Last Saturday saw Bitclub Network’s bitcoin office open on Malibongwe Drive in Randburg, Johannesburg.
While Bitclub has been in South Africa for a little more than eight months, the opening of its offices in Johannesburg heralds a milestone in that it turns any perception that it’s some kind of elusive or dubious network marketing opportunity on its head. By investing in a smart new two story building, credence is given to concrete ie that BitClub Network is a real business that’s invested in Africa and is here to stay.
By all accounts, the launch was well received with more than 450 people attending. (Only 250 people were expected). Many people attending were either members of BitClub Network eager to see the new offices, people who had heard about BitClub or people wanting to know more about bitcoin, and how to profit from it.
So, what is bitcoin?
Often referred to as BTC, bitcoin is probably the best-known and most widely-used crypto-currency. It works a lot like cash in that you receive it instantly when it’s sent. So if you have a bitcoin wallet and I have a bitcoin wallet (opening a wallet is simple and quickly done), I can in seconds pay you in BTC instead of, say, via an EFT. It’s cheap, quick and is already used by many people around the world. Every transaction is recorded on a public ledger called the Blockchain, and if you want to see how many people are transacting using bitcoin as you read this, go to www.blockchain.info and take a look at the bottom left corner of your screen…
But this is just the start. As more and more people around the world become aware of blockchain technology, and bitcoin in particular, usage will increase. It’s just a matter of time, in my opinion.
Already banks and other financial institutions are eyeing blockchain technology to see how and where they can make use of it, and IBM has predicted that by the second half of next year, a good 15% of the major banks around the world will have incorporated blockchain technology into their businesses. Whilst not to say that banks will necessarily use (or promote) bitcoin, it’s likely that the growing use of the technology will have a positive spin-off for BTC, which will result in more acceptance of the crypto-currency, wider usage of the crypto-currency – and a higher bitcoin price.
As things stand, the price of one BTC is around the US$610 mark.
See http://www.coindesk.com/price/ for the current price.
Predictions vary as to the price of bitcoin in the future, but most analysts feel that prices will go up – and that in a few years, could be as high as US$2000 or US$3000. (A few predict a price of US$10 000 per BTC, in which case, a lot of people will make a LOT of money!!).
That said, no-one knows for sure and it’s really a question of supply and demand. The fact that there can only ever be 21 million BTC in circulation is the catalyst behind the prediction of these extraordinary forecasts. That said, people are excited by the possibilities, and hence, the growing interest.
And when people like Richard Branson, Bill Gates and former US vice-president Al Gore make comments like:
“I’ve invested in bitcoin because I believe in its potential and the capacity it has to transform global payments is very exciting”
“Bitcoin is better than currency in that you don’t have to be physically in the same place and of course for large transactions, currency can get pretty inconvenient”
“I think the fact that within the bitcoin universe an algorithm replaces the function of Government is actually pretty cool. I am a big fan of bitcoin”
people sit up and take notice.
Hence, no surprise at the number of people who turned up for the opening launch on Saturday.
BitClub Network is essentially a network marketing opportunity, in which people pay and earn in bitcoin. (If you don’t have bitcoin, you can buy the currency on platforms like www.localbitcoins.com or www.altcointrader.co.za). But it’s not just for networkers. Many people have joined as investors, in which they pay a once-off membership fee, buy into a bitcoin mining pool and do nothing further than watch their BTC increase over time.
It’s far better than just buying bitcoin and leaving them in a bitcoin wallet…
By all accounts, people are joining BitClub in increasing numbers – and not just in South Africa, but in neighbouring SADC countries and further afield too ie Kenya, Uganda, Nigeria and even Dubai.
The South African office will be the launching pad into Africa, and knowing the person behind the entry of BitClub into South Africa as I do, I wouldn’t be surprised if other BitClub Network offices are opened in the years ahead…
Gerard Kavonic is an experienced copywriter, conceptualiser of advertising ideas and co-ordinator of marketing of projects. Based in Johannesburg, he runs This country’s smallest ad agency, Kavonic Hone. See www.kavonichone.co.za He is also involved in the launch of Bitclub Network in South Africa. See www.bitclubnetwork.co.za He can be reached on 083 444 9888 and on the following email addresses: firstname.lastname@example.org and email@example.com