Beware of cryptocurrency scams

Any new industry is full of scams. Since the inception of Bitcoin in 2009, the list of exploits and lures has continued to grow along with the value of the currencies themselves. So let’s take a quick look at some of the most popular categories of scams, find out how they work and how to avoid them. For the purposes of clarity in this article, a scam is deemed to be any project which expresses the availability of investment resources but holds no interest in developing and delivering funds, stakes or returns to investors thereafter. Let’s dive in.

ICO Scams

Governments, startup incubators, the food and energy industries and others are all using blockchain technology to find new applications for the everyday lives of millions. As it always has, the African continent is finding ways to innovate through its challenges. Here are a few real-world examples of blockchain being used across the continent.

Verification of identity

Without a verified legal identity, billions are without access to social and financial services throughout the world. Mobile healthcare organisation PharmAccess has partnered with blockchain-powered digital identity platform AID:Tech in Tanzania. Their operation included providing secure identity verification to newborn babies. In June 2018…

Blockchain seems to be popping up everywhere. Terms like ‘immutable record’ and ‘distributed ledger’ are being thrown around, but how deep does the understanding of the average person go? We examine one of the most promising new technologies in four levels of difficulty.

Level 1: The Basics

A blockchain is an unchangeable record of information stored on a decentralised network of devices and agreed upon by the majority consensus of the network.

Level 2: Direct Transaction

Blockchain technology enables individuals and companies to store information and transact in a way that does not require trusted intermediaries such as banks and…

Blockchain Academy

The Blockchain Academy focuses on capacity building in the digital currencies and blockchain technology industry through specialised training and consulting.

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