Essential crypto tips for SA consumers

CRYPTOCURRENCY has changed the way we think about money, but for many South Africans, it’s still an unfamiliar and confusing space. It’s digital, fast-moving, and full of both opportunities and risks. And while crypto offers exciting ways to invest and make transactions, it also comes with scams, speculation, and serious pitfalls.

- DIEKETSENG MALEKE

As a personal finance editor, I’ve seen stories of people who invested in Bitcoin or Ethereum at the wrong time, lost thousands to scam platforms, or blindly followed advice from influencers promising instant wealth.

I even experienced it myself. A few years ago, I was approached by someone claiming they had a guaranteed investment strategy that would double my money in a month. I hesitated, although the numbers looked convincing, and the platform was filled with “success stories” of investors who had allegedly made millions.

But something felt off. After checking the provider's credentials, I discovered it wasn’t licensed by the Financial Sector Conduct Authority (FSCA). Just weeks later, the platform disappeared, taking countless investments with it.

That moment solidified my belief: knowledge is your best weapon in the world of crypto.

Crypto assets are essentially digital money, stored and traded electronically using a blockchain, an online record that keeps transactions secure and cannot be easily changed. The two most well-known crypto assets are: