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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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The Top 5 African Countries That Are Embracing Bitcoin

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African Countries

Bitcoin tends to polarise opinions between sceptics and believers, with almost no room for the middle ground. However, there’s a substantial demand for bitcoin and other cryptocurrencies in many Africa countries.

Do a quick search on Google Trends and you will see three African countries in the top ten of global search interest for the term “bitcoin.” This is a testament to the embrace of bitcoin in a number of leading African economies.

In this guide, you will discover the five leading bitcoin economies in Africa that have the most demand for digital currency as well as the most active local cryptocurrency communities.

South Africa

south africaBitcoin is popular among South Africans. According to their search interests on Google, they top the ranking for bitcoin. One particular group bitcoin appeals to is millennials. South Africa has a lot of them. Young people between the ages of 15 to 34 years old make up 20.6 million people – 35.7 percent of the total population, according to Statistics South Africa’s 2018 mid-year population estimate report. Combined with the fact that the country has one of the highest internet penetration rates in Africa, the country has become a sweet spot for many cryptocurrency exchanges.

The online multi-asset broker, eToro, reported a 671 percent increase in new users trading between January and November 2017, and a 574 percent increase a year before. LocalBitcoins, one of the largest peer-to-peer (P2P) bitcoin marketplaces in the world, saw over 600 percent increase in trading volume between January and December 2017, according to data from CoinDance.

The latest report by Ecobank on the state of cryptocurrency regulation in sub-Saharan Africa shows only two – South Africa and Swaziland – have a favourable stance on cryptocurrencies. The bank analysed 39 African countries.

The South African Reserve Bank has stated that virtual currencies pose no significant risk to financial stability, price stability or the National Payment System.

Africa’s second-largest economy has been struggling to stand on both feet for the past two years; the economy has refused to grow. In light of this, bitcoin has become a haven from the political and economic turmoil.

Nigeria

buy bitcoin in nigeriaIn Nigeria, many local traders and activists believe this is an opportunity to liberate themselves from a flailing economy using digital currencies and blockchain technology.

The main driving force for Nigeria’s strong bitcoin adoption could be tied to the prolonged dollar shortage in the country in 2016 and 2017. The government had devalued the currency and inflation was at rising rapidly. Bitcoin was a viable means for Nigerians to work around the lack of access to foreign exchange and also preserve their money from being eroded by inflation.

In the week of August 19, 2017, LocalBitcoins’ trading volume crossed the 1 billion naira mark (about $360 million) in Nigeria. The exchange’s weekly trading volume has not traded less than that amount since then. Local crypto exchanges have also been on the rise in the country giving more people access to a broader range of cryptocurrencies.

Zimbabwe

ZimbabweThe situation in Nigeria is not too dissimilar from Zimbabwe. A cash-strapped economy, failing currency and depleted foreign exchange markets saw locals turn to bitcoin as a store of value. Golix, the leading crypto exchange in Zimbabwe, says it processed bitcoin transactions worth around $1 million during October 2017. The price of bitcoin had once risen more than double the average price in other countries in 2017.

However, in 2018, the relationship between financial regulators and crypto businesses have been strained. The Reserve Bank of Zimbabwe (RBZ) decided to ban all local financial institutions from servicing cryptocurrency businesses. There have been court cases and more back and forth between the country’s leading crypto exchange, Golix and the RBZ, but as it stands it is difficult for local exchanges to operate within the country’s borders.

Young Zimbabweans – desperate to overcome the foreign currency and liquidity challenges plaguing the country – have found innovative ways around the ban though. Recently, Cryptogem Global defied the ban and opened a branch in Zimbabwe’s capital, Harare. Remitano and LocalBitcoins have also been servicing crypto fans in Zimbabweans.

Kenya

KenyaA Citibank research in December 2017 ranked Kenya among countries with the largest bitcoin holdings worth $1.63 billion, approximately 2.3 percent of the GDP.

The East African country has one of the highest bitcoin trading volumes in Africa. The weekly trading volume on LocalBitcoins jumped by almost 429 percent in 2017 and has only dipped by 19 percent this year despite bitcoin losing two-thirds of its value.

Also, local innovators have launched cryptocurrency systems to support payments and cross-border transactions, as embodied by initiatives like BitPesa.

Kenya is also one of the few countries in Africa with a Bitcoin ATM. Others are Zimbabwe, South Africa, and Djibouti.

Ghana

buy bitcoin in GhanaGhanaians began the year 2018 with a statement from the Bank of Ghana (BOG) cautioning the public about the use of bitcoins.

The central bank also expressed an interest in introducing cyber security guidelines to guide the use of digital currencies in the country. The central bank presented a bill referred to as Payment Systems and Services Bill to the Ghanian parliament. The BOG also hailed the potential of the technology behind bitcoin, blockchain.

A report earlier in 2018 shows Paxful, one of the prominent P2P exchange in Africa, monthly bitcoin volume in Africa is now around $40 million. The company’s most active locations are Nigeria and Ghana, the second and third largest markets respectively.

There are also several local bitcoin and blockchain startups, such as Bitland and BTCGhana.

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South African Man Beaten And Tortured to Give Up Bitcoin Holdings

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A South African bitcoin trader was reportedly drugged, beaten, and tortured by assailants who wanted to gain access to his bitcoin holdings.

Facebook Invitation Led to Torture and Bitcoin Theft

According to local media, the incident happened on November 16 after the victim was invited by a man he met on Facebook to give a presentation on cryptocurrency. The same man who had invited him was present when the victim arrived with six other people in the room.

Identified only as Andrew, the victim trustingly entered the residence of his attackers in the afternoon. It was at this point that someone approached him from the back and covered his face with what is presumed to be a drug-stained cloth that knocked him out.

cryptocurrency tax regulationsAfter regaining consciousness he woke up in a different house and was surrounded by two women and three men. According to a report from the Meadowlands police, the victim was stripped of his clothing, tortured and assaulted.

Andrew also stated that the gang demanded his bitcoin password and his FNB (First National Bank) account details. All the while threatening to kill him and burning him with a hot iron if he failed to give up the information. He was at first reluctant to give up the information but gave in after they continuously tortured him.

After finally giving the details, he transferred R 800,000 ($57,789) worth of bitcoin to the account they provided him with. He also transferred a further R 100,000 ($7,224) from his bank account to their account. Apart from the bitcoin holdings and the money on the victim’s account, the robbers also got away with R 3,000 ($216.53) in cash, two laptops, and two Apple iPhones.

After the theft, the gang of robbers blindfolded Andrew and dumped him off at Kliprivier Road in Johannesburg. He is currently in the intensive care unit recovering after sustaining burn wounds on his body.

Crypto Related Crimes Are on the Rise

Unfortunately, the downside of cryptocurrencies gaining so much popularity means that people who trade in it are vulnerable to attacks. Cryptocurrency theft is a lucrative business for criminals especially since it is difficult to trace transactions.

This is not the first crime and will be a far cry from the last, as scams involving digital coin are being reported more often and violent attacks on known bitcoin holders have increased since 2017.

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Middle Eastern Bitcoin Exchange BitOasis Launches in Egypt and Morocco

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BitOasis

Dubai-based digital asset exchange BitOasis has announced that it has now opened its doors in Egypt and Morocco, expanding its operation to North Africa.

BitOasis Expands Into North Africa

BitOasisBitOasis has been serving the Middle East as one of the first exchanges to offer cryptocurrency trading for local currency and has now decided to expand into North Africa to provide Morrocans and Egyptians with the opportunity to buy bitcoin (BTC) and other digital assets.

Despite the recent rise in interest of cryptocurrencies in Africa, Moroccan and Egyptian markets rarely make the news. While markets like South Africa, Nigeria, and Uganda have cryptocurrencies exchange services set up shop, the North African countries have largely remained underserved.

Part of the reason Morocco did not previously have any exchanges could be because transactions using digital currencies are considered de facto illegal. A year ago the Moroccan central bank, and the country’s Foreign Exchange Office, Office des Changes, declared that transactions using digital currencies such as bitcoin constitute a violation of the country’s exchange regulations.

Cryptocurrency enthusiasts in Egypt have been facing similar issues. From the Central Bank of Egypt asserting that no organisations have authority to trade bitcoin, to Dar Al Iftaa classifying cryptocurrencies forbidden by Islam, bitcoin has had no easy ride in the North African country. Still, there has been a growing interest in Egypt for blockchain technology as well as cryptocurrencies.

BitOasis is now an excellent alternative platform to peer-to-peer exchanges to buy bitcoin in Egpyt and Morrocco. Moreover, Egyptians and Moroccans are now also able to trade LTC, BCH, BSV, XRP, XLM, ETH, ETC, and ZEC.

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