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It’s a safe bet to assume that you’ve heard people talking about Bitcoin, and if those chats are anything like the ones I’ve heard then it’s clear there’s plenty of misinformation and misunderstanding doing the rounds.

Some South Africans have already made a killing from being ahead of the curve on this front, with one local expert estimating that as many as 100 000 locals are trading in the crypto currency.

That’s a drop in the ocean when compared to other countries, but should you take the plunge?

Business Day journalist Hanna Ziady can run you through the basics:

Crazy that buying $1 000 dollars of Bitcoin back in 2011 would make you a dollar millionaire today.

We’ll leave you to make your own judgement calls on whether or not you should throw your money in this direction.

[source:timeslive]