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How To Buy Bitcoin In South Africa

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If you are based in South Africa and want to buy bitcoin but are not sure how or where to start, then this guide if for you. In this article, you will discover the five best bitcoin exchanges you can use to buy bitcoin in South Africa using rand.

ICE3X

ice3xICE3X is a digital currency exchange that offers users the ability to buy bitcoin, litecoin and ether using South African rand. Buying bitcoin on ICE3X involves the following simple steps:

  • Log on to https://ice3x.com/ and create a free account. A verification mail will be sent to your email address subsequently for the verification of your ICE3X account and to activate it.
  • Log into your ICE3X account and click on the ‘deposit tab’ in the ‘Account’ tab in the blue menu bar. ICE3X bank account details will be provided. You can then use your internet banking to make a bank transfer into your ICE3X trading account. It is important to include your ICE3X account number in the transaction description when making the transfer. Your account will be credited within one to three working days.
  • After your account has been credited, you can execute a bitcoin purchase by clicking on the Rand Balance in your wallet to confirm that you are trading in the ZAR market. Then click on the trading in the menu. You will be presented with an option to either buy bitcoin, litecoin or ether. Enter the volume of bitcoin you wish to purchase and how much rand you are willing to offer for it. It is advisable to place a realistic order based on existing market pricing. Your order slip will be generated afterwards with the transaction commission reflecting.
  • You then click on the buy tab to execute your order. Order execution might take a few moments since it will need a corresponding sell order to finalise.
  • Your bitcoin holdings will then appear in your wallet on your ICE3X account.

Luno

LunoLuno does not only serve as a bitcoin exchange, it also provides a mobile bitcoin wallet and offers digital learning materials for beginners. To buy bitcoin on Luno you have to do the following:

  • Log on to https://www.luno.com/ and create a free account. With this, you can get either a web wallet or mobile wallets (for Android and iOS) or both.
  • You can select a preferred way to transfer fiat currency after the Luno wallet has been created. You can do this using your local bank internet transfer or your bank cards (Credit, Debit or Pre-paid cards). Do remember to include your Luno account details in the transfer description!
  • Once your Luno account has been credited, you can execute a bitcoin purchase order and boom – you now hold bitcoin in your Luno wallet.

Remitano

RemitanoRemitano offers swift purchases of bitcoin as well as bitcoin remittances. This platform acts as a peer-to-peer (P2P) intermediary and provides an escrow service for the purpose of transaction security. To buy bitcoin using this platform the following easy steps can be taken:

  • Log on to https://remitano.com/ and register by entering your email address in the dialogue box provided and click on ‘continue’. Account login details will then be sent to your email, which you will then use to access your Remitano account.
  • You get to access your Remitano account after it has been verified and then you click on the Buy/Sell option in the menu bar. A list of bitcoin buyers and sellers within South Africa will then be made available to you.
  • You click on any of the sellers to place a buy bitcoin order instantly. The process is usually mediated by the Remitano platform by serving as an escrow that holds funds until the transaction has been confirmed by both parties.

LocalBitcoins

Convert Bitcoin Into Local CurrencyLocalBitcoins is the biggest peer-to-peer trading platform globally, which brings bitcoin buyers and seller together to create a flourishing bitcoin trading environment. The following steps are involved in purchasing bitcoin using Localbitcoins:

  • Register a free account by logging onto https://localbitcoins.com/
  • After your account has been created, go to the main page and fill in the bitcoin amount you want to buy in rand. Then, you then select the payment method you prefer in the purchase transaction.
  • Users of the platform are ranked based on transaction history, which makes it easier to select who to deal with from the list of advertisers. It is advisable to select sellers with relatively high reputation scores. You can also see the typical response time for each seller. These response times have been automatically calculated by the platform using special algorithms based on previous transactions.
  • After clicking on the ‘Buy’ button, you will be given details of the transaction including the seller’s terms and conditions. You can choose whether or not to proceed with the particular buyer depending on how comfortable you are with these terms.
  • To execute a trade, type in the blue box how much bitcoin you want in rand and also add a message to the seller after which you click on the ‘send trade request’ button. Be certain you are willing to execute the purchase before clicking on the button. The order will be automatically cancelled if payment is not made within the allowed one hour transaction window.
  • Once the payment has been made, click on the ‘I have paid’ button. Once the seller confirms receipt of your payment, the bitcoin will be released from the Localbitcoin escrow into your online bitcoin wallet on LocalBitcoins.

Paxful

PaxfulPaxful is a peer-to-peer (P2P) bitcoin marketplace for buyers and sellers anywhere in the world. The following steps will allow you to purchase bitcoin using rand:

  • The first step is to log onto the site – https://paxful.com/. Click on the ‘Buy bitcoin’ option in the top menu bar.
  • You then enter the rand amount of bitcoin you want to buy in the box that will be made available. You then select the payment method you intend to use for the transaction. After selecting a way to pay, you click on the ‘search’ button to get a list of sellers who are willing to sell you the amount of bitcoin you requested and are also inclined to your payment method.
  • Just like LocalBitcoins, the reputations of sellers are scored and it is advisable that you select buyers with high reputation to deal with. You then select a seller and begin your purchase order. It is important to read the ad to see the seller’s contact details and terms!
  • You click on the ‘buy now’ button when you are comfortable with the conditions. The trade details will then pop-up on the left-side of the screen and a chat box on the right side of the screen where you can chat with the seller so you can both track the stages of transaction execution.

Hopefully, you have found this guide useful and are on your way to purchasing your first bitcoins. And remember, once you have bought bitcoin on an exchange, transfer the coins to your personal bitcoin wallet to keep them safe and secure!

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Bitcoin Wallet Luno Adds SegWit Support to Lower Transaction Fees

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Luno Adds SegWit Support

Luno, one of the most popular bitcoin wallets in Africa, has announced full SegWit integration for bitcoin send and receive transactions. Previously, Luno customers could only receive BTC through a legacy wallet address, which was not integrated with the recent Bitcoin blockchain upgrade SegWit. Only send transactions were SegWit compatible.

With the full integration of SegWit, Luno users can now enjoy cheaper and faster bitcoin transactions.

“By implementing SegWit internally, Luno has managed to reduce the send fees paid by customers by over 25% already. As customers start switching over to new SegWit addresses, this will translate into a further reduction in sending fees in the coming weeks and months,” Werner van Rooyen, head of marketing and communications at Luno stated.

Luno currently operates in South Africa, Nigeria, Malaysia, UK, and in 35 other European countries.

What is SegWit?

Segregated Witness (SegWit) was an upgrade to the Bitcoin blockchain that is intended to address Bitcoin’s scalability challenges as well as fix the issue of transaction malleability. With SegWit, signature data is separated from transaction data in order to enable more transactions to fit into each block. The signature data is kept in an extended block called the witness. As a result, bitcoin transactions become faster and transaction fees become lower.

In theory, the Bitcoin network can handle seven transactions per second. However, in reality, it is around four transactions per second. With the number of bitcoin transactions increasing as bitcoin’s popularity grows, transactions take longer as the unconfirmed transactions pool increases. Therefore, bitcoin users who can afford it have been paying higher transaction fees to incentivise miners to prioritise their transactions and, thereby, increase the speed of their transactions. At the end of 2017, this has led to the average bitcoin transaction fee spiking to over 35 dollars.

However, when SegWit addresses are used, bitcoin transactions become faster and the required resources decrease as well. Consequently, the transaction fees reduce.

How Can You Add a SegWit Wallet Address on Luno?

To add a SegWit address on the Luno wallet you have to follow these steps:

  • Open your Luno account either on the mobile app or the web app
  • Choose “wallets” from the menu
  • Click on your “BTC wallet”
  • Choose “receive bitcoin”
  • Click “add address” and follow the prompt

To receive bitcoin, use your SegWit bitcoin receive address. Legacy bitcoin addresses begin with 1 while SegWit bitcoin addresses begin with 3. Even after adding a SegWit wallet address, bitcoins sent to your previous legacy bitcoin address will still work. In addition, you can still send bitcoin from a SegWit wallet to a legacy wallet and vice versa since the transactions are still taking place on the same blockchain. But if you are sending bitcoins to and from a SegWit wallet, you can benefit from reduced fees.

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Bitmart Opens Cryptocurrency Mining Hardware Store in South Africa

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Bitmart Opens Cryptocurrency Mining Hardware Store

Bitmart, South Africa’s leading supplier of mining hardware, has opened a cryptocurrency mining hardware store in South Africa. This makes Bitmart’s retail outlet the first cryptocurrency mining store in Africa.

Products and Services Offered by Bitmart

Bitmart was founded by CEO Jacques Serfontein in 2015 to offer cryptocurrency mining hardware to South Africans. Currently, Bitmart offers GPU rigs, ASIC miners, GPU rig mining software, graphics cards, international mining rig monitor app, cryptomatic watches, hardware wallets, and motherboards. Customers can find GPU mining rigs that mine cryptocurrencies such as zcash, monero, decred, bitcoin, and litecoin.

Additionally, Bitmart provides services such as bitcoin mining farm design and deployment, mining training, antminer repair tickets, mining farm management using Genesis Hive, and shepherd services.

Through its shepherd services, Bitmart helps owners of second-hand miners to find buyers. Therefore, both sellers and buyers are assured of safe and secure transactions through Bitmart’s SSL-secured online shop.

According to MyBroadband, Bitmart is an authorised distributor of Avalon Miners, Genesis Hive, Trezor, Ledger wallets, KeepKey, and UniSat (satellite mining solutions) in Africa.

The company also supplies mining hardware to countries such as Japan, Dubai, North America, Australia, and England.

What Does Bitmart Plan for the Future?

Bitmart will be holding seminars in Johannesburg and Mbombela. The seminars will focus on bitcoin basics and advanced cryptocurrency trading. In addition, Bitmart will be introducing a satellite mining connection in partnership with Uniwisp that will allow mining rigs to mine from any place in the world. Uniwisp is an Internet service provider based in Nelspruit, South Africa.

 

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Kenya’s BitPesa Acquires Spanish Money Transfer Platform TransferZero

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BitPesa Acquires TransferZero

On February 8, 2018, BitPesa announced that it has acquired TransferZero, a Madrid-based online money transfer platform, which operates in over 200 countries using more than 50 currencies.

Why Did BitPesa Acquire TransferZero?

BitPesa, which is already operating in Africa and Europe, will be able to “set deep roots to UK and European licensing, bank accounts, and integrations” through this acquisition, according to the company’s statement on its blog.

“Europe is a hub for global remittance and payments companies. Digital currencies and decentralized technology have hit critical mass in the financial services and payments space. It is no longer a question of whether this technology will have staying power [but] which specific technology and what product iteration will launch and scale first […],” Elizabeth Rosiello, founder and CEO BitPesa said.

“BitPesa has the support of top-tier, institutional investors and a network that will help to bring TransferZero’s technology to the next level. With this support, we will be able to provide even more efficient transfers and user experience,” Luis Cambronero, former TransferZero CEO and present Managing Director, BitPesa stated.

Setting Up Infrastructure Across Europe and Africa is a Priority

“Setting up infrastructure across Europe and Africa has always been a focus of ours. […] We’ve just doubled our bank accounts, our infrastructure, and it’s licensed by the Bank of Spain as a payment institution. So we are fully compliant with PSD2 regulations […],” Rosiello said.

“This is truly a partnership where the whole is greater than the sum of the parts, allowing BitPesa to solidify our leadership in this space. By bringing our regional and technological expertise together, we will further accelerate our month-to-month growth,” Rossiello asserted.

TransferZero will neither change its name nor its headquarters. In addition, its employees will remain with Bitpesa.

This acquisition from an Africa-based bitcoin startup of a European fintech startup shows that leading African startups can make waves beyond the borders of the continent and create a positive impact on a global scale.

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