What is 'Bitcoin'. Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government issued currencies. There are no physical Bitcoins, only balances associated with public and private keys.
The Minister of Finance predict that the budget deficit would be cut to 3.9% in 2015/2016 and 2.5% in 2016/2017. Despite steady economic growth, the average South Africanâs disposable income is declining as consumersâ battle higher high debt levels and increases to administered prices.
Zuma currently rakes in R3.3m in total â including several allowances. The president takes home almost R2.9m. There was no increase in the presidentâs salary this year. In 2018â howeverâ the presidential package is projected to grow to R3.4m and to R3.6m in 2018-19.