ABOUT 100 Victoria Falls residents flocked to a local hotel to learn about bitcoin investment with over 20 already signed up, as interest in the digital currency increases locally.
BY NOKUTHABA DLAMINI
BitClub, a small bitcoin mining pool presenters, spent the weekend in the resort town marketing the cryptocurrency whose price has surged in the past few weeks reaching over $16 000 on the international market and between $28 000 and $32 000 locally.
Bitcoin is a digital currency that is not backed by government or underlying assets.
According to one of the presenters Bigboy Ncube from South Africa, the initial starter trading deposit is $99 which covers membership fee and one share, from which the new member starts earning a slice of the mining income of BitClub Network, which has 150 000 members drawn from 90 countries.
“I was doing other things until I realised you can capitalise on this business of digital currency and make some good returns out of it. This is what I do together with going to educate people about bitcoin,” he said.
“Our computers are in three phases, for instance if you purchase a mining computer for $550, you will start to receive your earnings seven months after because that is a small one, the second one goes for a double amount while the third triples the amount yet the reaping months come down to three and the earnings will be higher,” he said.
“It is a very interesting game that never depreciates value, last August a block was $3 000 yet now it stands at $15 000 that is generated while seated at home.”
Mining or bitcoin mining is the process of adding transaction records to bitcoin’s public ledger of transactions or blockchain done in a singular network.
As such, bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign those transactions.
By so doing, they provide mathematical proof that they have come from the owner of the bitcoin wallet.
Once it has been proven, the bitcoin miner earns commission based on each of the transactions associated to his wallet from other users they bring in the network.
The BitClub company is one of the 20 registered bitcoin product movers and has been in existence for four years and is more popular in South Africa, Kenya and Rwanda.