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.

Follow the golden rule, if it sounds too good to be true, it usually is!

Bitcoin Accumulation programs

There are ‘bitcoin accumulation’ schemes and ‘systems’ where you can earn ‘interest’ or more money than you ‘invest’ with bitcoin. THIS IS A SCAM!!! Often disguised as FREE BITCOIN EDUCATION, the information provided is factually incorrect, and filled with affiliate links to sub standard 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

Bitcoin has performed well since it started

Bitcoin stats

Figures accurate on 16/06/2016

Quack Financial advisor newsletters

These ‘advisors’ keep sending out newsletters and updates with so called ‘proof’ of their predictions of the markets and now that bitcoin is around, they are suddenly experts in cryptocurrencies too.

Membesr and users are shown all sorts of bitcoin information, and then told they can join in and make lots of money with bitcoin, by joining the scheme or program. Most of the time the scheme has NOTHING to do with bitcoin, other than it uses it as a payment method, but users are led to believe it is all part of the same thing.

The people running these  schemes are well organised, and have ‘wealth seminars’, as well as conferences, meetups, and live chats online, where they talk about bitcoin as if they and their scheme are part of it. It is shocking to see how the people running these ‘wealth growing’ and ‘investment’  systems have  themselves very little knowledge of how bitcoin works, but since it is more than the people who are there to participate, they look like gurus.

Every day we are inundated with emails, Facebook messages and calls from people who think that they have ‘joined bitcoin’ and now they dont know what is happening, but they want their money! Unfortunately many poor users even think they are bitcoin miners, because they are part of a system that is ‘mining bitcoins’, yet they dont know much about anything except the name of a website.

The fact of the matter about people who think they are ‘bitcoin miners’ is that they are almost always not. Most of the time they are involved in a fancy ponzi scheme, that only tells them they are bitcoin miners, and of course, takes payment in bitcoin. What people should remember is that almost anyone over the age of 16 can make a website, so dont believe everything you read or see online! Check if your ‘bitcoin cloud mining’ website can pass these checks.

If you are a ‘bitcoin miner’ because you sent bitcoin or money to a website…..I hate to burst your bubble, but you probably are not.

Here are some points to note when you are told about bitcoin:

You do not have to pay anyone to become a member of any scheme to buy, sell, or use bitcoin.

If you would like to trade bitcoin, or ‘invest’ in bitcoin, just buy some bitcoin. You do not need to be a member of a ‘system’ to do that. To be part of the bitcoin community, and to take part in the bitcoin revolution, all you need to do is own some bitcoin. Join a bitcoin exchange, buy some bitcoin, and you have officially ‘joined bitcoin’.

A bitcoin account is FREE

You do not need to pay anything to have a bitcoin account or bitcoin wallet. You can get one for free within seconds, and you do not need to go through any other person to do this. The bitcoin exchange you use to purchase bitcoins on will always give you a free bitcoin wallet, and you can download a bitcoin wallet to your computer, or use a web or mobile phone based wallet, all for free. Check out our list of bitcoin wallets to choose from here.

There are no ‘Administration fees’ for your bitcoin account

Since you open your bitcoin wallet yourself, there are no other people involved, and never should be. You do not need to pay someone to ‘administer’ your account for you. If anyone is offering you that ‘service’, you are probably about to be scammed. There are zero ‘admin’ fees or ‘activation’ fees with your bitcoin account.

Minimum investment to join bitcoin

There is NO minimum buy in or investment for bitcoin. Beware is people who try to tell you there is! You might want to make it worth your while by starting with R500 or R1000 worth of bitcoin, but if you want to buy R50 worth of bitcoin, you can do that. There is no minimum investment amount for bitcoin, you can even buy R5 worth of bitcoin if you desire. Do not let anyone tell you that there is a minimum amount you MUST invest to be part of bitcoin!

A bitcoin debit card and admin fees

A bitcoin debit card only costs $12.75 and you should NEVER have anyone else ‘organise’ one for you, or ‘administer it for you. People have contacted us saying they paid R1300 for a bitcoin debit card, R200 for ‘admin fee’, and R500 for ‘activation fee’!! This is outright theft as these charges do not exist!

When you order a bitcoin debit card, you order it direct from the provider. DO NOT let someone else do this for you, or charge you extra. If someone else arranges your bitcoin debit card, they also get the keys to the wallet linked to the card, and have control of the finances on the card. You would not allow someone to have full control of your bank account, so why would you allow that with a bitcoin debit card? It is amazing, but some people have actually paid these fees and done this.

Get a 25% discount on a bitcoin debit card by using our link to register: https://goo.gl/y3fl7e

Regular price is $17 and with 25% discount, the  new price is $12.75!

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There is NO table of monthly profit/interest or earnings with bitcoin

Bitcoin is traded like a stock or forex on exchanges. The price goes up and down all the time, and nobody can predicct the price in 10 minutes, let alone one month. If someone is showing you tables with figures of earnings you will get, you are most likely involved in another scam.

If you know anything about bitcoin, you will know that ANY system that offers interest on your bitcoin deposits is a scam or pyramid scheme. Stay away!

bitcoin minerBitcoin mining websites

This is one of the biggest cons out there on the internet. There are thousands of bitcoin cloud mining websites, but only a very very small amount are real. The ones that are real, are not very profitable, and you dont make a lot of money. If a website is offering you bitcoin mining and promising great returns, you are almost certainly going to be scammed, or you might just be joining a pyramid / ponzi scheme that says it is bitcoin mining but it is not. Many bitcoin mining websites are just websites, nothing more, they do not mine, they just take your bitcoin, and pay you back small amounts over a long period of time, often vanishing before you have made back your money.

Again, if you REALLY think you are a bitcoin miner, and are mining bitcoin by sending your bitcoin to a random website, I challenge you to check them against our cloud mining scam points list.

Other alt coins and crypto currencies that will make you rich

Don’t buy in to pump-and-dump altcoins that claim to be the next bitcoin, and encourage you to get in early.

Most of these ‘coins’ that are presented at ‘wealth seminars’ rely on everything from outright fraud such as pre-mined coins or insta-mined coins, to features that have no cryptographic proofs to sucker new buyers in.

These ‘sales people’ of these new crypto coins baffle users with crypto lingo and false promises to get everyone to sign up to the ‘next big thing’. The influx of buyers artificially inflates the price, so that the people running the ‘coin’ who have already pre-mined, can dump their coins onto the market, cashing out with all your hard earned money. Understand that ‘cons’ that are POS (Proof of Stake) or weak POW (Proof of Work), can be attacked at very little cost. This is why Bitcoin is the MOST secure crypto coin out there and a much better choice. Do your research! Stop just believing websites and people at face value, do your due diligence on them, and question everything, this is your money at risk!

If you have to go to a presentation about a ‘new’ type of coin, that is going to make everyone ‘rich’, or be the next ‘bitcoin’, you are almost certainly about to be scammed. No REAL crypto currency needs this at all as it can do well on its own merits.

How to join bitcoin and buying bitcoin on an exchange

If you would like to buy bitcoin you can do so quickly, easily and safely on a licenced bitcoin exchange. You do not need to be a member of any system or scheme, or pay any monthly fees to anyone for the privilege. As long as you are over 18, you can open a FREE account on a bitcoin exchange, and buy and sell bitcoin all day long. There are no monthly admin fees, or activation fees, it is just you transacting directly with the exchange, and being part of the bitcoin ecosystem. That is how you ‘join bitcoin‘.

In South Africa you can register for free on www.ice3x.com or www.bitx.co.za exchanges. If you would like to take advantage of the cheapest prices, you should register on both, so that you have better pricing options. Once your account has been verified with your ID, and proof of address, you are free to deposit money by bank transfer. Once your account on the exchange has been funded and has a positive balance, you can trade bitcoins.

If you would prefer to interact with other bitcoin users, and not go through a licenced exchange, you can buy and sell with other users at Localbitcoins.com

Congratulations! You have ‘joined bitcoin’ and are now a bitcoin trader!

  • Niel Malan

    Great article! So many schemes and scams going around at the moment. And somehow everything is about recruiting people. Cloud mining if done properly is actually very profitable. I have spent the past three months testing out dozens and dozens of cloud mines and so far have found a few that are legit, and profitable, but the vast majority are either SCAM’s or HYIP’s

  • Fernando

    Yup. Look out for dragon mine/ Skilldragon. Zero evidence of any mining. Lots of recruitment

    http://behindmlm.com/mlm-reviews/skill-dragon-review-smt-reboot-with-cryptocurrency-mining/

    • Obviously since the guy behind behindmlm was sitting in China (or thereabouts – I forget), where Skilldragon doesn’t operate, he was unable to see the website. (Which didn’t stop him from reviewing the company – on pure guesswork? Wishful thinking?) From South Africa, where the company does operate, you can see the website perfectly. All behindmlm’s “accusations” have been clearly refuted by the leadership – that site is just clickbait. But believe it if you like – your loss. I’ve checked out Skilldragon and am very happily earning my daily Bitcoin. (And no, it’s not cloud mining – too risky for my taste, as the owners remain anonymous and can simply vanish overnight – and often do.)
      For those with a general dislike for MLM, there’s always the retail option for mining contracts – no joining anything, no commissions paid to the upline when you join, no need to even tell a single soul that you’re with Dragon Mine. So if you’ve seen zero evidence of mining, you’re simply not looking, Fernando.

    • Andre Rossouw

      I have been testing a few of the mining providers out there and its true. The vast majority are scams. The exception being Genesis Mining and Dragon Mine and perhaps others I haven’t discovered yet. Fernando I am not sure what you base you accusations on but its inaccurate in my opinion and I would like the opportunity to correct you as I am sure you were just trying to help people and I respect that. It is however incorrect. There’s plenty of evidence of their mining farm on the retail website. They are listed as one of the top miners on the Ethereum Blockchain https://etherchain.org/statistics/miners Currently their Bitcoin Ant Miners are pointed to Slush pool but planning to have its own on the Bitcoin Blockchain in 2 – 3 months or so once its capacity reach a level that it can justify doing so. Onto the behindmlm review. That idiot has been exposed so many times for simply writing negative reviews on opportunities he knows will attract a lot of traffic to his website. Sure he probably reviews real scams as well but that’s not the point. He makes money from banner ads and the more traffic the website gets the more money he makes – simple strategy but really pathetic in my opinion. Many people follow the same strategy on YouTube to get traffic. Again, pathetic strategy but since humans pay 10 times as much attention to negative info than to positive info it works. Hence the majority of articles in a newspaper being negative. The author is such a coward that he does not even reveal his identity. Anyway – on to the point of Network Marketing it is very simple. Businesses’ products needs to be marketed to generate revenue. You can use traditional marketing methods like TV/Radio/Billboard/PPC/Newspaper etc. or you can offer your clients a financial reward for marketing the products. I also offer my clients/Employees/friends a commission for bringing me more clients in my traditional business. Very simple, very straightforward. Anyone with half a brain can see the logic behind that. Heck this article also uses affiliate marketing of a debit card where should you sign up for the bitcoin debit card using their promo code they earn a commission. And there’s nothing wrong with that. In fact they deserve it for putting out content and carrying the cost of this website. Network Marketing/MLM just takes it a little further and pays commissions on multiple levels to encourage marketers to build sales teams and support those teams since their success is dependent on the success of their team. Again, incredibly simple concept. If someone does not see the logic in that I suggest they avoid any form of business/ entrepreneurship altogether and then also keep their uniformed emotionally charged opinions to themselves. If you still don’t get it go ask Warren Buffet why he invests in Publically traded MLM businesses or Robert Kiyosaki why he thinks it’s the business of the 21st Century.

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