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Debtfree Magazine January 2018

SA's Free Debt Counselling & Debt Review Industry Magazine. We discuss Bitcoin, Steinhoff, amending the National Credit Act and more in this issue.

of where all the money

of where all the money is, has been and where it has currently moved to. Even though the different user’s identity is hidden, the figures are known by all. Each time a single transaction is made it is added to the ledger and it contains a record of every single transaction that has ever been made before. By comparing all the information on all the computers the system can make sure that every computer agrees, and that any single computer which says something different is lying. This prevents fraud. In theory it is impossible to cheat. Each transaction has a private portion (between you and the buyer or seller) and a public portion which is known and checked by all to make sure it is legitimate. If you help check that the current transaction is legitimate and that all the information on the ledger is accurate, you get rewarded by the system. This is called mining (technically it is when you run and confirm the specific hash value of the nonce and other such techno jargon).

We appear in the following courts and act as a correspondent for Dc’s and their attorneys. ATLANTIS BELLVILLE GOODWOOD CALEDON CAPE TOWN WYNBERG CERES GRABOUW HOPEFILED KHAYELITSHA KUILSRIVER MALEMSBURY MITCHELLS PLAIN MOORREESBURG PAARL PIKETBERG ROBERTSON SIMON’S TOWN SOMERSET WEST STELLENBOSCH STRAND TULBAGH WELLINGTON WORCESTER Please contact adri@kempdebruyn.co.za to enquire about our fees. +27 (21) 200 5644 adri@kempdubruyn.co.za 21 Station Street, Paarl, 7646

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