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South Africans are More Obsessed with Bitcoin

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During the starting of 2017, bitcoin craze in the South Africans became high to earn quickly from this rocketing currency. South Africans mostly use Luno to exchange cryptocurrency with their money, Rand. Use of Luno to exchange the currency is seen with massive growth during the period. There are many South Africans who have made a fair amount from bitcoin either by mining or investing in cryptocurrency.

Luno Africa general manager Marius Reitz said, “Individuals in these markets cannot afford to, and should no longer need to, pay extortionate exchange rates, accept national currency devaluation or lose out when they simply transfer money, Access to a more inclusive financial system will enable people everywhere to think of new and better ways of exchanging value and technology allows this.”

However, they are not the only the cryptocurrency investors who are obsessed with bitcoin. South Africa is a hub of large numbers of Bitcoin miners which use free bitcoin mining software to mine digital tokens and create a steady supply of wealth. People here are very interested in digital tokens due to their implication on the global financial system.

Luno surveyed more than 7,000 people around the world to better understand their economic condition and their inclination towards cryptocurrency. South Africans were high in number, and they showed less interest in the current financial situation. Almost 91% of South Africans who were involved in survey pay for a personal bank account, and 75% use mobile banking. According to the survey, people in South Africa believe in saving hence they are obsessed more with bitcoin.

From television to the internet platform, Jonathan switched his journey in digital media with Bigtime Daily. He served as a journalist for popular news channels and currently contributes his experience for Bigtime Daily by writing about the tech domain.

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Tech

Crypto Face Explains “shitcoin”

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Today, progressively more people invest their money into digital assets called shitcoins. The term ‘Shitcoin’ is popularly used to describe crypto tokens that lack value or real world application yet still offer huge growth potential. Shitcoins could be from any sector of crypto from AI projects to meme tokens. 

“Shitcoins” might not be the most enticing term, but within the realm of digital currencies, it denotes lesser-known, frequently overlooked cryptos that could present unexpected investing opportunities.

With meme coins like DOGE, PEPE, and BONK now taking up 10% of the total altcoin marketcap, it’s clear that the rise of the shitcoin is upon us in 2024. As the average person struggles more and more financially, their attitude towards gambling and risk-on investing increases. It’s yet to be seen whether this phenomenon is a byproduct of the world economy reaching its final stages of the “everything bubble” or if it is here to stay. 

The rise of shitcoin investing is not only proof of trying economic times but the start of a new conversation about “what is money?”. The world of finance was traditionally a white collar industry for seasoned market professionals, but if our leaders continue to treat the financial system as one big joke, it is no surprise that market participants respond in kind. 

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