoin into the country late last year.

Bitcoin is just like the internet

Well the thing about Bitcoin is you've got to separate the technology and the potential for the technology from the hype that's surrounded it's like any new technology arrives just like the internet, just like smartphones just like cell phones, it runs it's going to change humanity.

READ  Is Facebook planning to come out with a cryptocurrency later this year?

Going cashless

It's going to change everything we are going to have a better more fulfilled enriched life and we'll be able to pay for it quicker and easier the fast moving consumer goods sector, is a case in point where customers are concerned about personal security transactions though are going cashless and business owners have noticed the move ninety-eight percent take 2% cash.

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