How to Buy Bitcoin (BTC) in South Africa?
If you’re looking for information about how to buy Bitcoin in South Africa, you are definitely not alone. It is reported that 16% of people.
If you’re looking for information about how to buy Bitcoin in South Africa, you are definitely not alone. It is reported that 16% of people in South Africa already own or use cryptocurrency.
And the same report ranks South Africa as having one of the world’s highest rates of personal Bitcoin ownership too, with over 10% of the population reporting to have owned Bitcoin or other cryptocurrencies.
As a result, it’s understandable enough if more and more South Africans are seeking for help, guidance, or the best way for them to buy Bitcoin, legally, in the country.
Because while the number of its users are rising, there’s still a lot of confusion around it. Now, in response to those confusions, we will tell you how to buy Bitcoin in South Africa, and everything else about it.
What is Bitcoin (BTC)?
Bitcoin is the world’s first cryptocurrency, a decentralised form of digital money that eliminates the need for traditional intermediaries such as banks and governments to conduct financial transactions.
Basically, Bitcoin (also known as “BTC”) is an innovative payment network and a new type of money.
At the end of January 2019, Bitcoin was worth just approximately $3,483 USD. On the day this was written, It is priced at $9755 USD.
How does Bitcoin work?
Each Bitcoin is basically a computer file stored in the ‘digital wallet’ application on a smartphone or computer.
People can send Bitcoin or part of it (BTC has 8 decimal places) to your digital cryptocurrency wallet, and you also can send BTC to other people.
To understand how Bitcoin works, it will help to understand these terms and a little context :
- Blockchain technology
Bitcoin is supported by an open-source code known as the blockchain technology, which creates a shared public ledger. Transactions get included a “block” that is “chained” to the other blocks, making a permanent record of each transaction. Blockchain technology is at the heart of more than 5000 cryptocurrencies that follows the rise of Bitcoin.
- Private and public keys
A Bitcoin wallet contains a public key and a private key, which work together to enable the owner to initiate and sign transactions digitally, providing proof of authorization.
- Bitcoin miners
Miners or members of the peer-to-peer network then independently confirm transactions using high-speed computers, usually in 10 minutes. Miners are paid in BTC for their efforts from the fees paid by senders of Bitcoin.
The value of Bitcoin follows the laws of supply and demand and because demand continues to increase, there is a lot of volatility in cryptocurrency prices.
The records of all BTC transactions that are constantly updated by this decentralised supercomputer is known as the blockchain. This makes it possible to track the history of Bitcoin to stop people from spending coins that don’t belong to them, make copies or cancel transactions.
Learn more: What is Bitcoin (BTC)? How Does it Work?
Is Bitcoin legal?
Bitcoin has stood firm in the media spotlight for the past few years. Just like other innovative ideas, even when Bitcoin loses relevance, cryptocurrency has shown: there are viable alternatives to institutionally supported internet transactions.
Daily Bitcoin transactions exceed 300,000. The number of transactions has increased while the price of BTC has remained relatively stable in the short term, indicating a steady growth trend.
More and more of the top global companies such as Amazon, Microsoft, BP, Citigroup, Coinbase, Facebook, Fidelity, Google, IBM are using blockchain in their businesses.
Top technology companies like Amazon are accepting bitcoin as a payment mechanism and others such as Facebook are creating their own cryptocurrencies.
Criminal activity and the use of Bitcoin on the black market on the “Deep Web” remains a serious concern for federal law enforcement agencies. The popularity of BTC makes it an attractive alternative for criminals who previously relied entirely on cash and unruly banks.
In this case, technological innovation, when made with a political agenda, tends to be libertarian; the newest application and software development has strengthened the capability of anonymizing Bitcoin (Dark Wallet is a prime example).
Innovations in technology will continue to have an impact on the ability of governments to regulate Bitcoin and other virtual currencies and ultimately influence their policy decisions in the future.
Although many are looking for Bitcoin to avoid government regulation fees, the high level of criminal activity through BTC makes regulation unavoidable.
In the past two years, the US government has recognized BTC as property and began to regulate it as a property that is vulnerable to exploitation. By registering companies that use Bitcoin, the government hopes to make criminal activities more difficult.
Why do South Africans buy Bitcoin?
Bitcoin isn’t just the world’s most popular digital currency. As well as this, Bitcoin is South Africa’s best-performing investment asset of the past decade.
If you bought $5 worth of Bitcoin in 2010, that $5 investment today would be worth over $14 million. However, people in South Africa don’t just buy Bitcoin to invest.
- Bitcoin is used to send money anywhere in the world instantly, with no need for paying banks high fees to process transactions;
- Entrepreneurs are using Bitcoin in Africa, to buy goods from overseas, without asset prices being affected by the falling value of local currencies like the South African rand.
- Many South Africans use Bitcoin to protect retirement savings from falling in value as a result of inflation.
Why should you buy Bitcoin?
There are several reasons why Bitcoin in South Africa is so popular. First and foremost is the fact that Bitcoin is deflationary.
The South African Rand is a form of fiat currency that South Africa routinely prints more of to shore up the economy. However, every time this happens, the South African Rand diminishes in value. This results in what we know as inflation.
- Inflation makes the cost of living go up, while wages stay the same.
- Over time, inflation erodes the value of ZAR cash savings and bank deposits.
- Runaway inflation in places like Zimbabwe has already been seen to have a disastrous impact on people, businesses, and communities.
Because Bitcoin is deflationary, it doesn’t fall in value over time. Instead, Bitcoin actually increases in value. This makes investing in Bitcoin an easy way to protect the value of your personal savings. However, being deflationary isn’t the only reason why South Africans love Bitcoin.
South Africans buy Bitcoin to save on money transfers
All South Africans who buy Bitcoin secretly hope that its price will eventually skyrocket. In the process, investors hope to make significant returns. However, Bitcoin also serves several real use cases.
With more South Africans moving from the countryside and to other countries to seek employment, many also look for ways to transfer money they earn home to their families. However, sending ZAR via regular bank remittance payments can be expensive and slow.
If you do need to transfer money in or out of South Africa, Bitcoin allows you to do so cheaply and quickly.
Sending them from one address to another also takes just a few minutes. Whereas traditional bank remittances can take several days.
Buy Bitcoin in South Africa to hedge against a volatile Rand
In 2019, the South African Rand fell sharply several times against the U.S. Dollar. In the process, ZAR became the world’s most volatile fiat currency. This put a major strain on individuals, families, and businesses.
Most people are aware that cryptocurrency prices can also be volatile. However, historically, Bitcoin has been seen to perform far better than Rand in the long-term.
This makes using Bitcoin an effective way for South Africans to hedge against the continuing volatility and devaluation of the Rand.
Where to buy Bitcoin in South Africa?
There are many exchanges in most countries that will sell Bitcoin to you in exchange for local currency.
In South Africa, you can use Easy Crypto South Africa (SA) to buy Bitcoin using SiD EFT or manual bank deposits. Opening an account with Easy Crypto is much easier than opening a brokerage or a traditional bank account. It offers some benefits too. Here they are:
- Easy Crypto has some of the most competitive Bitcoin and cryptocurrency prices in South Africa.
- You can sign up to Easy Crypto for free and buy Bitcoin in less than 2 minutes.
- Easy Crypto will show you how to buy Bitcoin and other cryptocurrencies in the safest way possible.
- Easy Crypto is the only cryptocurrency broker in South Africa that allows customers to purchase Bitcoin and other cryptocurrencies in one order.
At Easy Crypto we make it possible to safely learn how to buy Bitcoin in South Africa, as well as actually buy it. We list over 100+ top cryptocurrencies and we have a friendly and active human support team.
Why Easy Crypto?
Easy Crypto is South Africa’s newest and safest local Bitcoin exchange. And South Africa itself is a global leader when it comes to rates of cryptocurrency adoption. However, finding a reputable Bitcoin exchange in SA isn’t always easy. At Easy Crypto, we change this. Here’s how:
- We allow you to buy Bitcoin with credit cards at Easy Crypto in seconds for current BTC market prices (no charge of hefty premiums like other exchanges);
- We are a non-custodial Bitcoin exchange. This means that we never store Bitcoin you buy on our exchange. Instead, we deliver coins directly to your wallet where your funds are 100% safe;
- Easy Crypto does not charge any hidden fees. When you buy Bitcoin in South Africa with us, the price you see is always the price you pay.
Are you looking for an easy way to buy Bitcoin instantly in South Africa? If so, sign up to start using Easy Crypto now and join the digital revolution.
How to buy Bitcoin in South Africa with Easy Crypto?
While Easy Crypto is a new South Africa Bitcoin exchange, we are also already established and operating in New Zealand and Australia. Our goal is to make it easy for people in multiple countries to invest in Bitcoin and other cryptocurrencies.
As a locally operated exchange, we offer the best market rates on Bitcoin. This means that you will save more when you invest in Bitcoin with us. Best of all, registering to buy crypto with us is easy and can be done in less than 5 minutes. ⚡
We are also the only exchange in South Africa that allows you to buy multiple cryptocurrencies in 1 order!
Time needed: 5 minutes.
Now, if you’re going to buy Bitcoin in South Africa, you can follow these steps below.
- Sign up
You can sign up for Easy Crypto via email. Alternatively, register with us using your existing Google, Facebook, or Twitter account.
- Complete profile
After you sign in for the first time, complete your profile by entering your personal details.
- Make your first purchase
As soon as you are ready to buy Bitcoin, select a South African Rand (ZAR) amount to purchase from the Easy Crypto home screen.
- Confirm your purchase
Once you confirm the amount of BTC you plan to purchase, you will be taken to a page to make payment via SID EFT, or manual bank deposit.
I use Easy Crypto to buy Bitcoin in South Africa, now what?
Now that you have used Easy Crypto to buy Bitcoin in South Africa, you may be wondering what you should do next with your digital assets. You have several good options, but your choice will come down to what option best suits your needs. Here are some ideas for you:
- Buy Bitcoin as an investment or to hedge against the volatility and devaluation of the Rand.
- Day trade Bitcoin by buying BTC when its price is low and selling it when BTC’s price is high.
- Send Bitcoin to your friends, family or overseas.
- Pay for goods and services with Bitcoin.
- Buy Bitcoin and donate to local charities.
- Research Bitcoin and learn more about how this technology will change the world.
- Research other cryptocurrencies that you may also want to buy.
Being able to send funds around the world in +-10 minutes for a fraction of the costs charged by traditional banks makes Bitcoin and other cryptocurrencies an unstoppable force. This remarkable technology will grow exponentially and will force traditional finance to completely rethink their current business models.
If you’re ready to make your first Bitcoin purchase in South Africa, head over to our home page to get started!
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated Oct 7, 2022