Buying with bitcoin in south africa

How To Buy Bitcoin In South Africa

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With bitcoin gaining popularity, value and legitimacy around the world, many believe it could change the game in Afrika. So how do you actually buy bitcoin? This question has lots of answers and the most suitable method for you can change. Every year interest in bitcoin is growing. What started as an experiment is now a viable currency and a great option for investors. The bitcoin market is less established in Africa compared to countries such as the US or Europe.

This means there are fewer options available and less information on how to keep your money safe. The history of bitcoin is littered with scandals and security breaches. Exchange platforms have been hacked and companies have stolen users funds.

The bitcoin technology itself is secure, but the companies and third parties managing funds are subject to theft and fraud. This means you need to be very careful when choosing where to buy and store your bitcoins.

Your best bet is to buying with bitcoin in south africa companies with a good reputation, and solid security features. Once you have bought your bitcoins, be sure to transfer them to your own wallet. Bitcoin exchanges are the buying with bitcoin in south africa place to buy and sell. You can use many of them just like you would use a regular bank. Many countries have a local bitcoin exchange that residents can use. If not, then there are a few great international companies that make it easy to buy bitcoins from almost anywhere.

The safest way to buy bitcoins is by using the larger international exchange platforms. Because the industry buying with bitcoin in south africa so unregulated, it is possible for a company to just run away with your money.

Reputation is the most important factor when choosing a company to buy bitcoins from. Until recently, it was impossible to buy bitcoins with a credit card. People could buy bitcoins, then call the credit card company and ask for a chargeback. As it is difficult for sellers to prove the bitcoins were sent, they would be forced to refund even after the bitcoins were sent.

IO is one of the largest and most trusted international bitcoin exchanges. You can buy, sell, and invest in bitcoin from across the globe, including GBP, which are rarely traded elsewhere. Paypal is an extremely convenient way of making online payments. Unfortunately, you cannot buy bitcoin directly with Paypal.

It is too risky for the seller because of the chargeback problem again and it is actually banned by Paypal. Due to the high risks, bitcoin exchanges, working with the Paypal, have higher transaction fees. There is a workaround, however. They have more info on their FAQ page. If you live in South Africa, Nigeria, or Kenya, you may be able to buy bitcoins directly through buying with bitcoin in south africa bank transfer. This is a very popular method around the world, as it can be cheap and relatively safe.

Luno used to be BitX. Luno can so far be used from South Africa, Nigeria and Kenya. Ice3X is a South African based company that also runs in Nigeria. For news on bitcoin in South Africa, check out https: The most universal method of buying bitcoins is peer-to-peer. This makes sense, as bitcoin is a peer-to-peer technology.

When buying bitcoins this way, it is essential to use an escrow service. This is a third party that will act as a mediator to ensure the transaction is successful.

By far the most popular choice is a site called Localbitcoins. Localbitcoins is an online marketplace where bitcoin buyers can meet bitcoin sellers. You can pay with almost any method, and there are no set buying with bitcoin in south africa or rules for making transactions. Just go to the site, sign up, find a seller and start buying. The best way to do this is to store them in your own wallet. Many people choose to use bitcoin for privacy reasons.

Using credit cards and bank transfers with inevitably leave a paper trail of your transactions. If you are worried about this you will want to try one buying with bitcoin in south africa the more private methods, such as paying with cash. Bitcoin exchanges can get hacked, or new laws can change the way sellers act. This is especially true in Africa. With lots of new investment and new laws, the bitcoin environment changes quickly.

To make sure you are safe and getting the best possible deal, you need to stay up-to-date. Bitcoin in Afrika Every year interest in bitcoin is growing. Caution The history of bitcoin is littered with scandals and security breaches. Considerations There are many ways to buy bitcoins. The best method for you depends on a buying with bitcoin in south africa questions.

Where do you live? How much bitcoin do you need? How quickly do you want them? What payment methods are available to you? How important is anonymity? The answers will help you decide the most suitable way to buy bitcoin. Bitcoin Exchanges Bitcoin exchanges are the easiest place to buy and sell.

Luckily for us, a few exchange platforms have solved this problem. Paypal Paypal is an extremely convenient way of making online payments. Local Exchanges bank transfer If you live in South Africa, Nigeria, or Kenya, you may be able to buy bitcoins directly through a bank transfer. There are two major players in this market. Buying with bitcoin in south africa Trading all payment methods The most universal method buying with bitcoin in south africa buying bitcoins is peer-to-peer.

Anonymity and Privacy Many people choose to use bitcoin for privacy reasons.

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No single person, company or government controls it. Bitcoin is stored in a Bitcoin wallet and can be sent between different wallets, anywhere in the world, in a matter of seconds not days and for a few cents not hundreds of rand.

In some ways, Bitcoin is just another currency: Bitcoin can easily be sent to a wallet across the room or across the world. Since it is sent peer-to-peer, there are no third parties or borders to restrict the transaction. Bitcoin can be bought and sold for local currencies also known as fiat currency in almost every country in the world. The transaction fees levied by card processors for transactions and the settlement fees charged by banks for international transfers are significantly higher than fees for sending bitcoin.

These costs are passed down to the consumer. It takes one to two days to receive a bank payment from a different bank, two to five days for a merchant to receive funds from a credit card transaction and up to a week or more for international bank transfers. Bitcoin transactions are instantly sent and usually confirmed in under 30 minutes, from and to anywhere in the world. When you want to receive a payment, you simply provide the sender with your Bitcoin wallet address.

This address is a receive-only address: All Bitcoin transactions that have ever happened are recorded in a ledger known as the Blockchain. If someone uses a stolen credit card at your store, the owner of the stolen card can simply reverse the charges with their bank a process known as a chargeback.

There are many people who believe the price will go up ten, hundred or thousandfold in the next few years. Only time will tell, but the momentum, increased transaction rate of people using it, banks and companies investing in Bitcoin and Blockchain are all very good indicators.

This is the number one use for Bitcoin at the moment. Bitcoin attracts a lot of trading activity when there is increased volatility. You might choose to pay with Bitcoin since it is usually faster and more convenient than credit cards. There are thousands of merchants in South Africa and across the world that accept Bitcoin. Bitcoin is a great way to discreetly pay for legal but sensitive things.

Due to the fixed costs involved with credit cards and most types of banking, it has thus far been nearly impossible to pay small amounts of money for things like digital content.

With Bitcoin you can send fractions cents, unlocking many new use cases. Only for advanced users. They can be compared to something like Gmail: This is for advanced users only, but a Bitcoin wallet simply consists of a Bitcoin address and a private key.

Hardware wallets are dedicated devices to store your Bitcoin addresses and private keys. Many people use LocalBitcoins , a site that connects local buyers and sellers, where you pay via bank transfer or meet up in person and trade in cash. There are two Bitcoin exchanges in South Africa: Luno is a really impressive Bitcoin company, and not just by local standards.

You can buy Bitcoin from Luno via their website or their smartphone app. We highly recommend using them if you want to get set up with Bitcoin in a fast and easy-to-understand manner.

Never put all your eggs in once basket. Many people are overwhelmed by the high price of Bitcoin. I recommend starting with a few hundred or thousand rand, just to get the hang of it. Bitcoin is really volatile high up-and-down swings in the exchange rate. There are however unique characteristics to Bitcoin that you should know: Bitcoin is Global Bitcoin can easily be sent to a wallet across the room or across the world.

Bitcoin is Cheap The transaction fees levied by card processors for transactions and the settlement fees charged by banks for international transfers are significantly higher than fees for sending bitcoin. Bitcoin is Fast It takes one to two days to receive a bank payment from a different bank, two to five days for a merchant to receive funds from a credit card transaction and up to a week or more for international bank transfers.

Bitcoin is Transparent All Bitcoin transactions that have ever happened are recorded in a ledger known as the Blockchain. Bitcoin is Irreversible If someone uses a stolen credit card at your store, the owner of the stolen card can simply reverse the charges with their bank a process known as a chargeback. What is Bitcoin used for? Speculation This is the number one use for Bitcoin at the moment. Trading Bitcoin attracts a lot of trading activity when there is increased volatility.

E-commerce transactions You might choose to pay with Bitcoin since it is usually faster and more convenient than credit cards. Low-value payments Due to the fixed costs involved with credit cards and most types of banking, it has thus far been nearly impossible to pay small amounts of money for things like digital content.

There are different types of Bitcoin wallets. Suggested wallets Luno hybrid: Luno Luno is a really impressive Bitcoin company, and not just by local standards.

They also have a very impressive exchange for more advanced traders. Start small Many people are overwhelmed by the high price of Bitcoin.

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