How to Sell Bitcoin in South Africa for Cash?
Looking to sell your Bitcoin (BTC) for cash in South Africa? Learn how you can do so in our guide below!
As interest in Bitcoin and cryptocurrencies continue to rise in South Africa, more and more people are looking into cryptocurrencies as an alternative way to diversify their assets, make transactions, and more.
A common question for those wanting to get into crypto is how the buy and sell process works with crypto. Luckily, it’s easier than you might think!
As a digital asset, cryptocurrencies benefit from high liquidity – making meaning it’s relatively easy to swap between cryptocurrency and fiat currencies. In some cases, some cryptocurrencies even have additional utilities and can be staked for passive income.
At Easy Crypto South Africa, we make it easy for you to buy Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and over 160+ altcoins.
Before we get started, let’s get some basics down first.
What is Bitcoin exactly?
Bitcoin (BTC) 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.
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.
Want to learn more about Bitcoin?
Checkout our YouTube video guide for a quick summary on Bitcoin:
New to crypto? Start with the basics with our Crypto 101 guide.
How to sell your Bitcoin for cash in South Africa?
Looking to sell your Bitcoin (BTC) in South Africa?
We make that process quick and easy with Easy Crypto ZA. Follow our step-by-step guide below to learn how you can sell your bitcoins for ZAR.
How to sell your Bitcoin (BTC) in South Africa
- Login to your Easy Crypto account.
Next proceed to login to your account from the top left, or click Sign up if you don’t have an account yet to create one. Then, proceed to select the Buy & Sell button on the top menu.
- Create a Sell order with the amount of Bitcoin you want to sell.
Once you’ve logged in, proceed to create a sell order, and enter the amount of Bitcoins you want to sell. We’ll give you a deposit address during the order process.
- Deposit funds to the address we sent you.
Send the funds from your wallet to the deposit address we sent you in the previous step.
- Receive and confirm the ZAR to your bank account.
Once we’ve confirmed the sell order, we’ll process your request and have the funds sent to your bank account in no time.
One of the best perks of investing in cryptocurrencies is the liquidity of the asset itself. With Easy Crypto we make it easy for anyone to buy, sell, and exchange your Bitcoins (BTC) with ease in South Africa.
If you have further questions about how to sell your Bitcoins or other cryptocurrencies, feel free to reach out to our help desk team – we’ll be more than happy to help.
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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 October 12, 2022