Ripple may soon steal Bitcoin's thunder

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CAPE TOWN - Digital cryptocurrency, Bitcoin may well have new competition in the market, Ripple, which may become the next big phenomenon, reports Forbes. Bitcoin owners who capitalised on the cryptocurrency initially trading for a few dollars have enjoyed fortune. Forbes says that large percentage gains are low price levels are unlikely in the current climate. Yet, new cryptocurrency, Ripple, may be the answer. Ripple trades below R1.

A number of experts have told Forbes that ripple may well make cryptocurrency more conventional.

This is attributed to its transaction speeds and low fees.

Ripple is expected to snowball in 2019, one executive of a multi functional investment app told Forbes.

READ ALSO: SA crypto-investors fall victim to scam losing over $50m

Business Report reported on March 2 that around 27 000 cryptocurrency investors in SA, Australia and the US have been swindled in what TimesLive said to be the biggest Bitcoin scams.

Hawks spokesman Captain Lloyd Ramovha confirmed they will be investigating complaints against BTC Global‚ a company which asked investors to send their cryptocurrency to an online wallet address.

“The amount is over $50 million and could rise as more victims come forward,” Ramovha told TimesLive.

Werner Van Rooyen, Head of the Business Development and Marketing at Bitcoin Company Luno, revealed that these are the warning signs to look out for if you might be dealing with an illegal cryptocurrency scheme:

1. Promises of very high returns/interest

2. Guarantees that you "can't lose money"

3. Little verifiable information on company and owners

4.Difficulties in withdrawing your funds

5. Social signup links with high bonuses

6. Sense of urgency to "invest now"

List of other cryptocurrencies:

- Litecoin

- Namecoin

- SwiftCoin

- Ethereum

- Ubiq

ALSO READ: Bitcoin's Tokyo whale sold $400m and he's not done yet

TOP STORY: #SteinhoffScandal: Christo Wiese lost R50 billion

- BUSINESS REPORT ONLINE