Crypto explained - a guide to understanding digital money


Barbara Friedman

89 days ago
Crypto explained - a guide to understanding digital money Bitcoin, Ethereum, Litecoin, Zcash, Ripple and other cryptocurrencies. © Nuthawut Somsuk/123rf

Have you been wondering what cryptocurrency is all about? Perhaps you already have a small portfolio, or you’ve heard about people being burnt, and have questions you’d like answered.

This is an easy step-by-step introduction to the world of crypto, whether you are just starting out or if you already have dipped a toe into the pool.

Click below to listen while you read...

You're listening to episode one, be sure to catch the rest in the podcast series below:

Your intrepid guide through this series is Collin Cullis, presenter of Business Unusual on 702 and CapeTalk’s The Money Show.

His thirst for knowledge and the need to always find out what is really going on beneath the surface means he has made sure to bring you an easy-to-understand introduction to this exciting space.

This series offers answers on how to navigate your way through the world of digital currency and is brought to you by Revix, a company that makes investing in crypto safer, faster, and easier than ever before.

Revix CEO Sean Sanders provides multiple 'Aha' moments that will affirm your decision to invest in crypto with confidence you may not have had before, says Cullis.

Sanders, a UCT Business Science graduate spent several years working in the financial industry.

“Working in finance prepared me for starting Revix in a weird way,” he says. “It positioned me to launch an alternative investment fund and find ways to expose people to digital currencies.”

After a rocky start and lots of learnings, Sanders had a chance to offer this diversified asset class to everyday people, and finally, to a much bigger market.

“That was the birth of Revix.”

With two big accelerators now on board, the prestigious Berkeley Blockchain Xcelerator and Cryptofin TechHub Xcelerator, Revix has upped its game even more.

But how can value be transferred without a bank as an intermediary, you may ask? Sanders is champing at the bit to explain.

I absolutely despise banks and there is not a single person I know that doesn’t despise their bank.

Sean Sanders, CEO - Revix

He says sitting inside a branch for hours or on a phone being passed from one operator to the next until you get cut off, drives people dilly.

“Banks suck at everything that they do, they’re kind of like governments,” he adds wryly.

But for years banks were indeed the intermediaries for all transactions, in fact, until 2008 all digital payments had to go through a bank.

And this is where crypto came into play to make life easier.

“A digital payment should be as cheap and quick as sending an email.”

Suddenly people realised why should they let banks manage their money, says Sanders.

“It’s your money, right?

He says, why should governments and tax agencies have control over people’s money? So cryptocurrency, such as bitcoin, is there to facilitate peer-to-peer payments free of all that red tape.

Are there risks? Sure, there are he says, but there are also huge rewards.

“Crypto is risky,” agrees Sanders. “You will experience price volatility.” And that’s something you need to become comfortable with, he adds.

But there’s an opportunity to make massive returns he says.

“You have the opportunity to make two, three, four, even fifteen x your money back.”

It’s the first time in our lifetimes that we have seen the emergence of an entirely new asset class.

Sean Sanders, CEO - Revix

Bitcoin over the past decade it is the top-performing asset class ever, amassing $1.1 trillion in 10 years.

“That’s insane. You have never before got an asset class worth over a trillion dollars.”

Coming up in the following episodes - how and when to invest in crypto and what types might work for you; the impact of regulation – is it good or bad; we talk to some big names in the world of cryptocurrency, and of course, demystify the much-used term non-fungible tokens.Visit Revix to find out how easy it is to start investing in this exciting new space.

This article first appeared on 702 : Crypto explained - a guide to understanding digital money

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