Page 7 - KZN Business Sense 4.4

CryptoCurrenCies, yay or nay?

Quintin Moorcroft to find one, there is over 1600
cryptocurrencies in the crypto-
hat is a space, but in reality, 1000 are
cryptocurrency? scams or worthless coins, 500
WBitcoin, right? are just silly beyond belief e.g.
Blockchain? Easy, that is the CannaCoin with which you can
thing that you put in your buy only cannabis, another 98 are
backyard to tie the old mother- anonymous so that only leaves a
in-law to. very few that will endure in the
long run.
Wrong and wrong. So let us
try and clarify. Cryptocurrency So, when you want to buy a
is nothing more or less than crypto, first make sure that is
e-Bucks. You will never be able adheres to the KYC (Know your
to get a physical e-Buck in your client) and AML(Anti-money-
hand, but if you have it, you can laundering) regulations, then
spend it. Bitcoin was created make sure to read the whitepaper
to be no more than an easy of the crypto, in order to
and cost-effective way to send understand what is was created
money anywhere. It takes 45 for. Ask questions, do some
minutes for you to send money homework. The only way that the
crypto world will be cleaned up, is
from South-Africa to Siberia,
and the transaction fee is less by a combined effort of all current
than 0.01%, brilliant, right? and prospective users. Remember
the old adage, if it looks like a
The unfortunate reality Low and behold, the bubble we can double our money in two yes, Bitconnect, to take over R duck and sounds like a duck,
is that Bitcoin, and other burst and guys that bought in days, we were told that Bitcoin is 6 billion from the unwise and chances are, it is a duck. 
cryptocurrencies, have morphed December 2017 has lost 60% of the safest investment in a million uninformed masses, and that is
into something totally different. their investment. Bad luck, some Sundays.” We were told? As a only in the past 12 months. E: q.moorcroft@cryptouniverse.co.za
Say Bitcoin in a pub and you might say, bad timing, others reasonable, bona fide adult, would As with any problem, there is W: www.cryptouniverse.co.za
are most likely to get a proper might say. Sorry to say, it was bad you give R 100 000 to a random a solution. The problem with
beat down. If you did the judgement. Cryptocurrency was person, that you have never met, cryptocurrency is the inherent
same in early December 2017, never meant to be an investment, or spoken too? I doubt it. So why anonymity thereof. But that is
EVERYBODY would chip in and it was simply meant to be a blame cryptocurrencies? not an unsurmountable problem,
tell you exactly how much money cheap and efficient peer-to-peer The unfortunate reality is that choose a cryptocurrency that is
they made by buying Bitcoin payment system. people do not really understand not anonymous. Why? Rather
and holding it as an investment, I can see some people with what crypto is, and that opened simple, if it is transparent, then
because we all knew Bitcoin was angry eyebrows. “But sir, we were the way for scammers, yes, it is the exact same thing as a
going to reach $ 50 000. told to invest, we were told that BTC Global, yes, Bitclubpool, bank account. The next step is

Debit orDer ColleCtions

Debbie Jones, Director at Three Peaks doesn’t matter if it’s a fixed amount they will be receiving, they have
Payments House or varies from month to month better control over their cash businesses that make use of debit
or if the payment is monthly, flow and are able to budget more order facilities are able to manage their
anaging accounts quarterly or annually. An option to accurately. finances more efficiently.
receivable can be collect ad hoc or once off amounts Debit orders are also much safer
Ma tedious process, also ensures ease of payment. than handling cash, which may be
especially if you are regularly Once the client has signed up at risk of theft or loss. Cash deposits
collecting payments from your for a debit order, everything is also incur costs as do credit card Consolidated easy-to-understand Three peaks
customers. Not uncommonly, automated. On the date that has transactions. monthly reports are available, Three Peaks is a specialist
customers who have been reliable been specified, the payment will which save you time on reconciling provider of payment solutions
payers in the past, start to miss an automatically be activated. If Self-collection of debts is hard. A your bank statements. which offer businesses secure
occasional payment. Due to the funds are not available in a client’s debit order service does not only A debit order system is not ways of collecting and processing
unpredictability of the economy account, the payment will take save money, it also saves time. restricted to use by large payments from customers. The
it’s not hard to understand why. place when funds are available, Clients don’t have to schedule time companies but is ideal for small company’s comprehensive suite of
However, in order to counter regardless of the date. to make a payment, while service and medium sized businesses. core systems can be customised,
this potential cash flow problem, providers don’t have to waste time Often new business owners do not packaged or supplied alone ‒
debit orders are a simple, fast and As debit orders are all electronic, or assign employees to make follow realise the stress that collecting or even integrated with your own
effective method of receiving they are easily administered and up telephone calls and send emails. money from debtors can cause. management software. 
payments – with no bother and since they are able to be tracked Consequently, a debit order Debit order systems also need not
no delays. Through a debit order there is no risk of a payment being system allows companies to fully be an add-on to a service offering A: Offices in JHB, CT & DBN
facility, payments can be collected lost. Consequently, any doubt automate their debtors process but can be implemented from the T: 0861 373 257
directly from a client’s bank regarding payment is eliminated. so that they can easily request outset of establishing a business. E: info@threepeaks.co.za
account on an agreed date. Significantly, businesses that payment, reconcile, and take action
Thanks to advantages such as
Debit orders are typically used for make use of debit order facilities against unpaid accounts. It can also these, it is evident that through a
the monthly collection of insurance are able to manage their finances be integrated with the company’s debit order system business owners
policies, subscription services, more efficiently. As they have a existing accounting system for can function more effectively and
gym memberships, utilities, etc. It much better idea of what payments increased ease and efficiency. focus on their core services.