Bitcoin Trading In South Africa

bitcoin

Cryptocurrency, as it is known worldwide, is the new trend of investment and a very profitable one at that if done right. Cryptocurrency Trading in South Africa is currently unregulated while the government is working on a new regulatory system to regulate and control digital currency transactions. Bitcoin trading is legal in South Africa and could be done in any part of the country.

WHAT IS BITCOIN?

BITCOIN is a digital currency produced in 2009 that uses peer-to-peer technology. It follows the ideas set out by the mysterious Satoshi Nakamoto. Bitcoin is a decentralized system that records transactions in a distributed ledger called a blockchain. In a simple term, BITCOIN is a cryptocurrency, a digital currency that store value or act as a payment network.

BITCOIN TRADING:

BITCOIN TRADING means the buying and selling of bitcoin for most people in the bitcoin network. Bitcoin owners mostly purchase their cryptocurrency through a bitcoin exchange. Most bitcoin exchange is an online platform that helps in bitcoin trading and other digital currency. Examples of such platforms are Luno, Binance, Coinbase, eToro, Crypto.com, etc

South Africans are embracing cryptocurrency, especially the bitcoin trade, even though their financial regulation has announced its intention to bring the cryptocurrency market under control for regulation due to the recent Ponzi schemes and bitcoin scam going on in the country. The art of bitcoin trading is done individually by the person willing to buy and sell through a platform or privately. Bitcoin is slowly being accepted by vendors, traders, and entrepreneurs in South Africa as a means of payment and it is still far off for daily use like cash

The most trustworthy crypto exchange platform in South Africa that have been tested and are reliable with bitcoin trading are Luno, Binance, Coinbase, etc. These exchange platforms accept deposits from your bank account or card payments. Once the money is confirmed, you can buy or sell bitcoins through the exchange immediately. 

Bitcoin Trading also known as Bitcoin exchange or the buying and selling of bitcoin in South Africa could be done in different ways, which are

  • Buying bitcoin with your debit and credit card; It is now possible in South Africa to purchase bitcoin using your card, but you still have to go to a trustworthy and reliable bitcoin exchange (network channel), such as Luno, Coinbase, etc. All you have to do is add your card details to the system network and transfer money virtually. Once the transaction detail is verified, your bitcoin will be waiting for you in your account. Please note that a credit card fee applied might make this way of buying bitcoin expensive.
  • Joining a bitcoin trading community; Few trustworthy cryptocurrency platforms can provide you with the opportunity to connect with people who are trading bitcoin. You can buy and sell bitcoin in this kind of community following their rules. These could be risky, so be careful of falling into a scam or any Ponzi scheme.
  • Bitcoin Mining; Mining of bitcoin might be complex, yet many South Africans have shown interest in mining bitcoin. This is largely done by the syndicate as massive investment in the processing technology is required for bitcoin mining, but it is highly profitable.

CONCLUSION

To conclude our article on Bitcoin Trading in South Africa, it is better to research the bitcoin exchange to decide on a platform simpler for you to operate. Don’t forget to check the reviews to choose a bitcoin trading platform that is trustworthy and reliable.

If you are planning to buy and sell cryptocurrencies, make sure to withdraw your profits to a reputable bitcoin wallet for safe-keeping. It is the best method to protect your crypto investment.