Learning about crypto in bits, and making sense of it.
The general South African is unemployed. The general employed South African is poorly employed and everyone battles to survive in a failing economy with a government that seems intent on trying to prove that fraud and self interest do pay. Education is not much better with passing requirements being dropped across the board in order to ensure higher pass rates because lowering the bar seems to have become the new ‘raising the bar’.
In order for South Africans to be able to work at the USD cost average, they have to multiply 1.00 ZAR by 15 on a good day to have $1.00 (ZAR 1*15 = $ 1.00). Other African countries often have to multiply their fiat currency by upto 10x or more to get 1.00 ZAR and many of them have their own unstable governments and economies to deal with. It is no wonder people are scared off by the idea of cryptocurrency when the only one that they ever hear about is Bitcoin that is currently at ZAR 876,953 for 1.00 BTC. Many do not understand how 1 BTC is broken up into 100 000 000 parts. Those that make the discovery are unprepared and get burned by the transaction fees that often cost more than what they wanted to spend in the first place.
South Africa having been the base of 2 of the largest cryptocurrency scams of 2020, Mirror Trading International and Finalmente Global, makes people suspicious of the blockchain universe.
Mining crypto yourself requires independent renewable power because the electrical supply is extremely expensive and unreliable, often causing countries to grind to a halt for long periods of time that does even more damage to the economy. This makes mining crypto cost more than you will get and this is without mentioning hardware requirements.
The internet is full of information about being able to get into crypto at USD amounts, when there are many more countries that have to multiply their currencies for that USD than there are countries that can divide their fiat currency for a USD. So, I figured that there has to be other currencies within crypto that offer opportunities of their own for less wealthy countries and people to be able to get into the space.
I am not a financial advisor and it is only for educational purposes that we have taken it upon ourselves to document our approach to the crypto universe from the side of poor, unemployed and sceptical people that do at least have internet access, a smartphone, time and determination to learn about and earn a little crypto. Who hasn’t had time on their hands during the Covid pandemic that forced so many people to stay at home? But, always remember to do your own research (DYOR) before deciding that you’re going to invest your own money in anything.
Never blindly trust, or invest in any website which promises to multiply your money or give you a certain percentage profit daily. Always do your due diligence (DYDD?). Nothing is ever risk free, so don’t just throw yourself to the wolves because there are very many around every corner, just waiting to bait the next inexperienced newbie with false promises.
Without jumping straight into confusing abbreviation hell with Cefi, Defi, Exchanges, ICO, IEO, Liquidity pools and Staking before even mentioning the all new NFT craze, we’ll start from the bottom up.
From which internet browsers to use, that rewards users in crypto, to the first platform to sign up on for cheaper transaction fees with free exchanges between supported coins, mining, multiplier games and even staking opportunities, to a few other faucet sites that offer little bits of free crypto and tasks like watching ads. or doing surveys for payment in crypto.
We use a wide range of crypto wallets that have different use cases on different blockchains. We try to find opportunities to grow the crypto we have earned, exchanged and saved, for it to be able to earn more, passively, over a period of time in places that have proven themselves so we can share it with everyone. This is not a get rich quick scheme, but it is something that everyone should be educating themselves about when there are many countries where even $1 can feed a whole family for a week.
Some platforms and apps do have referral links and rewards that encourages users to invite and involve friends so that they can build a team to network with each other because it really is more than one person alone can keep up with and is also much more than can be covered in one blog post. This blog is just as much for myself to keep track of the journey as it is to share with others.
Our website is still under construction, but I will try to keep it and our social media pages updated with any new announcements, discoveries and news that is share worthy.