ANC Shifts Policy On Land And SARB

The ANC has adopted a resolution calling for the nationalisation of the central bank and land expropriation without compensation. Party delegates also agreed that Treasury must develop a wealth tax that may be in the form of a land tax in an effort to promote equity and raise the revenue in the state coffers.

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30000 Shoprite Employees To Go On Strike

Pre-Christmas shopping may be disrupted on Friday when supermarket workers down tools. The South African Commercial‚ Catering and Allied Workers Union and Congress of South African Trade Unions have announced a planned one-day nationwide strike by Saccawu members at Shoprite Checkers on Friday 22 December 2017.

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Investors Sue Steinhoff In Germany

The case against the owner of Mattress Firm in the U.S. and Conforama in France was filed in Frankfurt district court, TILP law firm said in a statement on Wednesday. Investors are seeking to recover funds after the South African company reported accounting irregularities, causing the stock to slump about 90 percent over two weeks. The class-action-style lawsuit, filed Tuesday, is likely to be the first of many similar cases filed by investors angry over their losses. Innsworth Litigation Funding, a London-based unit of Paul Singer’s Elliott Management Corp., has begun building a case against Steinhoff and is seeking shareholder clients willing to sue, it said last week.

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ABSA Wants Jooste Company Liquidated

Absa Bank has applied for the liquidation of former Steinhoff CEO Markus Jooste’s Mayfair Speculators, the company that, until this week owned South Africa’s best racehorse, Legal Eagle, as well as hundreds of other racehorses, a property portfolio and a chunk of Steinhoff shares. Absa has also demanded an investigation into a suspicious transaction that saw Mayfair move R1.5 billion of assets to its holding company in August this year.

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Nedbank CEO’s Open Letter To Ramaphosa

CEO Mike Brown has thrown his full weight behind ANC president Cyril Ramaphosa. Brown said in an open letter to Ramaphosa that his team was looking forward to engaging with him and addressing the pressing needs the country is facing.

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Distell To Sell Bisquit Brand

Distell has entered into a definitive agreement to sell its cognac business, Bisquit Dubouche et Cie to Italian branded beverage company Campari Group for an enterprise value of 2.5 million, or R800-million. The disposal is expected to close during the first quarter of 2018.

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Currencies: Bitcoin R264,999 . Ether R12,683 . R/USD12.75 . R/GBP16.99 . R/EUR15.12

 

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Ramaphosa Wins ANC Presidency Race

Ramaphosa’s victory was announced at the ANC’s elective conference in Gauteng after he nosed ahead of his opponent‚ Nkosazana Dlamini-Zuma. Ramaphosa received 2‚440 votes and Dlamini-Zuma got 2‚261. Gwede Mantashe is the new national chairperson and Paul Mashatile the new treasurer general. Mpumalanga Premier David Mabuza was elected deputy president‚ Ace Magashule is the incoming secretary general and Jessie Duarte retained her position as deputy secretary general.

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Rand Rallies On Ramaphosa Win

The rand cheered as the ANC announced the new president of the politic party following the election process that kicked of on Saturday (16 December 2017). The rand firmed 2% on Friday as the ANC prepared to elect its new leader. At 10am on Monday, the rand was trading at R13.09 against the dollar and shortly after the announcement; the rand firmed to R12.59 against the US dollar.
DA Files Criminal Charges Against Koko

DA) says it has filed criminal charges against the reinstated acting Eskom CEO Matshela Koko following what it calls the sham of a disciplinary hearing. Koko was found not guilty of all charges relating to misconduct during disciplinary procedures which led to his reinstatement.

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Biggest IPO In History 

The markets are awaiting what is expected to be the biggest public offering in history. An IPO so big it will likely make any Silicon Valley unicorn look like a blip in the market. The Saudi’s plan is to offer up to 5% of Aramco in the flotation at a currently predicted price of $100 billion. This would give Aramco a valuation of $2 trillion, making it the largest IPO ever. Initially, the sale was expected to take place in early 2018, but the anticipated date is now late 2018 or early 2019.

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Micro Insurance Closer To Reality

The long-awaited Insurance Bill was among a number of pieces of legislation passed by the National Council of Provinces at its final scheduled plenary sitting for 2017 last week – good news for lower-income South Africans, because it brings access to micro-insurance one step closer.

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New Minimum Wage For Domestic Workers

The department of labour has released the sectoral determination for domestic workers, showing the new minimum wages for domestics across South Africa – at least until the national minimum wage comes into effect. According to the latest determination, domestic workers must get paid a minimum of R1,641 up to R2,545, depending on which area you live in. This is a 5% increase from 2017’s rates.

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Currencies: R305,693. Ether R13,552. R/USD12.78 . R/GBP17.08 . R/EUR15.08

Zuma Must Personally Pay Legal Costs

Jacob Zuma has been held personally liable for all costs incurred in his bid to block the release of the Public Protector’s ‘State Of Capture’ report. The DA’s James Selfe said, after speaking to the DA’s legal team, that the approximate costs of the litigation since October 14, 2016 would be around R1.5-million. But Zuma will also be liable for costs incurred by other parties as well.

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Zuma Given 30 Days To Set Up Inquiry

President Jacob Zuma was ordered by the high court on Wednesday to set up a judicial commission of inquiry into state capture headed by a judge selected by Chief Justice Mogoeng Mogoeng. For the second time in less than a week, the High Court in Pretoria found that Zuma could not effectively exercise his powers as head of state due to personal conflict of interest. It said the president was so conflicted that he was unable to fulfil his constitutional duties.

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IRBA Receives Steinhoff Fraud Notice

The Independent Regulatory Board for Auditors (Irba) has confirmed that a notice of a reportable irregularity has been filed with it in the last week regarding suspicions of fraud in relation to the accounts of Steinhoff. This is notable because a reportable irregularity (IR) is filed by an auditor of a company in the event where an “unlawful act or omission” committed by an executive in charge of an entity that has caused, or will cause “material financial loss” to the company, including other providers of capital.

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17 New Shopping Malls In SA This Year

A new study published by Morgan Stanley Capital International (MSCI) Real Estate South Africa on behalf of the South African Council of Shopping Centres (SACSC), has found that local malls are getting bigger. The data indicates that the average size of centres developed have steadily increased in size since the 1990s, with centres slated for completion between 2017 and 2020 being significantly larger than those developed during the 1990s and 2000s. As of July 2017, the South African retail development pipeline measures 1.9 million square metres across 68 centres – the bulk of which is planned for completion in 2018. Currently, there are 17 shopping centres slated for completion in the remaining weeks of 2017.

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US Federal Reserve Raises Interest Rates

The Federal Reserve on Wednesday raised interest rates one notch higher as the U.S. economy continues to get healthier. The rate hike, which was widely expected, was the third this year. Policy makers pointed to the lower number of unemployed workers, increased spending by households, and bigger investments by businesses in recent quarters.

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Alibaba To Sign Deals With NBC And Sony

Alibaba Group Holding Ltd.’s video streaming service, Youku Tudou, has signed content licensing deals with NBCUniversal and Sony Pictures Television, marking a deeper foray into entertainment for the Chinese e-commerce giant. The multiyear agreements gives Youku subscribers access to hundreds of films from the studios, the service said Thursday in a statement. Users will also have faster access to new and recently released movies, including “Blade Runner 2049”

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SARS Wants To Track CryptoCurrency Earnings

The South African Revenue Service (Sars) is in discussions with some of the top technology companies in the world to enable it to track cryptocurrency trades more efficiently. Interest in cryptocurrencies, like bitcoin, has risen significantly, but since the environment is fairly opaque, regulators around the world are still struggling to formulate a plan to deal with it. The exponential rise in the price of bitcoin in particular poses a threat to Sars’ revenue collection efforts as it is largely dependent on traders’ own truthful declaration of profits. Financial institutions like banks are required to supply Sars with information on the investments of their clients for verification purposes, but in a crypto environment where such information is lacking, Sars may have to trust that a taxpayer made honest declarations with regard to crypto gains.

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Currencies: Bitcoin R263,799 . R11,854 . Rd/USD13.47 . R/GBP18.06 . R/EUR15.92 

 SASSA And Post Office Sign Deal

The South African Social Security Agency (Sassa) and the South African Post Office (Sapo) have signed an agreement to ensure social grant beneficiaries continue to receive their payments after Sassa’s contract with Cash Paymaster Services (CPS) ends on March 31, government announced on Sunday. The cost of the five-year plan, will be within the government’s current budget, if not cheaper, according to Sapo CEO Mark Barnes. It entails a hybrid payment model that will provide SA’s 17-million social grant beneficiaries with the choice of four payment channels: Sapo’s Postbank, commercial bank accounts, merchants in large retail shops, or a “second tier” of merchants that includes village banks, general dealers, small retail outlets and spaza shops.

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Bitcoin Futures Trading Begins

Bitcoin landed on Wall Street with a bang. Four hours after the debut of Cboe Global Markets Inc.’s bitcoin futures, the contracts climbed more than 20 percent and triggered two trading halts designed to cool volatility. Dealers said initial volumes exceeded expectations, while traffic on Cboe’s website was so strong that it caused delays and outages. The exchange said all its trading systems were normal. The launch of futures traded on a regulated exchange is a watershed for bitcoin — testing infrastructure that will make it easier for legions of professional traders and mainstream investors to bet on the cryptocurrency’s rise or fall, potentially helping to steer its price. Until now, trading in bitcoin was driven mainly by individual investors who were willing to risk buying on mostly unregulated markets. Some users of those little-policed venues have been targeted by hackers who’ve stolen digital tokens.

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Carl Niehaus Caught In Another Scam

Political spin doctor Carl Niehaus  has been caught in yet another lie — concocting an elaborate scam to convince a businessman he owed money to that his mother had died and he was about to inherit millions. Niehaus owes R4.3-million for rental of two luxury apartments in Sandton —   as well as damage to expensive furnishings and artwork —  unpaid concierge charges and interest. In an audacious bid to avoid legal action, he claimed his mother had died and he would soon receive a generous inheritance, 90% of which would allow him to settle the debt. His mother, Magrietha Niehaus, 88, is in fact alive and living in a home for the elderly in Johannesburg, other Niehaus family members said.

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FSB Demands Steinhoff Exposure Details

Financial Services Board takes the unprecedented step of requesting all financial services providers supply it with details of their exposure to Steinhoff International. The FSB’s move appears to have been prompted by concern expressed by the minister of finance earlier in the last week. In the latest development in the scandal that has rocked SA, the company announced it would set up a board subcommittee to engage with its banks.

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Apple To Buy Shazam

Apple Inc. is close to acquiring Shazam Entertainment Ltd., the startup whose music recognition app is already built into Apple’s Siri virtual assistant, according to a person familiar with the discussions. A deal for the London-based app maker could be announced as soon as Monday, said the person, who declined to be identified because the details are not yet public. TechCrunch earlier reported the takeover, adding that it could value Shazam at about 300 million pounds ($404 million).

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Social Welfare Director Arrested Over R5m Theft

One of the directors of a social welfare organisation doing business with the Gauteng government has been arrested following the alleged theft of more than R5million meant for the rehabilitation of drug addicts in the province. Nomawethu Kunene, who is a director of Are Ageng Social Services, was arrested in a police trap in Pretoria on Friday following intense police crime intelligence surveillance. The arrest came after a criminal case of theft was reported at the Randfontein police station in November last year, after the owner of Are Ageng made a report to senior officials of the Gauteng Department of Social Development that their bank account was hacked and an amount of more than R5m had been stolen.

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SA Banks Could Freeze Exiled Zimbabweans Accounts

After months of uncertainty surrounding their stay in South Africa as their permits neared expiry, thousands of Zimbabwean nationals in the country are now contending with threats by local banks to freeze their accounts by end of the month when the permits elapse. Some 250 000 holders of the Zimbabwean Special Dispensation Permit (ZSP), who are among millions that have fled economic and political crises to the neighbouring South Africa, are in panic mode as none of the new permits would be issued by December 31.

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Youtuber Made $16.5Million This Year

You may not see Daniel Middleton walking down a red carpet, but he is a celebrity in a league of his own. With nearly 17 million followers, a world tour that included four sold-out nights at the Sydney Opera House and over 11 billion views on YouTube, gamer DanTDM, as he is known to his fans, ranks as the world’s highest-paid YouTube star of 2017 with $16.5 million—the highest came of any YouTube star since Forbes started keeping track in 2015. The rising stars on YouTube may spend most of their time in pixelated worlds, but make no mistake, they’re collecting millions of dollars in cold, hard cash. For the first time, nearly half of those on our annual list are gamers. Viewers flock to their channels to watch them play the latest titles while delivering pithy commentary. Six of the 10 celebs on the ranking are newcomers, who entertain with videos of stunts, children unwrapping toys and, in DanTDM’s case, Minecraft streams. Combined, the world’s 10 highest-paid YouTube stars earned $127 million between June 1, 2016 and June 1, 2017, before management fees and taxes.

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Currencies: Bitcoin R248,949. Ether R6,906. R/USD13.65 . R/GBP18.24 . R/EUR16.07

DaVinci Painting Sells For Record $450.3m

That was the reaction of mega art dealer Larry Gagosian after a rediscovered painting by Leonardo da Vinci became the most expensive work ever sold, soaring to $450.3m (almost R6.5bn) at a Christie’s auction in New York on Wednesday.

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McKinsey Will Repay Eskom Money

Global consultancy firm McKinsey has set aside the R1bn that Eskom has demanded that it repay and was keen to do so, the head of the firm’s public and social sector practice, David Fine, said on Wednesday. Fine was giving evidence at the inquiry into state capture held by Parliament’s public enterprises portfolio committee. The money was paid for McKinsey’s work on a turnaround plan, but the Treasury had not approved the contract. “McKinsey does not want any tainted money. We went into a relationship with Eskom in good faith,” Fine said.

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Bitcoin Soaring In Zimbabwe After Coup

Demand for Bitcoin in Zimbabwe has surged amid a shortage of hard currency. Golix processed more than $1 million of transactions in the past 30 days, compared with turnover of $100,000 for the whole of 2016, according to data on the exchange’s website. Zimbabwe doesn’t have its own currency, with the government adopting the US dollar and South African rand, among others, as legal tender in 2009 after hyperinflation rendered the local dollar worthless.

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Eskom Set To Make Massive Losses

The low electricity price increase granted by energy regulator Nersa for the 2016/17 financial year, coupled with declining sales volumes, rising costs and debtor payment challenges, are all working to put Eskom’s revenue, cash flow and bottom line under severe pressure. As a result, the Eskom Group profit of R6.38bn for the six-month period ending 30 September 2017 is projected to reflect a loss of some R3.55bn by financial year-end.

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Naspers Hits record High

Tencent sales for the quarter were 65.2 billion yuan ($9.8 billion), compared to analyst expectations for 61 billion yuan. Net income surged 69 percent to 18 billion yuan, also blowing past projections for 15.8 billion yuan. Tencent’s shares closed 1.3 percent lower, before earnings were announced. Naspers Ltd., a major stockholder in the company, climbed as much as 4.1 percent to a record high in Johannesburg.

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MTN To Introduce Biometric Security

Cellphone service MTN has announced it is today introducing “an industry-first biometric system” to protect its customers against ID theft. The biometrics will be used to authenticate the identity of post-paid subscribers when they undertake a range of transactions‚ including applying for a new contract or an additional SIM‚ performing an upgrade or SIM swap and loading of chargeable value added services.

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Currencies : Bitcoin – R112,999 . Rand/USD 14.39 . Rand/GBP 18.91 . Rand/EUR 16.94

Military Coup In Zimbabwe

Soldiers deployed across the Zimbabwe capital Harare and seized the state broadcaster on Wednesday after 93-year-old President Robert Mugabe’s ruling Zanu (PF) party accused the head of the military of treason, prompting frenzied speculation of a coup. Since then, the army has taken control of the national broadcaster, arrested senior politicians and those in Mugabe’s inner circle and former vice president Emmerson Mnangagwa has returned to the country.

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Eskom Employees Reveal Lynn Browne Lies

Public Enterprises Minister Lynne Brown came under scathing attack on Tuesday from an Eskom GM, who accused her of being incompetent, a liar and captured by the Guptas.

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Water Departments R30Million Bonuses

Minister of Water and Sanitation Nomvula Mokonyane has admitted that her department paid out R30-million worth of bonuses to its employees‚ despite the department being found wanting in the management of its financial books. In a reply to a written question from Democratic Alliance MP Anchen Dreyer‚ Mokonyane said 1.5% of the total provision for salaries was allocated towards performance reviews. She said 1‚959 officials between salary levels 1 and 12 got the bulk of the R30-million in performance bonuses. Two officials in salary levels 13 and 14 got a bonus of R58‚092.82 and R69‚069.60 respectively.

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Senior Eskom Boss Resigns Over State Corruption Allegations

France Hlakudi, a senior manager at the centre of allegations of corruption at Eskom’s Kusile power station in Mpumalanga, has resigned with immediate effect, Eskom confirmed yesterday. Eskom said Hlakudi resigned on Monday, leaving the troubled power utility under a cloud. His resignation could have far reaching implications for suspended executive Matshela Koko’s ongoing disciplinary process as he is one of the witnesses the power utility has lined up. As a former employee, he has no obligation to participate in the hearings.

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SA Debt Soars

National Treasury had no trouble selling a record amount of debt at its weekly fixed-rate auction on Tuesday. The sale attracted bids of R10.9bn for the R3.3bn of notes of four maturities, with clearing yields on all four bonds jumping. Securities maturing in 2044 were the most popular, with demand of four times the amount on offer. The clearing yield of 10.405%, however, was 46 basis points higher than when the notes were last sold on October 17.

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Application To have SA Express Liquidated Withdrawn

The threat of state-owned airline SA Express being liquidated has been removed as the complainant‚ Solenta Aviation‚ has withdrawn its application for liquidation. Instead SA Express and Solenta have agreed to deal with their dispute by means of arbitration. Solenta brought the application in the Gauteng High Court in June with SA Express giving notice that it would oppose it. The application arose from the non-payment by SAExpress of monies allegedly owed to Solenta.

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Currencies : Bitcoin R106,772 . Rand/USD 14.38 . Rand/GBP 18.89 . Rand/EUR 16.99

 

S A Companies Implicated In Tax Leak

High-profile South Africans and local institutions including Shanduka, Glencore and Standard Bank are flagged in the biggest tax leak since the Panama Papers, which is set to cause ripples among many who have stashed their wealth in offshore tax havens.

This leak — dubbed the Paradise Papers — highlights damning cases of tax abuse and questionable practices involving multinational companies, politicians, celebrities, wealthy executives and royals. It includes previously hidden details of corporate registries from countries infamous for ensuring high levels of secrecy.

Source: https://goo.gl/J6niF3

Avian Flu Outbreak Affects KFC Sales

KFC is one of the hard hit retailers and their popular Zinger and Dunked wings have been temporarily out of stock at a number of outlets. KFC Africa spokesperson Thanisa Mkhwanasi said the wing shortages in some areas were a direct result of the outbreak of avian influenza. “KFC South Africa can confirm that KFC restaurants, together with the broader industry, are experiencing a shortage of wings in some areas due to the impact of the outbreak of avian influenza (AI) on bird availability.

Source: https://goo.gl/jUucjj

Suadi Arabia Arrests Princes And Officials In Anti-Corruption Drive

In just a few hours, security forces arrested princes, billionaires, ministers and former top officials as soon as King Salman announced a sweeping anti-corruption drive. Those detained included billionaire Prince Alwaleed bin Talal, who was picked up at his desert camp outside Riyadh, according to a senior Saudi official. Before midnight, the suspects’ names were already being leaked to local media, first as initials and later in full.

The king also relieved Prince Miteb bin Abdullah from his post as head of the powerful National Guard. The decision removed one of the last senior royals to have survived a series of cabinet shuffles that promoted allies of his son.

Source: https://goo.gl/eqAe71

Eskom Manager Received R20m For Kusile Tender

An Eskom contract manager allegedly received R20 million as a bribe to ensure Tubular Construction Projects got a large tender at the Kusile project, stated the Rapport. According to the report, the money has been in the account of Hlakudi Translation and Interpretation CC since 2015. France Hlakudi, an Eskom contract manager for the Medupi and Kusile projects, is the only member of the closed corporation. He denies there are any irregularities.

Source: https://goo.gl/GP5DKH

Around 300 Take On Banks In Home Repossession Claim

A joinder application seeking permission for 70 new applicants to join a class action suit against the nation’s largest banks and home loan providers has been filed with the Constitutional Court. The application brings the number of people seeking to participate in the civil claim against the likes of Nedbank, Absa, FirstRand, Standard Bank, Changing Tides 12 – a trustee of the SA Home Loans Guarantee Trust – and Investec, to around 300.

This, after an application was filed by Advocate Douglas Shaw in August, to establish whether South Africa’s current law of sale in execution – whereby properties are sold at a public auction held by a Sheriff of the Court so as to recover home loan repayments that are in arrears – is constitutional.

Source: https://goo.gl/zv6nJx

A Simple Guide To Bitcoin Forks And Why They Happen

Right now people keep hearing about the pending fork scheduled for on or around the 16th of November. Because software forks and blockchain splits can be a confusing subject, we want to explain just what a fork is and what it means for all the network participants involved. If you are just getting involved in cryptocurrencies, and you’ve done a little research, you might have read about the great scaling debate and the topic of forks recently. Forks represent changes to the bitcoin protocol that make previous rules valid or invalid. Cryptocurrency forks are merely protocol upgrades, and there are two types of blockchain forks that bitcoin enthusiasts refer to

Source: https://goo.gl/wuF1go

Currencies: Bitcoin: R115,898 – Rand/USD 14.24 – Rand/GBP 18.56 – Rand/EUR 16.51