Bitcoin Mining, Investments And Wealth Creation News

Wealth Creation With Mining City

2020-09-17T16:06:00.003+02:00

Invest with Mining City and start living your best life

It is not enough just to live, you need to be happy and acquire everything that life has to offer.

Mining city is the best way to invest your money, you get paid every day without doing anything, let your money work for you.

Bitcoin mining is here to stay the sooner you familiarise yourself with how it works the batter, it is not too late to join Mining City and start reaping the rewards daily.

Start mining Bitcoin with Mining City in South Africa don't delay. This is a new way to make money.

The world has changed, people are being been retrenched all over, shares have dropped drastically on JSE and all stock exchange around the world.

This meaning that people's pensions have been eroded( reduced) in a big way.

Big and small business(companies) have closed down this is a call for a new way of thinking and of investing your money.

Come and invest with Mining City, If you need on how to join Mining City in South Africa, I have one on one zoom presentation on how it works.

If you are interested or want to know more get in touch by email. Start enjoying life by making the right decision by investing at Mining City.

Rhulani Sambo

I'm Rhulani Sambo. I am a blogger and Bitcoin mining investor. I created this blog to help you to understand what is Bitcoin mining,how to invest and make money from Bitcoin mining in South Africa. I help fellow South african through my researched articles that I publish, to make informed decisions when it comes to investing in Bitcoin mining. I also help people to join and invest in cloud mining company Mining City. I do blogging and digital marketing for business, to get the word about your brand out in the digital space. Here are the Online Marketing Services that I offer to your business in and around Pretoria Gauteng: I Develop and implement targeted social media marketing campaign. I manage all your business google ads and targeted social media ads marketing campaigns that promote the products and services of your company. By delivering these services to your business I would be enhancing your company's brand awareness in the digital space and driving website traffic and much needed leads.

Comments

Bitcoin is a cryptocurrency, a form of digital(electronic) money. It is a decentralised digital currency without a central bank or single administrator, bitcoin uses peer-to-peer technology to operate without central authority or banks. Managing bitcoin transactions and issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source, its design is public, and nobody owns or controls bitcoin. Everyone can take part, even in South Africa bitcoin is being used and is legal.

Seven Easy Steps To Riches

2020-09-17T14:31:00.005+02:00

7 Easy Steps To Join Investing with Mining City

Posted by Rhulani Sambo

Seven simple steps to invest with mining City

1. Firstly, you join Mining City using a referral link from the person who recruited you, In this case, I am your referrer and here is my referral link. You can fill up your details in the form provided by Mining City, it is free to join you don't need to pay money.

Mining City Referral Form To Sign Up

2. Secondly, you must open a Bitcoin wallet account like ChainEx if you are in South Africa, link it with your bank account.

Sign Up For Bitcoin Wallet With Chain Ex SA

3. Thirdly you link your Bitcoin wallet account with your Mining City account.

4. Fourthly you must deposit the money from your local bank account to your Bitcoin wallet.

5. Fifthly you must convert your money( Rands ) to Bitcoin vault, you do this by using your South African Rands( ZAR ) to buy the Bitcoin vault.

6. Sixth, from your Bitcoin wallet account, you deposit into your Mining City account.

7. Seventh now you can buy the Mining City package that you want. That is how easy it is to join and fund your Mining City account.

Top 6 Mining City Investment Package Plans In South Africa

Primary BTCV Plan Option 1 at $300
Standard BTCV Plan Option 2 at $600
Bronze BTCV Plan Option 3 at $1200
Silver BTCV Plan Option 4 at $2400
Gold BTCV Plan Option 5 at $4200
Platinum BTCV Plan Option 6 at $12600

!!!! WARNING DON'T GIVE YOU MONEY TO ANYONE TO OPEN MINING CITY ACCOUNT ON YOUR BEHALF, YOU NEED TO DO IT YOURSELF.

CLICK HERE TO JOIN AND SIGNUP FOR FREE. START TODAY TO INVESTING WITH MINING CITY AND START MAKING MONEY EVERY DAY, 7 DAYS A WEEK FOR 3 YEARS. I WILL SHOW YOU STEP BY STEP HOW TO JOIN AND INVEST IN MINING CITY.

I GIVE ONE ON ONE, STEP BY STEP ZOOM PRESENTATION WHEN YOU USE MY MINING CITY REFERRAL LINK TO SIGNUP. SEND ME AN EMAIL HERE OR WHAT'S APP ME ON: 0760231861.

Rhulani Sambo

Comments

Mining City is legit Crypto Cloud Mining Company.

2020-09-17T09:57:00.003+02:00

Mining City is a legit Crypto Cloud Mining Company

Mining City is a legit Crypto Cloud Mining Company by Rhulani Sambo Mining City is an initiative that brings together people who want to unite their strength and increase their chance to mine Bitcoin.

Getting Rich Is A State Of Mind, Sign Up With Mining City

2020-09-16T16:00:00.004+02:00

Sign up today with Mining City to start to creating wealth

Happy Life

Getting Rich Starts In Your Mind.

4 stars - based on 2 reviews

2 Adam Street Queenswood, Pretoria 0186

073-985-8226 https://coiningit.blogspot.com Hours: Mon-Sat 8:30am - 4:00pm Categories: Learn more on how to accumulate wealth with Mining City in South Africa. , Click here to sign up with Mining City.

Start Making Money With Mining City.

2020-09-16T14:59:00.001+02:00

Start making money with Mining City

The best way to make money and to create wealth is through Bitcoin Mining, Sign up with Mining City to start living your best life in South Africa.

2 Adam Street, Queenswood 0186, Pretoria

Phone: 0739858226

7 Easy Steps To Join Investing with Mining City

2020-09-07T15:44:00.003+02:00

Seven simple steps to invest with mining City

1. Firstly, you join Mining City using a referral link from the person who recruited you, In this case, I am your referrer and here is my referral link. You can fill up your details in the form provided by Mining City, it is free to join you don't need to pay money.

Mining City Referral Form To Sign Up

2. Secondly, you must open a Bitcoin wallet account like ChainEx if you are in South Africa, link it with your bank account.

Sign Up For Bitcoin Wallet With Chain Ex SA

3. Thirdly you link your Bitcoin wallet account with your Mining City account.

4. Fourthly you must deposit the money from your local bank account to your Bitcoin wallet.

5. Fifthly you must convert your money( Rands ) to Bitcoin vault, you do this by using your South African Rands( ZAR ) to buy the Bitcoin vault.

6. Sixth, from your Bitcoin wallet account, you deposit into your Mining City account.

7. Seventh now you can buy the Mining City package that you want. That is how easy it is to join and fund your Mining City account.

Top 6 Mining City Investment Package Plans In South Africa

Primary BTCV Plan Option 1 at $300
Standard BTCV Plan Option 2 at $600
Bronze BTCV Plan Option 3 at $1200
Silver BTCV Plan Option 4 at $2400
Gold BTCV Plan Option 5 at $4200
Platinum BTCV Plan Option 6 at $12600

!!!! WARNING DON'T GIVE YOU MONEY TO ANYONE TO OPEN MINING CITY ACCOUNT ON YOUR BEHALF, YOU NEED TO DO IT YOURSELF.

CLICK HERE TO JOIN AND SIGNUP FOR FREE. START TODAY TO INVESTING WITH MINING CITY AND START MAKING MONEY EVERY DAY, 7 DAYS A WEEK FOR 3 YEARS. I WILL SHOW YOU STEP BY STEP HOW TO JOIN AND INVEST IN MINING CITY.

I GIVE ONE ON ONE, STEP BY STEP ZOOM PRESENTATION WHEN YOU USE MY MINING CITY REFERRAL LINK TO SIGNUP. SEND ME AN EMAIL HERE OR WHAT'S APP ME ON: 0760231861.

5 Simple steps to start Zoom presentation

2020-08-21T17:39:00.004+02:00

Easy way to set up Zoom meeting

Download Zoom app on your computer, then signup with Zoom.

To start with Zoom meeting, Click on the sign-in button.

The home screen would open from then you need to click the new meeting button. You can also opt to disable the video by clicking the downward icon below the new meeting button.

Click the new meeting button, Zoom will load a screen that will provide you with details such as Meeting Topic, Host Name, Password, Numeric Password for telephone and room systems, Invitation URL, and Participant ID. You can also invite others from that same screen. Similarly, the option to share your screen will also be provided.

Once you're done with your meeting, you can click the End Meeting button to conclude it. A dialogue box will pop-up on the screen from where you can click the End Meeting for All to terminate it for all participants. You can also leave the meeting at your end and make someone else as a host by pressing the Leave Meeting button from the pop-up dialogue. This will continue the conversation among the participants, while you'll be able to log out.

At any time during the meeting, you can also record your conversation or chat with the participants. The app also provides controls to mute the audio or disable video while hosting the meeting. Furthermore, You'll be able to see the number of participants in your meeting directly from the hosting screen.

Zoom Tutorial for Beginners

2020-08-21T17:33:00.004+02:00

Step by step how you join a Zoom meeting on the computer, with logging in.

Sign in to Zoom app on your computer.
Now, press the Join a Meeting button from the default screen.
A pop-up screen will appear that will ask you to enter the Meeting ID or the Personal Link Name to join in a meeting.

4. You can also change your name from that screen and enable or disable the options to connect to your audio and show your video.
5. You'll now need to press the Join button from the screen to join the meeting.

Zoom also lets users join a meeting from a Web browser, instead of downloading its app on their computers.
All you need to do in such a case is just open the given link to the meeting, your browser will show you a page where you get a Join from your browser link.
You will then get a screen from where you just need to enter your name to join the meeting.
It is important to note that the Join from your browser link is provided from the host side, and it isn't available for all meetings.
If you have a Zoom account, you can follow these steps to join a Zoom meeting. Signing in gives you more options.

The Boom Of Zoom In 2020

2020-08-21T17:30:00.003+02:00

Virtual meetings have become necessary if not a reality in the midst of Covid-19 pandemic.

A lot has changed in a short space of time, not long ago business, executives, consultants and other professionals prefer to meet their clients face to face just a few months ago.

Many companies, business and professionals have now adapted to a new way of doing business and Zoom have become an indispensable app for many people business people and students alike.

Zoom has become such a marvellous app to have and the best solution to stay connected in the midst of the lockdown restrictions around the world.

Some universities, colleges and schools were already using video conferencing apps to connect long before the Corona Virus and the Lockdown.

Zoom has emerged as one of the popular solutions for video conferencing.
One of the reasons behind its popularity is cross-platform support.

However, Zoom also offers features such as the ability to join a meeting through a Web browser and share your screen with up to 100 participants.

All this makes it the most favourable option compared to Google Hangouts Meet and Microsoft Teams.

Zoom is available for mobile phones and computers.
Users can also connect with Zoom meeting hosts straight from a Web browser.

Furthermore Zoom app lets you add up to 100 participants to a single meeting, and that number can grow further to up to 500 members using the Large Meeting add-on.

In a nutshell, I will share with you how you to start with Zoom meeting.
I will share with you step by step on how to use the Zoom app on your computer.

Here is the latest Zoom app download from the official site. You may if you don't already have it download the app before you start with the tutorials.

How to schedule a Zoom meeting for beginners

2020-08-21T17:27:00.004+02:00

Launch the Zoom app on your computer.

Now, you'll get the home screen from where you need to click the Schedule button to schedule a meeting.

The app will show you a pop-up screen that will let you enter the topic of your scheduled meeting, select an appropriate date and time, create a password and select options to enable or disable the meeting for telephone or computer users.

Once you fill in all the details, you have the option to set an iCal, Google Calendar, or other calendar invites.
Now, you need to press the Schedule button to schedule your meeting.

Meetings that you've scheduled will be visible on the home screen of your Zoom app.

You can also check all the upcoming meetings or access the recordings of your existing meetings by going to the Meetings tab.

Zoom can be used with these web browsers, Google Chrome and Mozilla Firefox.

These web browser extensions can be used to schedule a Zoom meeting, without using the Zoom app.

However, you still need the app to participate in an existing meeting or to host a new one.

Zoom is available for as a free download, though the Basic plan that's available for free has a 40 minutes limit on group meetings.

You can host up to 100 participants in a group meeting though it is limited to 40 minutes on a free package, but there is no limit on hosting one-on-one meetings.

If you want something more, you can go with the Pro plan that increases the meeting duration limit to 24 hours and includes admin controls and features such as custom personal meeting ID and user management.

Zoom also has Business and Enterprise plans for enhanced usage. The latter gives you the ability to add up to 500 participants without requiring the Large Meeting add-on that is required in case of the Pro and Business plans.

2020 Mining City Compensation Plan

2020-08-20T16:41:00.009+02:00

Click Here And Join To Invest With Mining City

2020 Mining City Compensation Plan

In addition to daily Mining Income, Mining City also provides Members commissions paid in BTC or BTCV through the Mining City Compensation plan.
The commissions are generated through the referral system and are based around the Binary Tree and the Team Tree.

How To Buy Mining City Investment Package

The size of Commissions for the referral system varies based on Members’ performance, where the better they perform, the greater the Commissions that they can receive. Mining City Compensation Plan commissions are received based on the following criteria:

Rank
Team Tree structure
Binary Tree structure
These points will be explained in detail below.

Table of Contents

Mining City Citizen Tree Explained.

How Mining City Citizen Tree Work

The Binary Tree is a 2–leg tree, where each position has a left and right position.
Only your Referrer can position you into the Binary Tree after you purchase a Mining Plan.
Once positioned in the Binary Tree, you cannot be moved, however, you will be able to add your Members into the Binary Tree into an open position below you on your left or right side.
An example segment of the Binary Tree Structure:
Mining City Binary Tree

The Binary Tree allows you to accumulate Binary Points. For each Mining Plan you receive Binary Points, as shown below:
When you are added to the Binary Tree, the Binary Points generated from your Mining Plans’ value are added to the tree.
Mining City Packages Price List 2020

Additionally, if you later purchase a Mining Plan, then these Binary Points are also added to the tree.
The Binary Points go to all members above you and are added to the left or right total, depending on which leg the Binary Points come from.
The total amount of Binary Points that can be accumulated in 24 hours is determined by your Rank. Once you reach the maximum daily amount of Binary Points according to your Rank on your weaker leg (the leg of the Binary Tree below you that has fewer Binary Points), no more Binary Points will be accumulated on either of your legs until the following day.

Mining City Team Tree

The Team Tree consists of the Members that you refer to and those Members which have been referred by Members of your Team Tree.
To be added to your Team Tree, Members must first purchase a Mining Plan.
The 1st Level of your Team Tree consists of Members directly referred by you; the 2nd Level of your Team Tree consists of Members referred by your 1st Level Members, and so on.
There is no limit to the number of Levels that can exist in your Team Tree.
Team A and Team B
The first 5 Members that are referred by you and purchase a Mining Plan are placed in your Team A – all additional Members that you refer, who purchase a Mining Plan, are placed in your Team B. Members in both Teams, Team A and Team B, make up the 1st level of your Team Tree.
**It is not possible to change the Team in which a Member is placed. Mining City, The best way to make money in South Africa Click to join.

Mining City Citizen Tree

Every Team Tree has several legs (“tree branches”). Each Member in the 1st Level of your Team Tree, along with his / her Team Tree, represents one leg in your Team Tree.
Team A of Team B (B–A Structure)**
The Team A of your Team B Members is part of the 2nd Level of your Team Tree, and is part of your B–A Structure, as well as the Team A of every Member in your B–A Structure at every Level down.
Members in the B–A–A segment of your B-A Structure are Members in the 3rd Level of your Team Tree.
Below is an example of the B–A structure of a segment of a Member’s Team Tree:

How To Make Money With Mining City

Member Ranks

Based on the performance of Members, they achieve Ranks. Each Rank can be achieved when the Rank requirements are met by the Member.

Rank Requirements

Personal Purchase (Binary Points): This refers to how many Binary Points a Member’s Purchases contribute to the Binary Tree.
Team Tree Sales: This refers to how much sales a Member’s Team Tree generates.
Sales Volume: This is the sum of a Member’s Purchases + Team Tree Sales.
Qualifications: Structure – specific requirements of a Member’s Team Tree.
Only 50% of the total Team Tree Sales volume is counted from one Team Tree leg.

Mining City Binary Point Allocation

Mining City Compensation Plans Types

Learn and join how to make money fast

There are 5 Compensations Plans which are available to Mining City Members. Each Compensation Plan provides Members with the possibility to receive Commissions based on their referral structures and Ranks.

Compensation Plan 1 – Binary Tree Bonus (Cycle Dependent):
This Compensation Plan is based on the Binary Tree and takes into account the Binary Points contributed by Members to the Binary Tree when they make a Mining Plan purchase.
Members receive Commissions based on the number of Cycles generated by the Binary Points contributed by Members below them in the Binary Tree.
When the sum of Binary Points contributed by Members below you in the Binary Tree reaches 5 Binary Points on the left leg and 5 Binary Points on the right leg, a cycle is generated. For each Cycle that is generated, you receive Commissions and 5 Binary Points are consumed in each of the 2 legs.
You can receive Commissions for up to a certain amount of Cycles per day, depending on your Rank. Daily cycle limits per Rank can be seen below:
Daily cycle limits per Rank

CP1 Example:
You are a Citizen. You start the day with 4 BP (2 – BTC; 2 – BTCV) on your left leg and 40 BP (13 – BTC; 27 – BTCV) on your right leg. Below you in your left leg, some purchases generate:
4 BP from BTC purchases
7 BP from BTCV purchases
Below you, in your right leg some purchases generate:
11 BP from BTC purchases
15 BP from BTCV purchases
Your Binary Point totals:
Left – 6 BP from BTC, 9 BP from BTCV = 15 BP
Right – 23 BP from BTC, 42 BP from BTCV = 65 BP
3 cycles are generated, consuming 15 BP from both sides.
First, BPs from BTCV purchases are consumed.
Left: 9 BP from BTCV and 6 BP from BTC are consumed
Right: 15 BP from BTCV is consumed.
Payment for the 3 cycles is divided between BTC and BTCV based on proportion:
1st cycle: 5 BTCV BP from the Left, 5 BTCV BP from the Right
Left (50% of $200 in BTCV) + Right (50% of $200 in BTCV)
2nd cycle: 4 BTCV BP + 1 BTC BP from the Left, 5 BTCV BP from the Right

Left (40% of $200 in BTCV + 10% of $200 in BTC)
+ Right (50% of $200 in BTCV)
3rd cycle: 5 BTC BP from the Left, 5 BTCV BP from the Right
Left (50% of $200 in BTC) + Right (50% of $200 in BTCV)

Compensation Plan 2 – Binary Matching Bonus

This Compensation Plan is based on the Team Tree and takes into account the Cycles generated (Compensation Plan 1) by Members in your Team Tree. Your Rank defines from how many Levels you can get Compensation Plan 2 Commissions – please see table below:

For every Cycle generated by a Member in your Team Tree at Levels for which you can receive Compensation Plan 2 Commissions, you earn $10 in Bitcoin and/or Bitcoin Vault, based on the proportion of the Binary Points of each Cycle that originates from Bitcoin (BTC) or Bitcoin Vault (BTCV) Mining Plan purchases. The payments in BTC and BTCV are made at the current exchange rate during Commission payouts.

CP2 Example:
You are a Citizen. In the 2nd Level of your Team Tree a Member generates a cycle with the following configuration:
Left – 5BP from BTCV
Right – 3 BP from BTCV, 2 BP from BTC
The cycle consists of:
8 BTCV BP (80%)
2 BTC BP (20%)
For this Member’s generated cycle you will receive:
80% × $10 = $8 in BTCV
20% × $10 = $2 in BTC

Compensation Plan 3 – Plan Bonus

This Compensation Plan is based on the Team Tree and takes into consideration the Mining Plan purchases of Members in your Team Tree. Commissions are generated when a Member in your Team A, Team B, or B-A Structure makes a Mining Plan purchase. Depending on the type of Mining Plan purchased, the commissions are earned in either BTC or BTCV.

You can receive Compensation Plan 3 Commissions for each Member’s Mining Plans up to the Mining Plan total you purchased. Commissions exceeding the amount that you are entitled to receive are placed in your Commission Held balance (Aside Balance). To unlock funds from the Commission Held balance, purchase additional Mining Plans to raise your total Mining Plans.

It is important to note that BTC and BTCV plans are counted separately.
Note: Commissions paid out for Mining Plans purchased before the introduction of the new Mining Plan configurations in April 2020 will be based on the value of those Mining Plans at the time of their purchase (1 Standard Mining Plan = $500).

Commissions for the Purchases in your Team Tree:
Team A
You earn 5% in Commissions for the Mining Plan purchases of the Members in your Team A (1st Level only).

Team B
You earn 10% in Commissions for the Mining Plan purchases of the Members in your Team B (1st Level only).

B-A Structure
You earn 5% in Commissions for the Mining Plan purchases of the Members in your B-A Structure. Your Rank defines from how many Levels of your Team Tree you can get B-A Structure Commissions:

Resident – Does not apply;
Citizen – Up to 10 Levels;
City Builder – Up to 15 Levels;
City Developer – Up to 20 Levels;
City Manager – Up to 30 Levels;
City Chief Manager / City Mayor / Governor – No Level limits.

CP3 Example
You have a Silver BTCV Mining Plan ($2,400) and a Member in your Team A purchases a Gold BTCV Mining Plan ($4,200).
You will receive Commissions for $2,400 of your Member’s purchase, and Commissions for
$4,200 – $2,400 = $1,800

$1,800 of the purchase will be set aside in your Commission Held balance.
Current Commissions = $2,400 × 5% = $120 in BTCV [paid out at the current exchange rate]

Commission Held = $1,800 × 5% = $90 in BTCV
To unlock funds placed in the Commission Held balance for this Member’s Mining Plan purchase, you should purchase additional BTCV Mining Plans.
If you purchase an additional Standard BTCV Mining Plan ($600), then you will unlock and earn $30 in BTCV Commissions for $600 worth of Mining Plans, and so on.

Compensation Plan 5 – Residual Bonuses

This Compensation Plan is based on the Team Tree and takes into consideration the Repurchases made by Members in the Referrer’s Team Tree. The size and how far in the Team Tree you receive Commissions for this Compensation Plan is defined by your Rank and the Generation in which the Repurchase takes place. You must have at least achieved the Rank of City Builder to receive Commissions for this Compensation Plan.

Generations

Generations define groups of Members below you in your Team Tree which have a lower Rank than you and end at Members who have the same Rank as you or a higher Rank than you.
Example of Generations in Referrer’s Team Tree:

Commissions are earned based on all the Repurchases that are made within each generation.

CP5 Example:

You are a Builder with an active BTCV Mining Plan.
A Member of your Team Tree is a Manager in the 2nd Level and the 2nd Generation of your Team Tree. When this Member makes a Repurchase, you will receive 1% of the value of this Repurchase.

So, if this Member has a daily Mining Income of $1.00 and a 50% Repurchase rate set, then $0.50 will be allocated towards his/her Repurchases. Of this $0.50, you will receive 1%:
$0.50 × 1% = $0.005
For More explanations click here

What is Mining City?

2020-08-17T11:45:00.004+02:00

Mining City is a legit virtual cloud crypto-currency mining company, for the best return on investment join Mining City without delay. Mining City payout daily the amount differs depending on the package that you have purchased.

For more on the available packages, cost prices and estimated daily earnings per package( Bitcoin mining earnings are estimated, they depend on the daily market exchange rates) click here to view.

To join Mining City is easy and free. All you need is a referral code or link of the person who referred you. In this case, I would be your referral click here to join for free. By clicking the link, the referral form would come out and this is how it looks like.

How the Mining City referral form looks like.

Mining City Referral Form.

Joining Mining City is free, you don't give money to anyone. In the next article, I will give you a step by step tutorials on how to join Mining city and how to fund or to buy your preferred Mining City package.

Mining City is an initiative that brings together people who want to unite their strength and increase their chance to mine Bitcoin.
Bitcoin is the digital currency that is the driving force behind dynamic development of blockchain technology and many believe it to be the future of global finances.
The process of procuring Bitcoin is called mining, and Mining City is the place where people can come and mine digital currency as well as increase the value of their initial contribution through expanding their network of associate miners. We provide the mining power and take care of the technology and maintenance – you reap the reward.

Where do Bitcoins come from? With paper money, a government decides when to print and distribute money. Bitcoin doesn't have a central government. It is decentralized, free and readily available.
You can buy Bitcoin, but you can also mine it. What is a Crypto Cloud Mining? Crypto Cloud Mining are specialized computers that use special software to solve math problems and are issued a certain number of Bitcoins in exchange for solving each problem. This provides a smart way to issue the currency and also creates an incentive for more people to mine. Additionally, Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure.

By joining the Mining City network and choosing one of the plans you procure calculating power that allows you to mine Bitcoin at a certain rate and certain speed. That speed is connected to the quality of mining computers. Mining City always strives to provide the latest equipment for our operations, this is why we do our best to provide the fastest computing power available – thus improving the process of mining.
Apart from mining Mining City additionally provide a referral plan that allows subsidizing the income from mining alone. You can learn more about the plan in the Private Zone after joining.
If you need help on how to join Mining City, in South Africa, I offer one on one zoom tutorials. Click here to send me an email to book an appointment or whats app me at 0760231861 or find me on social media below.

Scam Alert - Another Fraudulent Bitcoin Website in South Africa

2020-08-10T14:11:00.005+02:00

The only legitimate source of information about BTCV is https://bitcoinvault.global/
- Currently, there are six legitimate exchanges where BTCV is listed: Liquid, Coineal, MXC,
BKEX, CoinBene and Lbank .

We kindly ask you to be diligent and to take extra caution when conducting any online activity.
The Mining City Team does its best to ensure none of our members are victimized. Please, do not
hesitate to contact the Support Team anytime you see something suspicious.
Together we protect.

Sincerely,
The Mining City Team

8 Things you need to know about 2020 tax filing season

2020-08-10T08:44:00.002+02:00

Individual is

Businesses and Employers

Tax Practitioners

Customs and Excise

UPDATE ON THE FILING SEASON (PIT)

Pretoria, 7 August 2020 - Last week, Thursday 30 July, we launched the next phase of Filing Season 2020, namely the filing of individual tax returns. In keeping with the core principles of our Strategic Intent, we follow the approach of Voluntary Compliance. This means that we make the assumption that most taxpayers are honest, and want to comply. #YourTaxMatters.

For these taxpayers who honestly seek to comply, we work to help them understand their obligations and make it easy to comply. For millions, we aim to make the process almost seamless to fulfil their obligations. At the same time, we need to present a more credible threat of detection and act against taxpayers who are either negligent or those who wilfully or even criminally choose not to comply. Against this background, we:

A. Communicated our intent for the next phase of filing season:
1. To keep everyone safe during the time of COVID-19.
2. To remove the burden of compliance by introducing auto-assessment for more than 3 million taxpayers.
3. To facilitate and coach those who are required to file to move from physical filing at our SARS offices to convert to online filing through our enhanced e-Filing website or MobiApp.
4. To demonstrate care and concern for those who are truly unable to adopt one of our self-help channels.

B. Shared what we have done and will do to achieve our intent:
1. We will communicate continuously to provide you with clarity of your tax obligations through social media, direct messaging, SARS website and educational videos and webinars.
2. We have added more than 30 additional digital functions during the past 133 days of lockdown to expand our digital offering to all taxpayers and intermediaries to completely remove the need to visit a SARS office, but do everything online.
3. We have used a broad variety of data as well as algorithms to inform the design of our filing season and as well as optimise the experience for compliant taxpayers and detect any form of non-compliance.
4. The facility to phone a SARS Contact Centre and make use of SARS Help-You-eFile (HYeF) to compete your return online. We have enabled almost 1000 agents with a virtual platform to conduct interviews and assist taxpayers.
5. To provide for those who absolutely insist to visit a SARS office by appointment only in order to avoid long and undignified queues and practice social distancing.
6. In our SARS offices we will first try to assist you to file online, and only in the absolute last resort, we will file your return with one of our frontline staff.
7. At all times we will strive to honour our Service Charter commitments.
8. We will step up our efforts to detect and communicate to remind you when you have failed to comply and give you an opportunity to correct this.
9. We will act more decisively against taxpayers who remain non-complaint for any reason.

C. Most importantly, we made specific commitments as to what you could expect from us and now report how we are achieving against these, since the start of individual filing season:
1. Commitment: To invite more than 3 million taxpayers to participate in the expanded use of our auto assessment feature and trust the majority will find it easy to use.

Achievement: We sent just over 3.1 million SMS’s by Friday, 31 July 2020. The initial feedback from taxpayers was extremely helpful and appreciated. Many taxpayers informed us that our SMS could have been clearer and we acknowledge it would have been clearer to have directed taxpayers to log on immediately to view the updated assessment information on the eFiling website or MobiApp. Valued, and constructive feedback from taxpayers helps us to continuously improve our service.

We are truly grateful for those taxpayers who alerted us to some issues and especially for the mostly positive spirit in which you worked with us to resolve matters. We are encouraged that more than 330 000 taxpayers accepted their auto-assessments to date. In total, we have received in excess of 680 000 submissions of which 560 000 or 82% are via the eFiling website and 118 000 or 17% are via the MobiApp.

We also confirm that we continue to receive updates to third party data and alert taxpayers who haven’t filed yet, that the amount of the SMS they have initially received may differ from the actual assessment issued when logging on to the eFiling website or MobiApp. This is mainly due to late or corrected data submissions of employee information by many Employers as well as third party data providers (e.g. Banks, Medical Scheme, and Retirement Funds). We confirm that once logged on, the assessment outcome is based on the latest updated information per our records.

We encourage taxpayers to take care and confirm the correctness of the auto-assessment and elect to accept and confirm, or should they need to, to edit their returns. To expedite the assessment, any additional information should be accompanied by supporting documents if you are requested to provide such through our specific information requests.

2. Commitment: To provide at least 8 out of every 10 taxpayers with an assessment outcome in under 3 seconds. This will largely be dependent on the infrastructure used by taxpayers e.g. speed of the internet connection used to connect to SARS.

Achievement: We remain focused and are confident that over the filing season we will achieve this aspiration. As of 10:00 this morning, 35% of taxpayers received an assessment outcome under 3 seconds, 60% in under 5 seconds. Importantly though, even with the initial positive response, and despite any connectivity constraints taxpayers themselves may have, we are encouraged that more than 80% of taxpayers would have received an assessment outcome in under 30 seconds.

The overwhelming initial response, combined with the fact that personal income tax filing overlapped with VAT filing, placed our systems under significant constraints and caused frustration especially for those submitting their VAT returns. We also apologize to our VAT taxpayers, who experienced slower than normal response times on Friday 31 July. We have increased our own computing capacity, and continue to work hard to live up to the high expectations we set for ourselves.

3. Commitment: Pay at least 7 out of every 10 taxpayers their refund if it’s due, within 72 hours if nothing else is required to be rectified such as a data mismatch, invalid or outstanding banking details, outstanding returns, other outstanding compliance aspects, etc.
Achievement: To date, we have paid 89.5% of refunds within 72 hours. 340 000 taxpayers received refunds to the value of R3.4bn. We are pleased that for so many taxpayers, their refund brings much-needed relief.

4. Commitment: Be specific when we request any outstanding information that is holding up your assessment.
Achievement: SARS alerted 50% fewer taxpayers compared to the same period last year. This was made possible by the significant enhancement of our risk methodology and increased used of data and technology. We are encouraged by those taxpayers who promptly responded to our verification notifications. Our figures indicate that 59% of taxpayers voluntarily adjusted their returns via the Request for Correction functionality after receiving our verification notifications.

5. Commitment: Conclude 7 out of every 10 audits, when an audit is required within 30 days; alternatively improve our communication with you to manage expectations. This will be dependent on taxpayer participation and we urge you to be responsive when requested to submit additional information in time.
Achievement: To date, SARS concluded more than 5600 verifications. We remain focused on our Service Charter commitments and more updates will follow as the first 30 days elapse. We specifically acknowledge those taxpayers who promptly responded when requested to participate in verifications and are encouraged by the positive feedback received.

6. Commitment: Issue letters for late and outstanding returns and impose penalties as prescribed in law immediately after the closing dates. We also draw your attention to Government’s approach to the design of incentives and relief measures, which is premised on those who are tax compliant.
Achievement: This will follow after the respective due dates.

7. Commitment: Enforce the administrative steps in terms of the Tax Administration Act including the prosecution of those who fail to respond appropriately.
Achievement: This will follow as a result of our interventions and we encourage taxpayers to take utmost care not to file incorrect declarations.

8. Commitment: Name and shame those convicted of criminal offences. Whilst we are passionate to make it easy for taxpayers to comply, we are equally focused on stepping up our ability to detect non-compliance on all fronts.
Achievement: We will follow through with this, in line with and in addition to point 7 above.

For clarity, we confirm the following dates:

1 AUGUST - 31 AUGUST
Filing of returns commence through any of the SARS eChannels, namely eFiling website and MobiApp.

1 SEPTEMBER 2020 - 16 NOVEMBER 2020
Taxpayers who require assistance may call for assistance from our Contact Centres for completing their tax returns with the assistance of an agent.
As an absolute last resort, taxpayers may make an appointment over the phone or on our appointment facility via our website, and will be assigned a slot to visit a SARS office. In the interest of social distancing, we want to discourage unscheduled visits to our offices. An unscheduled visit may lead you to end up in undesirable long queues, which we want to avoid as far as possible.

22 OCTOBER 2020
This is the closing date for taxpayers who elect to file at a SARS office - we remind you to please make an appointment should you need assistance.

16 NOVEMBER 2020
This is the closing date for taxpayers who file online using theeFiling website and MobiApp.

29 JANUARY 2021
This is the final date for Provisional Taxpayers to fulfil all their outstanding filing obligations.

2020 is a huge step towards a Re-Imagined SARS.

We have developed a comprehensive Change Management Programme with regular communication, educational material and other support during the entire filing season.

Please bear with us as we seek to balance the fulfilment of the SARS mandate and your tax obligation with the need for managing the health risks and limit the risk of transmission of the corona virus.

Please try to file from the comfort of your home, If you need help use our help by calling our contact centre on 0800 00 7277.

And if you absolutely must, make an appointment.

Keep your social distance

Stay safe

And comply!

#YourTaxMatters.

This press release was original published on the South African Revenue Service (SARS)

12 Most vital things to know about Bitcoin mining in South Africa

2020-07-28T17:09:00.006+02:00

Questions that many people often ask in South Africa about Bitcoin mining and how to join Mining city. This article would be answering these questions.

TABLE OF CONTENTS

What is Bitcoin?
What is Bitcoin mining?
What do Bitcoin miners do?
Is Bitcoin Mining Sustainable?
Is Bitcoin Mining Still Profitable?
What are Bitcoin Mining Pools?
What Happens to Bitcoin After Everything is Mined?
How Many Bitcoins Can You Mine in a Day?
How to Choose a Cryptocurrency Mining Pool?
Is Bitcoin legal in South Africa?
How does the South African Reserve Bank(SARB) classify Bitcoin and other digital crypto-currencies?
Do you have to pay tax to the South African Revenue Services (SARS) from the profit that you made by mining bitcoins?

Introduction to the article.

I believe that with relevant information at the hands of a person, it can help them to make a better and informed decision. My objective is to bring you the latest updates on Bitcoin mining news, trends and analysis news in South Africa so that you can able to make an informed decision before investing money.
So, in this article, we are going to explore and answer all of the questions about Bitcoin and Bitcoin mining in a simple possible way. I admit, in the beginning, I didn't understand anything about Bitcoin and to add salt to the injury when I ask other people who claim to know, I became even more confused than before.

What concerned me is that some of the people I asked were already investing one way or another but they could not explain to me what it is all about. It prompted me to start doing intensive research on the internet about cryptocurrencies, more especially about Bitcoin and Bitcoin mining in South Africa.

Terms like "mining" were being used but there was no physical digging happening. They talk about digital currency or virtual crypto-currency. It can be very confusing if you are still new in the business, and it does warrant an explanation because many people do not understand the concept, more especially in South Africa and other African countries.

My plea to you is that don't part so easily with your hard-earned money, by investing or joining things you don't understand. Before you join or decide to invest, stay up to date with the latest Bitcoin news. You must do your homework. Do proper research. Don't just take someone's word for the information, even if you think the person is an expert and sounds knowledgeable. Read up as much as you can, get different opinions and then make your decision. It is your money and is your responsibility to do

What is Bitcoin?

Bitcoin is a cryptocurrency, a form of digital(electronic) money. It is a decentralized digital currency without a central bank or single administrator, bitcoin uses peer-to-peer technology to operate without central authority or banks. Managing bitcoin transactions and issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source, its design is public, and nobody owns or controls bitcoin.

Bitcoins are not physical money like traditional banknotes. The reason behind calling the process “mining” is because Bitcoins hide under their protocol’s design like gold hides underground before it is mined.

What is Bitcoin mining

Bitcoin mining refers to the node in the network. A Node Is the specialized Computer system connection point in a network that is a processing device with an assigned address, as a router, computer terminal, peripheral device, or mobile device. A node verifies newly made Bitcoin transactions and adds them to the distributed digital ledger that is the underlying Blockchain.
The Bitcoin mining process requires miners to compete with other miners on the network in solving complex math problems with the help of cryptographic hash functions that are associated with a block containing transaction data.

What do Bitcoin miners (investors) do?

Bitcoin miners (or investors) ensure the authenticity and secure the network to process every Bitcoin transactions made on a blockchain by cracking the cryptographic code. They get rewarded(incentivised) for rendering these services with newly created bitcoins.

Fact file

According to Bitcoin original documents, a full node is a program that fully validates transactions and blocks. Almost all full node also support the network by accepting transactions and blocks from another node, validating those transactions and blocks, and then communicate them to further full nodes.

Is Bitcoin Mining Sustainable?

The way, things are going now in the digital currency mining sector, with more new crypto-currencies being created the answer is "yes," there is a future. As predicted by practitioners, the last Bitcoin will be mined in 2140. Though the price of bitcoin fluctuates a lot, that is the nature of the currency market just like as the fiat currencies go up and down. But as for now, the companies that are engaged in Bitcoin mining are making decent profits.
At the moment, only people with the money and the resources to acquire high-powered mining rigs(Supercomputers) and to pay for the electricity required for the operation are successfully obtaining large profits from Bitcoin mining.
Although anyone can technically mine bitcoins, individual Bitcoin miners are never going to make a profit, as more money will be spent on electricity than generated by mining bitcoins. The reason for this is that the computers required to do Bitcoin mining are no ordinary computers like the ones we use at home.
These computers are supercomputers specially made for that very reason. Another issue is that these supercomputers consume a whole lot of electricity. It would be fair to say that, Bitcoin mining is for big companies with huge amounts of capital and affordable access to the electricity required to power the mining hardware.
So as an individual is not advisable nor sustainable to start your operation at home, rather join these big companies that are already operating through their pool system. These companies made provision for investors to participate in bitcoin mining. Investors are people who join the bitcoin mining through the system of buying pools that these companies sell.

Is Bitcoin Mining Still Profitable?

Bitcoin mining is regarded as an important part of the blockchain in the Bitcoin network, and it might stay key to the future, though the process of mining new bitcoin is too expensive for retail investors with limited assets.
Most companies have found ways to negotiate for better electricity tariffs with governments of countries, where their plants are located since these plants become the source of job creation and taxes for these countries.
So, Yes Bitcoin mining is still highly profitable for the companies who invested in the computer hardware and larger groups of Investors(miners) that work together in “mining pools”. The most joined and popular Bitcoin mining company in South Africa is Mining city. It is time to join the Bitcoin revolution in South Africa.

Bitcoin mining is here to stay the sooner you familiarise yourself with it the better. Already the lawmakers in South Africa have legislated the use of digital currencies including Bitcoin.

What Are Bitcoin Mining Pools?

As for small miners(investors) venturing into Bitcoin mining, the concept of working with a bigger pool of miners can help them gain a considerably high amount of profit. By joining mining pools e.g mining city in South Africa, Bitcoin miners can combine their resources available to them to increase their income.

When a block has been successfully mined, the pool receives bitcoins as a reward, the reward is split within the members of the pool according to the mining power package that each member has bought. This process of Bitcoin mining happens every day, thus investors get paid every day seven days a week the whole month.

What Happens to Bitcoin After Everything Is Mined?

A cap of 21 million bitcoins was built into the Bitcoin Protocol for serving as a control to prevent inflation. According to the existing rules, that limit can never be exceeded by the network. This supply cap for new bitcoins could increase Bitcoin’s demand, placing upward pressure on the coin’s price. When the supply cap is eventually reached, Bitcoin miners would earn exclusively from transaction fees instead of miner rewards.

But with the emerging of new digital currencies now and then, the electronic currency mining won't be stopping any time soon. Cryptocurrency mining is inclusive to people who do not have a fortune but have money that they can invest to build their wealth.

In recent times Bitcoin mining has created more millionaires than any other investments that are available in the market. We know of people who were working as gardeners, maids and people doing informal jobs who now have made million of rands through Bitcoin mining in South Africa alone.

How to Choose a Cryptocurrency Mining Pool

Mining attracts crypto partisans because it encourages the development of various cryptocurrencies such as Bitcoin. The Bitcoin network uses the Proof-of-Work concept. Mining pools are formed when individual miners pool their power resources over the network and mine bitcoins together.
It is currently the most popular choice among the Bitcoin miners.

Some criteria need to be considered while choosing a mining pool:
Size and Compatibility: When the hashing power of the mining pool is combined, the conversion speed of codes in the new blocks gets higher which, in turn, provides higher income. On the other hand, the compatibility of the mining device should match the requirements of the pool.
Rewards System and Profitability: One should calculate the pros and cons of the rewarding structure and accordingly split the rewards between all the miners within the pool. Pools with the maximum hashing power in the network have the potential to mine a huge number of blocks which indicates higher profits over time.
Transparency of the Pool: The mining pool should perform certain responsibilities for ensuring the transparency among the mining members and remain trustworthy. All the mining pools that want to bring in the required transparency in the mining network should implement multiple measures such as providing a real-time dashboard view to the miners in the network.

How Many Bitcoins Can You Mine in a Day?

The number of Bitcoins mined in a day is 1800. There are 1000s of miners across the globe who are mining Bitcoins every day. As predicted by enthusiasts, the last Bitcoin will be mined in 2140, and miners could then earn in transaction fees which would be far more rewarding than mining.

Is Bitcoin Legal in South Africa

Yes, it is legal to trade or to participate in Bitcoin mining in South Africa. The South African Reserve Bank (SARS) has issued its Position Paper on Virtual Currencies, description and other related matters to digital currencies.

South African Revenue Service(SARS) will continue to apply normal income tax rules to cryptocurrencies and will expect affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income.

So with this answer from SARS, is Yes, it is legal to mine or trade Bitcoin in South Africa because SARS does not tax illegal things.

How does the South African Reserve Bank(SARB) classify Bitcoin and other digital crypto-currencies?

1. Executive summary

1.1 This document outlines the position of the South African Reserve Bank (the Bank) on virtual currencies as it relates to the Bank‟s mandate and responsibilities.

The document consists of five sections, i.e. the first three sections provide background, clarify concepts pertinent to the virtual currency discussion and draw a distinction between various categories of virtual currencies.
The document further highlights several immediate risks associated with the current virtual currency landscape, in particular the decentralised convertible virtual currencies, and concludes with the Bank‟s position and responsibility in this regard as well as a caution to users of virtual currencies.

2. Background of the document

2.1 A virtual currency (VC) is a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account and/or a store of value, but does not have the legal tender status

VCs constitute a leap away from the traditional banking and payment systems. The Financial Action Task Force (FATF) classifies VCs as either centralized or decentralized, and convertible or non-convertible

Convertible VCs have an equivalent value in real currency and can be exchanged back-and-forth like a real currency.

Convertible VCs may be either centralized or decentralized VCs or crypto-currencies that are distributed, open-source, math-based peer-to-peer virtual currencies with or without a central administration, monitoring and oversight authority. Examples of decentralised VCs include Bitcoin (convertible), LiteCoin and Ripple.

In contrast, non-convertible VCs are centralised to a particular virtual community and cannot be exchanged for real currency. Examples of centralised non-convertible VCs include Q Coins and World of Warcraft Gold.

Crypto-currency refers to a math-based, decentralised convertible virtual currency that is protected by cryptography.

2.2 Centralised non-convertible VCs tend to pose fewer risks to the general public given their closed nature to a particular community.

Decentralised convertible VCs (DCVCs), on the other hand, are on the radar of many financial regulators worldwide due to their design and interaction with the real economy and currency.

DCVCs were designed to create a type of “currency” which is entirely controlled by its users, removes "costly‟ middlemen (commercial banks) from the transacting process and have the entire system open and available to the general public (block chains).

2.3 DCVCs remove central banks/ monetary authorities, commercial banks and licensed money remitters from the payment process. The roles played by these entities are now performed and controlled by users of the DCVCs, as a collective i.e. money creation (a central bank function), safekeeping of deposits, transacting ability (a commercial bank business activity) and crossborder funds movements (irrespective of possible exchange controls).

DCVCs tend to be traded between users with a high degree of anonymity. The emerging VC regulatory proposals are directed at managing the risks associated with DCVCs, hence the main focus of this paper on DCVCs.

2.4 Bitcoin is the leading type of DCVC in terms of value and volume, although relatively small compared to the larger financial ecosystem. The global market capitalisation of Bitcoin was said to amount to $6, 25 billion, with the daily number of transactions averaging 60,000.

Although DCVCs were originally mooted as independent "currency‟, they are instead being treated as high-risk speculative investments by end-users due to their price volatility. Consequently, there is a substantial amount of hoarding and little real trade with DCVCs.

Efforts from proponents attempt to change this dynamic by increasing merchant acceptance, integrating existing conventional payment instruments with DCVCs and promoting the advantages inherent in such systems. Thus, there is potential for real growth of Bitcoin in its current form. A block chain refers to a public, electronic general ledger that records every payment and transfer of DC from the time of creation.

Bitcoin and other decentralised virtual currency schemes: implications for central banks.

In the Republic of South Africa (RSA), Bitcoins are traded through various platforms such as BitX which is an order matching system of buyers and sellers of Bitcoins. For a full report on South African Reserve Bank Position Paper on Virtual Currencies.

Do you have to pay tax to the South African Revenue Services(SARS) from the profit that you made by mining bitcoins?

The answer is Yes, Bitcoin incomes are taxable in South Africa.

Here is SARS's stance on the tax treatment of cryptocurrencies:
The South African Revenue Service (SARS) will continue to apply normal income tax rules to cryptocurrencies and will expect affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income.
The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued. Failure to do so could result in interest and penalties.
Taxpayers who are uncertain about specific transactions involving cryptocurrencies may seek guidance from SARS through channels such as Binding Private Rulings (depending on the nature of the transaction).
Increased attentiveness and speculation regarding the future of cryptocurrencies has prompted calls for SARS to provide direction as to how cryptocurrencies should be treated for tax purposes. However, there is an existing tax framework that can guide SARS and affected taxpayers on the tax implications of cryptocurrencies, making a separate Interpretation Note unnecessary for now.

A cryptocurrency (typified by Bitcoin) is an internet-based digital currency that exists almost wholly in the virtual realm. A growing number of proponents support its use as an alternative currency that can pay for goods and services much like conventional currencies.

In South Africa, the word “currency” is not defined in the Income Tax Act (the Act). Cryptocurrencies are neither official South African tender nor widely used and accepted in South Africa as a medium of payment or exchange. As such, cryptocurrencies are not regarded by SARS as a currency for income tax purposes or Capital Gains Tax (CGT). Instead, cryptocurrencies are regarded by SARS as assets of an intangible nature.

Whilst not constituting cash, cryptocurrencies can be valued to ascertain an amount received or accrued as envisaged in the definition of “gross income” in the Act.

Following normal income tax rules, income received or accrued from cryptocurrency transactions can be taxed on revenue account under “gross income”.

Alternatively, such gains may be regarded as capital in nature, as spelt out in the Eighth Schedule to the Act for taxation under the CGT paradigm.

Determination of whether an accrual or receipt is revenue or capital in nature is tested under existing jurisprudence (of which there is no shortage).

Taxpayers are also entitled to claim expenses associated with cryptocurrency accruals or receipts, provided such expenditure is incurred in the production of the taxpayer’s income and for purposes of trade.

Base cost adjustments can also be made if falling within the CGT paradigm.

Gains or losses in relation to cryptocurrencies can broadly be categorised with reference to three types of scenarios, each of which potentially gives rise to distinct tax consequences:
(i) A cryptocurrency can be acquired through so-called “mining”. Mining is conducted by the verification of transactions in a computer-generated public ledger, achieved through the solving of complex computer algorithms. By verifying these transactions the “miner” is rewarded with ownership of new coins which become part of the networked ledger.

This gives rise to an immediate accrual or receipt on successful mining of the cryptocurrency. This means that until the newly acquired cryptocurrency is sold or exchanged for cash, it is held as trading stock which can subsequently be realized through either a normal cash transaction (as described in (ii) or a barter transaction as described in (iii) below.
(ii) Investors can exchange local currency for a cryptocurrency (or vice versa) by using cryptocurrency exchanges, which are essentially markets for cryptocurrencies, or through private transactions.
(iii) Goods or services can be exchanged for cryptocurrencies. This transaction is regarded as a barter transaction. Therefore the normal barter transaction rules apply.

Value-Added Tax (VAT)

The 2018 annual budget review indicates that the VAT treatment of cryptocurrencies will be reviewed. Pending policy clarity in this regard, SARS will not require VAT registration as a vendor for purposes of the supply of cryptocurrencies.

South Africans are thriving from Bitcoin mining.

2020-07-25T18:05:00.010+02:00

Bitcoin is a cryptocurrency, a form of electronic money. It is a decentralised digital currency without a central bank or single administrator, bitcoin uses peer-to-peer technology to operate without central authority or banks. Managing bitcoin transactions and issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source, its design is public, and nobody owns or controls bitcoin. Everyone can take part, even in South Africa bitcoin is being used and is legal.

Bitcoin is the first blockchain-based cryptocurrency in the world. It is considered the most widespread and successful. Bitcoin launched in 2009, the price of one bitcoin at its inception traded next to nothing. The first price increase occurred in July 2010 when the valuation of a bitcoin went from around $0.0008 to $0.08 for one bitcoin.

Countries where Bitcoin is legal

Is bitcoin real money?

Yes, but it is not a physical currency that you can touch and it has no ties to any central bank or government. Bitcoin is a cryptocurrency and it can be used as payment or for investment purposes. Many companies, shops, banks and some governments accept bitcoin as payments. The use of bitcoin In South Africa, it still gaining momentum.

Who created bitcoin?

Bitcoin was in created in 2008 by an unknown group or person that is called Satoshi Nakamoto. Bitcoin started to work or to be used in 2009, that is when its source code was released as open-source software. Today it is used as a reward in a process known as mining. Bitcoin was created following the financial market crash in the United State in 2008.

Bitcoin follows the ideas written in a whitepaper by the unknown person or group Satoshi Nakamoto. What is still a mystery is the identity of the founder or founders behind the bitcoin technology. One of the reasons behind the creation of bitcoin was to create lower transaction fees compared to the traditional bank's online payment systems. Bitcoin is based on a decentralisation system, which means that no government has authority to control it, unlike the real money(currencies) that is issued by the government via the central bank like South African Reserve Bank for those who live in South Africa.

There are no physical bitcoins which has been stored somewhere, it is virtual money, only balances kept on a public ledger that everyone has transparent access to it. Bitcoin transactions are verified by massive supercomputers.

Bitcoins are not issued or backed by any central banks or governments, nor are individual bitcoins valuable as a commodity. Despite being conceived anonymously bitcoin is traded in many stock exchanges around the world. The bitcoin charts on the stock market are higher or should I say, they are one of the most preferred stocks and it has prompted the launch of other virtual currencies collectively referred to as Altcoins.

What is blockchain and how does it work?

Bitcoin is a collection of computers or nodes, that all run Bitcoin's code and store its blockchain.

A blockchain can be thought of as a collection of blocks. In each block is a collection of transactions. Because all these computers running the blockchain has the same list of blocks and transactions and can transparently see these new blocks being filled with new Bitcoin transactions, no one can cheat the system.

Anyone, whether they run a Bitcoin "node" or not, can see these transactions occurring live. To access Bitcoin illegally, a hacker would need to operate 51% of the computing power that makes up Bitcoin.

Bitcoin currently has over 10,000 nodes and this number is growing, making such an attack quite unlikely.

If an attack were to happen, the Bitcoin nodes, or the people who take part in the Bitcoin network with their computers, would likely fork to a new blockchain, making the effort of the hacker useless.

Bitcoin is a type of cryptocurrency. Balances of Bitcoin tokens are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them.

The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions.

Bitcoin keys should not be confused with a Bitcoin wallet, which is a physical or digital device which facilitates the trading of Bitcoin and allows users to track ownership of coins. The term "wallet" is a bit misleading, as Bitcoin's decentralized nature means that it is never stored "in" a wallet, but rather decentrally on a blockchain.

According to the official Bitcoin Foundation, the word "Bitcoin," capitalized is referring to the entity or concept.

When "bitcoin" is written in the lower case it refers to a quantity of the currency (e.g. "I traded 20 bitcoin") or the units themselves. The plural form can be either "bitcoin" or "bitcoins." Bitcoin is also commonly abbreviated as "BTC."

How does Bitcoin Work

Bitcoin is the first digital currency to use peer-to-peer technology to operate without a government or central bank, to facilitate instant payments. There are independent companies and private people who own the massive computing power and they take part in the bitcoin mining networks.

Bitcoin mining is comprised of a computer connection point in a network that is a processing device with an assigned address, as a router, computer terminal, peripheral device, or mobile device(nodes) and miners.

The people who process the transactions on the blockchain are called miners. They are motivated by rewards, so when the new bitcoin is mined successfully and released they get paid in bitcoins.

These people mining bitcoin can be taken as the decentralized authority(peer-to-peer), enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate.

Bitcoin and other cryptocurrency operate differently from fiat currency in a centralised banking system. The currency is released at a rate matching the growth in goods(GDP) in an attempt to maintain price stability, while a decentralized system like Bitcoin sets the release rate ahead of time and according to an algorithm.

How does Bitcoin mining work

Bitcoin mining means that when a transaction is mined, it is added to the blockchain, which is a distributed database where every single Bitcoin address is stored, and every transaction that has ever happened is stored. This is the process of how bitcoins are released into circulation.

There’s still a distinct lack of nodes, mining operations and supporting bitcoin mining service providers. Of the 100% of Bitcoin nodes( computer connection point in a network that is a processing device with an assigned address, as a router, computer terminal, peripheral device, or mobile device )worldwide, just 0.2% are located in Africa.

Different researches or case studies show that the growth of bitcoin mining is slow due to lack of infrastructure and some governments still have not opened up to the idea of bitcoin mining Africa is still lagging behind to the rest of the world.

Generally, mining requires the solving of computationally difficult puzzles to discover a new block, which is added to the blockchain. In contributing to the blockchain, mining adds and verifies transaction records across the network. For adding blocks to the blockchain, miners receive a reward in the form of a few bitcoins; the reward is halved every 210,000 blocks. The block reward was 50 new bitcoins in 2009 and is currently 12.5.

By around May 2020, the next halving will occur, bringing the reward for each block discovery down to 6.25 bitcoins. A variety of hardware can be used to mine bitcoin but some yield higher rewards than others.

Certain computer chips called Application-Specific Integrated Circuits (ASIC) and more advanced processing units like Graphic Processing Units (GPUs) can achieve more rewards. These elaborate mining processors are known as "mining rigs."

One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a Satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places.

Countries most interested in bitcoin according to Google trends

Here are some of the African countries with high numbers of miners; South Africa, Nigeria, Uganda, Kenya and Ghana. Since I am from South Africa I did a research or case study on google trends to look at the cities across the country with a high number of bitcoin miners; Johannesburg, Pretoria, Durban, Polokwane, Cape Town, Port Elizabeth and some small towns like Giyani, many other more and the number of Bitcoin miners are still growing. However, when it comes to other countries in Africa there’s a polarity to crypto adoption in Africa. Google trends researchers have identified high ownership rates in certain countries. Google Trend data indicates Uganda, Nigeria, South Africa, Kenya and Ghana all rank in the top 10 on the topic of cryptocurrency, which demonstrates the growing interest therein.

South Africa actually ranked 5th-highest worldwide with Nigeria ranking no: 1 in this case study about crypto ownership. In terms of crypto infrastructure, most African countries are still lagging behind.

Top countries trading Bitcoin

Here are some of the top countries which TotalCrypto says: “72% of all Bitcoin trading happened in these top five countries: USA, Russia, UK, Venezuela, and China. South Africa is at number 10 according to the report. If you are living in South African want to know more about Bitcoin, please email us.

The top ten accounted for over 86.5% of all trades done on the platform.

This seems to indicate uneven Bitcoin adoption rates across the globe.”

.

Who Invented Bitcoin?

No one knows who invented Bitcoin, or at least not conclusively. Satoshi Nakamoto is the name associated with the person or group of people who released the original Bitcoin white paper in 2008 and worked on the original Bitcoin software that was released in 2009. In the years since that time, many individuals have either claimed to be or have been suggested as the real-life people behind the pseudonym, but as of May 2020, the true identity (or identities) behind Satoshi remains obscured.

Though it is tempting to believe the media's spin that Satoshi Nakamoto is a solitary, dreamy genius who created Bitcoin out of thin air, such innovations do not typically happen in a vacuum. All major scientific discoveries, no matter how original-seeming, were built on previously existing research. There are precursors to Bitcoin: Adam Back’s Hashcash, invented in 1997, and subsequently Wei Dai’s b-money, Nick Szabo’s bit-gold and Hal Finney’s Reusable Proof of Work. The Bitcoin whitepaper itself cites Hashcash and b-money, as well as various other works spanning several research fields. Perhaps unsurprisingly, many of the individuals behind the other projects named above have been speculated to have also had a part in creating Bitcoin.

Why Is Satoshi Anonymous?

There are a few motivations for Bitcoin's inventor keeping his or her or their identity secret. One is privacy. As Bitcoin has gained in popularity – becoming something of a worldwide phenomenon – Satoshi Nakamoto would likely garner a lot of attention from the media and from governments.

Another reason could be the potential for Bitcoin to cause major disruption of the current banking and monetary systems. If Bitcoin were to gain mass adoption, the system could surpass nations' sovereign fiat currencies. This threat to existing currency could motivate governments to want to take legal action against Bitcoin's creator.

The other reason is safety. Looking at 2009 alone, 32,489 blocks were mined; at the then-reward rate of 50 BTC per block, the total payout in 2009 was 1,624,500 BTC, which is worth $13.9 billion as of October 25, 2019. One may conclude that only Satoshi and perhaps a few other people were mining through 2009 and that they possess a majority of that stash of BTC. Someone in possession of that much Bitcoin could become a target of criminals, especially since bitcoins are less like stocks and more like cash, where the private keys needed to authorize spending could be printed out and literally kept under a mattress. While it's likely the inventor of Bitcoin would take precautions to make any extortion-induced transfers traceable, remaining anonymous is a good way for Satoshi to limit exposure.

Receiving Bitcoins As Payment

Bitcoins can be accepted as a means of payment for products sold or services provided. If you have a brick and mortar store, just display a sign saying “Bitcoin Accepted Here” and many of your customers may well take you up on it. The transactions can be handled with the requisite hardware terminal or wallet address through QR codes and touch screen apps. An online business can easily accept bitcoins by just adding this payment option to the others it offers credit cards, PayPal, etc.

Work and paid by bitcoins

Those who are self-employed can get paid for a job in bitcoins. There are several ways to achieve this such as creating any internet service and adding your bitcoin wallet address to the site as a form of payment. There are several websites/job boards which are dedicated to the digital currency:

About investing in bitcoins

Many Bitcoin supporters believe that digital currency is the future. Many of those who endorse Bitcoin believe that it facilitates a much faster, low-fee payment system for transactions across the globe. Although it is not backed by any government or central bank, bitcoin can be exchanged for traditional currencies; in fact, its exchange rate against the dollar attracts potential investors and traders interested in currency plays. Indeed, one of the primary reasons for the growth of digital currencies like Bitcoin is that they can act as an alternative to national fiat money and traditional commodities like gold.

In the USA the IRS stated that all virtual currencies, including bitcoins, would be taxed as property rather than currency. Gains or losses from bitcoins held as capital will be realized as capital gains or losses, while bitcoins held as inventory and will incur ordinary gains or losses. The sale of bitcoins that you mined or purchased from another party, or the use of bitcoins to pay for goods or services are examples of transactions which can be taxed.

Like any other asset, the principle of buying low and selling high applies to bitcoins. The most popular way of amassing the currency is through buying on a Bitcoin exchange, but there are many other ways to earn and own bitcoins.

Though Bitcoin was not designed as a normal equity investment, no shares have been issued, some speculative investors were drawn to the digital money after it appreciated rapidly in May 2011 and again in November 2013. Thus, many people purchase bitcoin for its investment value rather than as a medium of exchange.

The concept of a virtual currency is still unique and, compared to traditional investments, Bitcoin doesn't have much of a longterm track record or history of credibility to back it. With their increasing popularity, bitcoins are becoming less experimental every day; still, after 10 years, bitcoin and all digital currencies remain in a development phase and are consistently evolving. "It is pretty much the highest-risk, highest-return investment that you can possibly make,” says Barry Silbert, CEO of Digital Currency Group, which builds and invests in Bitcoin and blockchain companies.

I say bitcoin and other digital currencies are here to stay, the sooner we familiarise ourselves to them the better.

What is bitcoin and how to join Mining city in South Africa

2020-07-21T17:19:00.021+02:00

There are still a lot of people In South Africa who do not understand or to know what is bitcoin, how to invest and earn daily from it? In this post, I will be explaining what is bitcoin, how to be part of Bitcoin mining in South Africa, the history of Bitcoin how it was started and how to earn bitcoin. For one on one sessions to learn how to invest in Bitcoin mining and how to join Mining City in South Africa, contact me by email, comments or social media at the end of this article.

How to join Mining city in South Africa.

First, In order to purchase an investment plan in Mining City, you have to register an account, it's free to sign up. The most important requirement for registration is to state who referred you to Mining City, then you will use the link that a person that referred you gave to register. Use the following link to register with Mining City, to start your exciting investing journey. When you use this link to sign up I will become your referrer to Mining city.

Second, You would need to sign up for a Bitcoin wallet to exchange your fiat currency to digital currency or vice versa. These are the most popular Bitcoin trading companies in South Africa that you can sign up for free Bitcoin wallet; Chain Ex, Luno and altcoin Trader. After signing up for free for your Preferred Bitcoin wallet you would be asked to link it to your local bank account and you would have to link this Bitcoin wallet to your Mining City account. I must stress that you don't give someone money to open the Mining City account for you, you must do it yourself period.

What is bitcoin?

Bitcoin is a crypto-currency, a form of digital currency(electronic currency). It is a decentralised digital currency without a central bank or single administrator, bitcoin uses peer-to-peer technology to operate without central authority or banks. Managing bitcoin transactions and issuing of bitcoins is carried out collectively by the network. Bitcoin is a decentralised coin-base crypto-currency with a public ledger and it is open-source, its design is public, and nobody owns or controls bitcoin.

Everyone can take part, even in South Africa bitcoin is being used and is legal. Look out for my next article on the legality of Bitcoin in South Africa. I will cover what the South African Reserve Bank(SARB) and South African Revenue Services(SARS) say about Bitcoin and other digital(electronic) currencies and the profits made from these cryptocurrencies.

Bitcoin history summary

Bitcoin is the first blockchain-based cryptocurrency in the world. It is considered the most widespread and successful. Bitcoin launched in 2009, the price of one bitcoin at its inception traded next to nothing. The first price increase occurred in July 2010 when the valuation of a bitcoin went from around $0.0008 to $0.08 for one bitcoin.

Is bitcoin real money? Yes, but it is not a physical currency that you can touch and it has no ties to any central bank or government. Bitcoin is a cryptocurrency and it can be used as payment or for investment purposes. Many companies, shops, banks and some governments accept bitcoin as payments. The use of bitcoin In South Africa it still again momentum.

Who created bitcoin? Bitcoin was in created in 2008 by an unknown group or person that is called Satoshi Nakamoto. Bitcoin started to work or to be used in 2009, that is when its source code was released as open-source software. Today bitcoin is being used as a reward in a process known as mining.

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Seven Easy Steps To Riches

How does bitcoin mining work?

7 Easy Steps To Join Investing with Mining City

1. Firstly, you join Mining City using a referral link from the person who recruited you, In this case, I am your referrer and here is my referral link. You can fill up your details in the form provided by Mining City, it is free to join you don't need to pay money.

2. Secondly, you must open a Bitcoin wallet account like ChainEx if you are in South Africa, link it with your bank account.

3. Thirdly you link your Bitcoin wallet account with your Mining City account.

4. Fourthly you must deposit the money from your local bank account to your Bitcoin wallet.

5. Fifthly you must convert your money( Rands ) to Bitcoin vault, you do this by using your South African Rands( ZAR ) to buy the Bitcoin vault.

6. Sixth, from your Bitcoin wallet account, you deposit into your Mining City account.

7. Seventh now you can buy the Mining City package that you want. That is how easy it is to join and fund your Mining City account.

Top 6 Mining City Investment Package Plans In South Africa

!!!! WARNING DON'T GIVE YOU MONEY TO ANYONE TO OPEN MINING CITY ACCOUNT ON YOUR BEHALF, YOU NEED TO DO IT YOURSELF.

CLICK HERE TO JOIN AND SIGNUP FOR FREE. START TODAY TO INVESTING WITH MINING CITY AND START MAKING MONEY EVERY DAY, 7 DAYS A WEEK FOR 3 YEARS. I WILL SHOW YOU STEP BY STEP HOW TO JOIN AND INVEST IN MINING CITY.

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Mining City is legit Crypto Cloud Mining Company.

Mining City is a legit Crypto Cloud Mining Company

Getting Rich Is A State Of Mind, Sign Up With Mining City

Sign up today with Mining City to start to creating wealth

Start Making Money With Mining City.

Start making money with Mining City

7 Easy Steps To Join Investing with Mining City

1. Firstly, you join Mining City using a referral link from the person who recruited you, In this case, I am your referrer and here is my referral link. You can fill up your details in the form provided by Mining City, it is free to join you don't need to pay money.

2. Secondly, you must open a Bitcoin wallet account like ChainEx if you are in South Africa, link it with your bank account.

3. Thirdly you link your Bitcoin wallet account with your Mining City account.

4. Fourthly you must deposit the money from your local bank account to your Bitcoin wallet.

5. Fifthly you must convert your money( Rands ) to Bitcoin vault, you do this by using your South African Rands( ZAR ) to buy the Bitcoin vault.

6. Sixth, from your Bitcoin wallet account, you deposit into your Mining City account.

7. Seventh now you can buy the Mining City package that you want. That is how easy it is to join and fund your Mining City account.

Top 6 Mining City Investment Package Plans In South Africa

!!!! WARNING DON'T GIVE YOU MONEY TO ANYONE TO OPEN MINING CITY ACCOUNT ON YOUR BEHALF, YOU NEED TO DO IT YOURSELF.

CLICK HERE TO JOIN AND SIGNUP FOR FREE. START TODAY TO INVESTING WITH MINING CITY AND START MAKING MONEY EVERY DAY, 7 DAYS A WEEK FOR 3 YEARS. I WILL SHOW YOU STEP BY STEP HOW TO JOIN AND INVEST IN MINING CITY.

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Step by step how you join a Zoom meeting on the computer, with logging in.

Sign in to Zoom app on your computer.Now, press the Join a Meeting button from the default screen.A pop-up screen will appear that will ask you to enter the Meeting ID or the Personal Link Name to join in a meeting.

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Sign in to Zoom app on your computer.
Now, press the Join a Meeting button from the default screen.
A pop-up screen will appear that will ask you to enter the Meeting ID or the Personal Link Name to join in a meeting.