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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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Online Retailer Newegg Now Accepts Bitcoin in Kenya, Nigeria, South Africa, Tanzania, and Uganda

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Bitcoin Accepted

Online retailer Newegg has expanded its bitcoin acceptance to 73 countries, including Kenya, Nigeria, South Africa, Tanzania, and Uganda.

Newegg and BitPay Partnership

NeweggNewegg has been collaborating with BitPay since 2014 to facilitate bitcoin payments in the US and Canada. “Since this initial implementation, not a single chargeback has been required for any bitcoin transaction on Newegg. The companies now build on this successful collaboration by extending the bitcoin payment option to the 73 new countries announced today,” an official statement said.

BitPay processes bitcoin transactions worth more than $1 billion yearly for its e-commerce partners. The bitcoin payments company uses blockchain technology to offer transparent transactions and to eliminate chargebacks. BitPay also “enables Newegg to increase its margin on each bitcoin transaction by avoiding credit card fees typically assessed on credit card purchases.”

Anthony Chow, Newegg’s president global sales, said: “Five years ago, we were one of the first major online shopping destinations to accept Bitcoin, and our early-adopter customers were quick to embrace this new payment option. Broadening the ability to pay with bitcoin to the majority of our global network underscores our commitment to bring innovation to the online shopping experience, and answers customers’ growing preference for our bitcoin payment option.”

Newegg sells products such as electronics, gaming equipment, and smart home appliances to over 38 million registered users in North America, Latin America, the Middle East, Europe, and the Asia Pacific.

Buying Products with Bitcoin

Buying items on Newegg with bitcoin is simple. Like with other online shopping processes, you add your items to a cart and select the shipping address of your choice. Once you do this, you proceed to choose bitcoin as the payment option of your choice, review your order, and then pay using BTC. Newegg allows users to pay using computer-based, web-based, or smartphone-based digital wallets.

While South African payments service PayFast recently dropped bitcoin, Newegg is extending this payment option to more people across the globe, highlighting the benefit of using a borderless, decentralised digital currency to shop online.

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How Popular is Bitcoin Gambling in South Africa?

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Bitcoin Gambling in South Africa

Ever since bitcoin launched in 2009, it has had a tremendous impact on many different industries, including online gambling. Having a reliable and secure payment method is imperative in order to have a worthwhile gambling experience, no matter which forms of betting you subscribe to.

When online gambling websites began accepting bitcoin, players all over the world had the ability to make quick and easy payments, while also maintaining privacy. In a sense, bitcoin (and the cryptocurrencies that followed) started a revolution in the online payment sphere and its impact has been felt all over the world.

One country that has significantly enjoyed the benefits of bitcoin is South Africa. South African gamblers are becoming ever more fond of cryptocurrencies and bitcoin ranks among the most-used.

Bitcoin’s Popularity in South Africa

Before we can explore the prominence of bitcoin gambling, we first have to take a look at how well cryptocurrencies are received in the country.

While bitcoin is popular all over the world, it is especially liked in developing countries. Nowhere is the previous statement more true than in South Africa. In a recent study, researchers found that bitcoin ownership in South Africa exceeds the world average by two times. It is estimated that 5.5 percent of the global population owns cryptocurrency, while in South Africa 10.7 percent hold a crypto balance. In the previous year, crypto transfers have increased by 25 percent in South Africa in a trend that seems to have swept over the entire continent.

This Calvin Ayre opinion shows that the transactions are used for both financial and recreational purposes, meaning that cryptocurrencies including bitcoin are becoming a part of everyday life. As one can imagine, recreation can also cover online gambling and there is a rising number of people using bitcoin to place bets on their favorite casino games or sporting events.

The Dark Side of Bitcoin Gambling in South Africa

bitcoin gambling in South AfricaCryptocurrencies are becoming increasingly more popular in South Africa. However, one thing that many overlook is that bitcoin and altcoins are not regulated by any government authority. Effectively, bitcoin is not recognised as a legitimate and official transaction solution. So how does this affect the online gambling scene?

Аnother article about bitcoin for gaming shows that crypto gambling in South Africa is illegal due to lack of regulations from the appropriate authorities. Any South African players engaging in bitcoin gambling is doing so at their own risk and no government institution can step in to assist them in case of fraud. That is not to say that all gambling operations accepting bitcoin from South Africans are fraudulent, but there are no fail-safes and no measures in place to protect users.

So far, the South African government has been slow in implementing some if any regulations to ensure the rights of online players and the safety of any crypto enthusiasts.

Of course, this does not even begin to tackle the problem of regulating bitcoin and cryptocurrencies in general. The added anonymity features and the lack of centralised supervision make crypto hard to regulate.

Moreover, identifying the owner of a wallet is downright impossible without cooperation from other parties. This does not account for the fact that crypto users are developing additional measures to protect their anonymity when using their currency of choice, e.g. hardware wallets or dispersing their funds across multiple wallets.

Future of Bitcoin Gambling in South Africa

It is clear that the South African gambling scene is ripe for further implementation of bitcoin and blockchain technology. However, slow actions on the government’s side will likely stall any potential progress and leave all bitcoin gambling operations in a legal gray area, at best.

Unless regulators take a more proactive approach, it is unlikely that any significant developments will be made in the near future, putting thousands of gamblers at risk.

Naturally, placing the safety of its citizens should be the South African government’s first priority and ensuring that no fraudulent operation remains active for long.

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South African Online Payments Processor PayFast Drops Bitcoin

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PayFast Drops Bitcoin

South African online payment gateway PayFast will cease supporting bitcoin payments from July 20, 2019, due to high transaction fees and long confirmation times. The company expressed its frustrations through an announcement on its website.

Bitcoin’s Current Limitations

PayFastAlthough digital currency is meant to make online transactions cheaper, faster, and convenient, PayFast observed that bitcoin’s current limitations have made it difficult for the company to offer it as an alternative to traditional payment methods.

“Unfortunately, there are a number of limitations and design flaws unique to Bitcoin that make it an impractical substitute for cash, including high transaction fees and long confirmation times for buyers. We have tried various ways to mitigate these problems, but unfortunately, these issues are fundamental. The resultant poor user experience has led us to re-evaluate Bitcoin as a payment method on our platform and a decision has been taken to discontinue support for Bitcoin from midnight 20 July 2019,” PayFast explained.

The PayFast platform has a ten-minute window for the confirmation of bitcoin payments. However, the Bitcoin network has failed, in most cases, to confirm payments within this time period resulting in unsuccessful transactions. The Bitcoin network can currently not handle the volume of transactions it gets at a faster speed, PayFast noted.

Luno has been enabling bitcoin payments on the PayFast platform by acting as an intermediary. “To eliminate any risk posed by bitcoin’s price volatility, Luno locked the bitcoin to ZAR exchange rate for a ten-minute window. If the transaction was not sufficiently confirmed within ten minutes, the payment was unsuccessful and a refund would be due,” PayFast said.

The Bitcoin network can only handle seven transactions per second compared to VISA’s 24,000. This limits bitcoin’s usefulness as a means of exchange and an asset. Moreover, users making payments using bitcoin risk incurring non-refundable processing fees when the transaction fails.

Despite these challenges, the Lightning Network promises to improve bitcoin transactions by making them instant, low-cost, scalable, and acceptable across different platforms.

PayFast Remains Open to Cryptocurrency

PayFast hopes that as this space continues to grow, cryptocurrencies will be able to handle faster payments.

“We are eagerly following the developments of cryptocurrencies and the supporting technologies that are aiming to enable faster payments. As soon as these become workable alternatives, we look forward to supporting cryptocurrencies as a payment method in the future,” the South African company stated. 

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