Bitcoin trading South Africa admin T+ Welcome to Online Trading, we offer the Best Online Trading Advice Today will be focused more on Bitcoin trading. We are going to Focus on what is Bitcoin and why is bitcoin worth so much money in South Africa . Jan 30, · If you are looking to trade bitcoin in South Africa, you can do it in 2 ways. First, you can buy bitcoin directly through an exchange, store it in a BTC wallet & wait for the Bitcoin’s price to rise, then sell it later when bitcoin is at a higher price to make a profit. Apr 22, · A bitcoin exchange is a website that facilitates the process of exchanging your Rand for bitcoin with other users. If you want to invest in bitcoin, the best place to do that is at a bitcoin exchange. Please read our page on where to buy bitcoin in South Africa.
South african bitcoin tradeBitcoin South Africa - Learn about bitcoin in South Africa
Some people might keep Kruger Rands in a safe as an investment, while other keep bitcoin wallets. The simplest way that the average person can invest in Bitcoin is to buy some on a bitcoin exchange. Bitcoin works the same way…you do not need to buy a whole entire bitcoin, you can buy bitcoin to the value of the amount you would like to spend.
If you want to buy bitcoin to the value of R, R, or even R1 million, you can do that. There is no real minimum amount when it comes to bitcoin, but to see any real return on your investment, you should invest enough to make it worth your while. Since the price of bitcoin is volatile, it is not recommended to invest money that you will need desperately in the foreseeable future.
Most people agree that to see the best benefits, a bitcoin investment should be considered a long term investment. The bitcoin price volatility has been steadily decreasing over the last few years, but even so, a single large investment into bitcoin is not always the best choice, often it can be wiser to invest a smaller amount at regular intervals. They do this by buying fixed amounts of bitcoin on a regular schedule, regardless of what the price is on the day.
So as an example, you might buy R worth of bitcoin, regardless of price of bitcoin, on the first day of every month. This would mean that you would purchase more bitcoin when the price goes lower and less bitcoin when the price goes high, but always the same fixed currency amount that you have decided on.
Nobody can predict the future, and since bitcoin trades like a commodity, it is possible for you to make a great profit, or a huge loss, depending on when you buy and sell your bitcoin. There is no spreadsheet or table of earnings with bitcoin, or any monthly income from investing in bitcoin. Beware of any website that offers you guaranteed profits, tables with profits or a monthly income from investing!
Just like if you buy some gold for an investment, there is no monthly income from that, or table predicting your profit. The market prices change based on supply and demand, and your profit will depend on when and at what price you buy and sell your bitcoin. Beware any bitcoin system or website offering guaranteed returns, it is more than likely a scam or ponzi scheme, stay away!
A bitcoin exchange is a website that facilitates the process of exchanging your Rand for bitcoin with other users. If you want to invest in bitcoin, the best place to do that is at a bitcoin exchange. Please read our page on where to buy bitcoin in South Africa. On a bitcoin exchange you are not actually buying the bitcoin from the exchange itself, you are instead trading with other users such as yourself, who are putting their bitcoin up for sale.
The exchange acts as a middleman, ensuring that sellers get their Rand, and buyers get their bitcoin. You cannot get scammed by another bitcoin trader on a bitcoin exchange, you do not know who you are trading with, and have zero communication with the other traders.
Bitcoin exchanges such as Luno allow you to deposit fiat funds from a bank account into a Bitcoin wallet to transact in the digital currency. Bitcoin exchanges are regarded as the safest and most secure way to buy and sell Bitcoin and other cryptocurrencies such as Ethereum. You still need to go through a reputable Bitcoin exchange such as Luno where you add your card details in the system and transfer money electronically once the card details have been verified.
Credit card fees apply which makes it a slightly more expensive way to buy Bitcoin. There are not many BTMs in South Africa currently but they are available in some of the major cities. This is a vending machine that works in much the same was as an ATM. Bitcoin is growing in popularity as a payment method for goods sold and services rendered. Money owed is paid into a Bitcoin wallet which you obtain through a reputable exchange such as Luno.
The most popular payment gateway provider for Bitcoin transactions is PayFast. This facility allows people to pay in Bitcoin which is then converted to Rands.
There are a few reputable cryptocurrency platforms that provide you with the opportunity to connect with people who are buying and selling Bitcoin privately. You can trade through a reputable website or meet in person and pay cash for the purchase. Be careful of falling victim to a Bitcoin scam. Many South Africans have got into the complex process of mining Bitcoin.
This is largely done through Bitcoin syndicates as massive investment in the processing technology is required for Bitcoin mining. Bitcoin mining involves securing the network and verifying transactions and successful miners are paid in Bitcoin. You might also like: What is forex trading? The two oldest exchanges in South Africa that have stood the test of time and can be trusted with Bitcoin transactions are Luno and ice3X IceCubed.
Both exchanges accept deposits from your bank account or card payments. Once the funds are cleared, you can immediately buy or sell Bitcoin through the exchange. Any customer who is registered with PayFast payfast. At this stage, you can use a BTM to deposit funds in your digital account but you can use it to withdraw funds.
Luno regularly updates its list of merchants in South Africa that accept Bitcoin as a method of payment. You can see from the diverse spread of merchants that Bitcoin is becoming more widely accepted in South Africa for regular transactions. Other large online shopping sites have followed in its lead.
Luno is a digital platform where you can buy, sell, store and trade Bitcoin and Ethereum. Through Luno, you can buy Bitcoin using fiat money electronically transferred from your bank account and you can sell your Bitcoin and transfer the money directly to your bank account. Sign up for a free Luno Wallet via the web, iOS or Android and follow easy instructions to register, set up your profile and redeem the promo code.
Input the latter and then go to your email inbox to pick up a confirmation email sent to you by Luno. Complete the steps by adding your details. This involves submitting digital copies of your ID, proof of residence and bank statement.
When your personal details have been verified by Luno, your account will be upgraded from Level 0 to Level 1, 2 or 3 depending on the deposit and withdrawal level you specify. When your account has been verified, you are able to immediately deposit money into the account and buy Bitcoin.
When your deposit has cleared in your Luno account, it will show up in the digital wallet. A reference number will appear on the screen. You need this reference number as well as the Luno banking details to proceed with making a deposit.
Use the Luno banking account and reference number beneficiary reference to do an electronic transfer from your regular bank account to your Luno bank account. The funds you transfer will appear in your Bitcoin wallet once they have been cleared. This usually takes 2 working days. Once the funds appear in you Bitcoin wallet, you can buy Bitcoin. However, there is a fee for this facility so it does cost you more. When you have confirmed the transaction, your Bitcoin and ZAR balance will be updated.
If the friend s you sent the link to registers an account with Luno, you are rewarded in Bitcoins. You can generate as many Bitcoin wallet addresses on Luno as you want.
Follow these simple steps to obtain a Bitcoin wallet which you need to buy, sell, store and transact the digital currency. A BTC address is a string of letters and numbers that identifies your Bitcoin wallet. It begins with either a 1 or a 3 and is case sensitive.
This is the address you provide people who transact using Bitcoin. South Africa has adopted Bitcoin as an alternative currency on an impressive scale. In particular, one that is not heavily regulated and can be transacted instantaneously. In fact, Africa as a whole has taken a big interest in Bitcoin as well as other popular cryptocurrencies such as Ethereum and Litecoin.