Bitcoin is a form of digital currency that is becoming increasingly popular across the world. The cryptocurrency allows users to trade anonymously and avoid the hassles that may come with sharing credit card information. No single entity owns the Bitcoin network and it has a public ledger called “the blockchain”. Transactions typically take 30 minutes to an hour to be confirmed.
While Bitcoin is becoming more popular all over the world, not much information is available on how to buy the currency locally.
Some financial institutions are offering options to pay using Bitcoin, but many consumers are still in the dark when it comes to buying the cryptocurrency.
Here’s how to buy Bitcoin in South Africa:
There are three main ways to buy Bitcoin in South Africa. You could buy them directly from someone who wants to buy them. Or you could buy them on the BitX Bitcoin exchange. Alternatively, you could buy them from someone advertising on LocalBitcoins.com.
If you opt for the first option, it’s essential that you know what you’re doing, so that you don’t get cheated. You need to take the time out to make sure that you’re well-versed on the ins and outs of Bitcoin trading.
Another popular way to buy Bitcoin in South Africa is through an exchange service like BitX. Using this option may be easier and cheaper. All you need to do is register an account and submit your FICA documentation. You’ll then need to transfer your Rands into your account.
Place an order to buy Bitcoins then wait for a seller to sell at the price you are offering to buy.
If you choose to use LocalBitcoins.com you can simply make an electronic transfer whenever you want to buy bitcoins.
Keep in mind that the exchange rate can go up and down very quickly.