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More people around the world are becoming interested in cryptocurrencies. Many South Africans have not purchased cryptocurrency because they do not know where to buy, or how to buy them locally in South Africa.
You can buy bitcoins on one of our local South African bitcoin exchanges. Transfer funds from major South African bank accounts to the exchange, and once the funds have cleared, you can trade the ZAR for bitcoin. You can also buy bitcoins in South Africa by doing face to face trades with sellers who prefer to meet in person with localbitcoins.com. You'll need a Bitcoin wallet before you buy since some exchanges require one.
Investing in Bitcoin is simpler than you may think, with very few steps involved. If you are one of those who are still unfamiliar with the currency, you don't have to purchase Bitcoin as a single, whole unit but can do so in fragments.
South Africans can start investing in Bitcoin from as little as R10.
Luno.com: is a Bitcoin company headquartered in London with operations in Indonesia, Malaysia, Nigeria, South Africa the United Kingdom and 35 other European countries. Luno facilitates Bitcoin storage and transactions such as buying, selling and paying through their Bitcoin wallet services. Luno accept a deposit from your bank account, and once the funds have cleared, you can purchase and trade bitcoins. Buying bitcoin from an exchange is the safest and most secure way to buy bitcoin when you are starting out.
WEBSITE: www.luno.com
PROS:
- One of the most trusted Bitcoin exchanges in Asia
- Free deposits and low withdrawal fees
- Low fees; 0% for market makers and only 0% - 1% for market takers (depending on fiat currency)
- High to infinite limits for exchange, depending on verification level
CONS:
- Users should not store bitcoins in Luno's wallet service
- Limited deposit options, usually only bank transfer, and no credit/debit card options
MORE ABOUT BITCOIN
Discover the core concepts of Bitcoin. A great place to get started on your journey into the world of digital currencies.
What is bitcoin
Bitcoin is a form of digital currency, it is decentralised, and created and held electronically. No one controls it. Bitcoins aren’t printed, like Rand, dollars or euros – they’re produced by lots of people running computers all around the world, using software that solves mathematical problems. These people and their computers are called ‘bitcoin miners’. It’s the first example of a growing category of money known as cryptocurrency.
What makes it different from regular currencies?
Bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Some important features
Fast transactions
You can send money anywhere and it will arrive minutes later, as soon as the bitcoin network processes the payment.
Transparent transactions
Bitcoin stores details of every single transaction that ever happened in the network in a huge version of a general ledger, called the blockchain. The blockchain tells all. If you have a publicly used bitcoin address, anyone can tell how many bitcoins are stored at that address. They just don’t know that it’s yours. There are measures that people can take to make their activities more opaque on the bitcoin network, though, such as not using the same bitcoin addresses consistently, and not transferring lots of bitcoin to a single address.
Bitcoin is decentrilized
The bitcoin network isn’t controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together. That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s bitcoins away from them, as the Central European Bank decided to do in Cyprus in early 2013. And if some part of the network goes offline for some reason, the money keeps on flowing.
Easy to setup
Conventional banks make you jump through hoops simply to open a bank account. Setting up merchant accounts for payment is another Kafkaesque task, beset by bureaucracy. However, you can set up a bitcoin address in seconds, no questions asked, and with no fees payable.
*Bitcoin is a highly volatile currency, and #RetireWithCokes cannot be held liable for financial losses by users.
*Bitcoin is a highly volatile currency, and #RetireWithCokes cannot be held liable for financial losses by users.