You are probably aware of the buzz that has been surrounding Cryptocurrencies of late. What you may not be aware of is the fact that people are mining cryptos remotely from browsers and other apps. Website owners and app developers have resorted to use of cryptocurrency mining scripts to use the CPU power of visitors to earn profits. What is cryptocurrency mining? Crypto mining is the act of using processing power to generate or make coins. Some questionable characters have resorted to browser hijacking in order to mine resources using your computers processing power. You will be using your computer or mobile phone as you normally do and then you visit a site that has some software that hijacks or harvests your processing power and uses it to generate cryptocurrencies (e.g Bitcoin/L...
Zimbabwe’s most visible cryptocurrencies exchange, Golix, has been hacked. The exchange disclosed the hack this evening in an email to customers. According to the email, a limited number of account holders had their accounts accessed by “unsolicited third parties” in the past 3 weeks. The startup blames the hack on poor security practices by its users. Apparently, the hackers compromised users’ email accounts and used that to gain access to their Golix accounts. Once in, the email says, the hackers converted funds between individual users’ cryptocurrencies and USD wallets, and also bought some cryptocurrencies. They were, however, apparently not able to withdraw funds from the exchange. This implies that users didn’t lose any value. Golix says all the withdrawals that happened did
Netcoms, a Gweru-based software company, is hoping they can eliminate the struggle of always keeping some cash with you for transport. I’m sure the majority of us have misplaced some coins that we had stashed in a pocket or bag as transport money at one point or another. Netcom is introducing a new tap and go smart card that you can use to pay kombi fares. When will we be able to tap and go? Testing will begin in Gweru as the system is already being installed on kombis according to Netcoms research and development officer, Mr Lovejoy Matare. The system will then come to Harare and Bulawayo before being deployed in more places if adoption is positive. You may be thinking why would they start in Gweru and not the bigger cities? Well, I think starting in Gweru allows them to better t
Golix, Zimbabwe’s only cryptocurrencies exchange went down for several hours today. It was down since early hours today (we found out at 5AM) and has just been restored. We’ve reached out to Golix CEO, Tawanda Kembo and he’s told us they were having an issue with their hosting provider. “We were offline because we had a problem with our hosting provider earlier but it’s now resolved now.” Kembo added: In a startup with a fail-fast culture such as ourselves, disruptions will happen here and there. Some of our customers will note that this is not the first disruption, but the time it takes to come back online is getting shorter each time. We’re not there yet, but we’re getting there. The platform has suffered a few service disruptions the past several weeks, with majors ones (las
For cryptocurrency investors, January is turning into a month to rue. Digital coins have mostly slid this week, with Bitcoin heading for its worst monthly decline since February 2014, as US regulators ramp up their scrutiny of one of the world’s largest digital currency exchanges while Facebook is banning ads tied to the industry. Bitcoin is down about 29% this month, trading at $10,172 as of 8:35 in London, according to composite pricing compiled by Bloomberg. Rival coins Ripple and Litecoin have respectively slid about 45% and 29%, while Ethereum has managed a 47% increase. The four coins were little changed on Wednesday. “The regulatory oversight and the clampdown is really coming to the fore right now,” Stephen Innes, head of trading for Asia Pacific at Oanda, said by phone fr
Recently, I got a tip from a Standard Chartered Bank user who pointed out that Swipe Into EcoCash was not working for them and actually hadn’t been for a while. Interestingly, this comes at a time when Standard Chartered Bank now has a direct link to OneMoney. Let’s backtrack a bit… So there’s always been this ‘tension’ between some local banks and EcoCash. Remember how customers for a long time requested that banks integrate with EcoCash (or its the other way round) but still nothing seemed to move. What makes it interesting is that it was always the other party’s fault. If you asked EcoCash, they’d give you the vibe that banks felt threatened by their existence and if you asked the banks, they’d tell you that EcoCash had some unreasonable expectations. Nonetheless, depending on
If you have been following bitcoin news then you have no doubt heard about Golix. When news spread that bitcoin was trading at a premium in Zimbabwe reference was made to Golix, the platform where the bitcoin trade was and is happening. Golix however is more than just a bitcoin exchange, it is a cryptocurrency exchange or platform where various other cryptocurrencies like Ethereum are traded. Bitcoin just happens to be the most popular. Golix actually had to rebrand from BitFinance when they made the move from being just a bitcoin exchange. Golix is the only such exchange in Zimbabwe but it is not necessarily the only way one can get their hands on cryptocurrencies. There is a peer to peer platform called LocalBitcoins for example where prices are usually lower than those quoted on G...
The cash crisis in Zimbabwe has everyone turning to use plastic money almost all the time and Commuter omnibus owners seem to have jumped in to make life easier for their customers. A commuter omnibus owner of the Pamushana Africa Transport, AKA Old Trafford has recently adjusted from using hard cash to using plastic money, making it easier for residents of Warren Park Suburb. The director of the Trafford commuter omnibuses Hardlife Chipika has adjusted to plastic money in a bid to make it easier for his customers who are facing challenges in getting cash. Chipika is believed to have made this decision after observing that financial challenges in the country were not going to be resolved overnight. In my opinion I would call him a ghetto hero. Most people in the ghetto rely on publi...
Last week we looked at the reasons why bitcoin’s price is rising fast. This was after the price of bitcoin had surpassed $20,000 internationally. We identified one of the reasons as the coming bitcoin futures contracts to be offered on regulated exchanges. Bitcoin futures are set to be offered on Nasdaq, the second largest stock exchange in the world from 2018. Investors do not have to wait until 2018 to deal in bitcoin futures though. The Chicago Board Options Exchange (Cboe) started trading in bitcoin futures yesterday, the 10th of December. Now, note that the Cboe is the largest U.S. options exchange. Oh and what a start it was for the new futures, volumes exceeded expectations with about 2300 contracts changing hands in just hours. There was so much interest that Cboe’s website
Zimbabwe’s only online Golix.com is currently facing challenges with its order book with its customers failing to place and withdraw orders. The problem has been noticed since Wednesday 6 December 2017 and a notification on their website acknowledged that there was a challenge and was being looked in to by their technical team. Users who have got in touch expressed frustration with the downtime as the exchange was not fulfilling any orders at the moment. Information from Golix state that their technical team are attending to the matter and are expectant that they will be up and running “soon”. No exact time is being committed to. Golix has become a lifesaver for users in the diasporans who send money home as the premium on BTC fetches at much as 100%, way more than what the stree