“This may be the purest form of democracy the world has ever known, and I for one am thrilled to be here to watch it unfold” – Paco Ahlgren
Cryptocurrency is a digital currency and allows for the possibility of complete anonymity or privacy with all transactions, Bitcoin being the first decentralised digital currency.
The currency is not controlled by an institution but is held accountable by a public ledger – the Blockchain. The blockchain holds all transactions made with Bitcoins which includes the first block exchange.
In 2010 the transaction that validated the first cryptocurrency was made by a gentleman based in Florida who offered 10,000 btc in exchange for 2 pizzas – this offer was taken up by another who was based in Europe. This exchange became know as the first Bitcoin trade for real goods.
Check out how the arrangement between Laszlo and Xunie went down here.
What is Bitcoin?
How to back a campaign on Thundafund with your Bitcoins
1. Set up your Bitcoin wallet with BitX
Setting up your Bitcoin wallet with BitX is a 5 step process that needs you to verify your account by email and all that you would need to set up a trading account is your national identity document and proof of residency. This applies for users who are based in South Africa, Indonesia, Malaysia or Kenya.
Useful Links on BitX:
2. Back a Thundafund campaign of your choice
After you have chosen a campaign to back and have selected Bitcoin as your payment of choice you will need to confirm that you are satisfied with your payment method; you will then be redirected to our secure payment page with PayFast.
You will be requested to insert your email address on PayFast – if you are a first time PayFast user you will be requested to enter your name and email address.
The next step from here will be to confirm your payment method with Payfast:
Continue to access details on your transaction:
Complete your payment:
You will be given your transaction details for the payment to complete your pledge – you will be given the choice of scanning a QR code or the wallet address.
Once you have completed your transaction ensure that you click the ‘I HAVE SENT MY PAYMENT’ button.
Your payment will then reflect on the intended Thundafund campaign.
So now that you know a bit about cryptocurrency, how it works and how to use it you can complete your first transaction with Bitcoins by purchasing a reward from one of our Thundafund campaigns or by purchasing your ticket to South Africa’s first Bitcoin conference taking place on the 16th and 17th April with your Bitcoin wallet.