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How to Make Profit Selling Bitcoin in South Africa During 2020

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selling bitcoin in South Africa

Looking to make a little extra on the side? Look no further, we’re here to show you how to sell Bitcoin for a profit in South Africa in 2020. We’ve included a detailed breakdown, some tips, and tricks of the trade, and thrown in some inside scoops to get you that step ahead. Let’s dive in!

First, you’re going to need an account on the P2P trading platform Remitano. The platform has created peer-to-peer marketplaces around the world, with markets dominating in India, US, and the Philippines to name a few. This year, Remitano brought their services to South Africa, offering local traders not only an easy way to buy and sell cryptocurrencies, but also a convenient ZAR wallet that allows you to deposit and withdraw funds efficiently.

Registering is easy, and completing the simple KYC registration process is simple and should take a matter of minutes. Once you’re registered, let’s get into it.

How To Make Profit Selling Bitcoin

The easiest and fastest way to make a profit selling Bitcoin is to buy for a lower price than you sell. Obvious, right? It really can be that simple. Assuming that you have Bitcoin (if not, find out how to buy Bitcoin from a local trader and pay in South African Rands), you’re going to need to create a sell advert selling the BTC for a little extra. How much extra is up to you to decide, but remember not to get too wild with your markup otherwise you’re less likely to find a buyer. 

Step 1: Establish your BTC price

You’re going to want to sell your BTC for profit, so make sure that you add an amount on the top of what you paid for it when creating your sell ad. You also want to ensure that your price is competitive, so check on another reputable platform to see what the going rate is. 

E.g. If you bought BTC for R179,800 and it is selling for R181,634 on Luno, you might want to round up the price to R182,000 for your Sell ad. This will give you roughly R2,200 profit.

Step 2: Create a sell advert so you can sell BTC for profit

Now that you’re verified to sell on the platform and you’ve got a price in mind, it’s time to get to business! Head to your Dashboard, click on P2P Exchange in the dropdown menu, and select Your Advertisements. Then click “Create Ad”.

Remitano 2

Step 3: Enter the details of your Sell ad

In the form enter the details of your sell ad, like how much you’d like to sell for and how much BTC you have. The amount is calculated in ZAR/bitUSD and will show you the ZAR/BTC equivalent below.

You’ll also need to enter how much BTC you’d like to sell, and how you would like the funds to be paid. Here you have 3 options: bank transfer, Remitano ZAR wallet, and Chipper Cash. 

Remitano 2

FYI: If you are wanting to create a sell ad for another cryptocurrency you can simply click on the pencil icon in the top right corner (as per picture above) and change the details (as per picture below). On Remitano, traders can buy and sell Bitcoin, Ethereum, Tether, Bitcoin Cash, Litecoin, and Ripple. 

Remitano 3

In the Create New Ad page you also have the option of exploring the Advanced settings, where you can adjust things like minimum and maximum BTC amount, whether to reject unverified buyers and check the payment window. 

Now click “Create new advertisement”.

Step 4: Make a ZAR deposit to activate your account

In order for your ad to go live, you will need to deposit a small amount into your ZAR account, this lets the platform and the seller knows that you are serious about selling.

Step 5: Wait for a buyer

That’s it, once your ad is live you’ll be notified immediately if a buyer is interested in purchasing either a portion or the entire Bitcoin (the amount that you put up for sale). Once a buyer has expressed interest, they will make payment to your Remitano ZAR wallet and you will have 15 minutes to release the BTC once payment has been received. 

Tips On How To Make Profit Selling Bitcoin

When looking to take on selling BTC to earn extra profits, here are some top tips to remember:

  • Always work out your BTC sell price to be above the amount you bought it for plus commission to sell. I.e. BTC sell price = BTC buy price + commission fees charged by the platform
  • Remitano is currently offering 0% trading fees on the platform, meaning you take home more
  • Keep an eye on the markets, buying low, and then waiting for the price to rise before selling is a profitable game of patience.
  • There are no deposit fees on Remitano, so what you deposit is yours.

Sell BTC Like A Boss

Now you’re ready to start selling BTC at a profit. In this handy guide, we’ve shown you the ropes on how to trade on the P2P trading platform Remitano and given you some great tips on what to remember when trading for profit. 

Disclaimer: This is a sponsored post. Readers should do their own due diligence before taking any actions related to any company, product, or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product, or service mentioned in this post. 

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Conflux Launches Conflux Africa Leadership Scheme (CAL)

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Conflux Africa Leadership Scheme

Conflux is a state-of-the-art public blockchain system that can achieve high Transactions per Second (TPS) without compromising decentralization. This system originated from the research lab of Dr. Andrew Yao; a recipient of the Turing Award 2000.

The Conflux system adopts the Tree-Graph consensus mechanism to break the limitation of the current blockchain system by achieving over 3500 TPS in contrast to the existing 30 TPS rate limit. With the Tree-Graph approach, security, scalability, and decentralization are fully optimized.

ConfluxIn 2018, the Conflux Foundation was formed based on the breakthrough of this consensus mechanism, and a regulatory compliant fundraise was completed to build an open infrastructure. It is the only state-endorsed public, permissionless blockchain in China.

Through the Tree-Graph Research Institute, Conflux is advancing education and research in blockchain development. It does this in partnership with the government of Shanghai and the Key Laboratory of Blockchain Infrastructure & Applications, with the government of Hunan.

Conflux aims at bridging Asian and Western communities and economies, to enable the secure flow of assets and data across borders, protocols & applications. The Conflux protocol is fast, scalable, solidity compatible with zero congestions and low fees.

With its headquarters in Beijing China, Conflux has expanded its global operations with a diverse distributed team across four continents, with additional offices in Toronto, Canada, and Lagos, Nigeria.

In 2019, Conflux Network set base in Africa and has since been able to secure some reputable partnerships, building a community of over 5000 people in Nigeria and a few other African countries.

Taking a step further, Conflux Network is looking at getting African leaders in Kenya, Ghana, and South Africa. In achieving this goal, Conflux Africa is interested in people with little knowledge in the following areas: Brand Ambassadors, Developers, Crypto traders, experienced meetup organizers, and community builders.

Conflux Africa Leaders (CAL) would be entrusted with the responsibilities of engaging, educating, and empowering people. Conflux will also bear the cost incurred by each CAL while performing their tasks.

Conflux Africa Leaders will be rewarded for their work based on performance. In addition, a clear job description and key performance indicators will be set for all CAL’s. They will be rewarded with the Conflux native token which is currently trading on top exchanges like Binance, OKEx, CITEX, BitAsset, BKEX, MXC, and Gate.io.

Conflux is open to teaching young developers who intend to learn how to develop blockchain solutions in the upcoming summer User-Managed Access (UMA) initiative.

Click here to become a Conflux Africa Lead today.

Disclaimer: This is a sponsored post. Readers should do their own due diligence before taking any actions related to any company, product, or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product, or service mentioned in this post. 

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Bitzlato & Lemonade Finance: The Easiest Way to Buy Bitcoin in Nigeria

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Buy Bitcoin With Ease and Without Fees Using Bitzlato & Lemonade Finance

Bitzlato, the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless platform for Africa, as a payment method to its platform.

BitzlatoLemonade Finance provides a 100% digital payment experience for Africans to participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the Bitzlato (BZ) platform to buy and sell bitcoin and other cryptocurrencies on the marketplace at zero cost.

During the first month, Bitzlato will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period. 

But that’s not all! Users in Nigeria will now also be able to send Nigerian Naira (NGN) to MPESA at a 0% transaction fee.

International Money Transfers at Zero Costs

In addition to using Lemonade Finance on Bitzlato, the new partnership allows Nigerians to send fiat funds to Kenya, Ghana, and other countries with 0% transaction fees!

And Yes! This includes direct transactions from Lemonade to Mpesa!

You can find a «Lemonade to Mpesa» payment method in Electronic Payment for trades with Kenyan shilling (KES)! 

 

Speaking about the new partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, the UK, and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross-border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrency trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure, and reliable transfers going forward.”

Following this partnership, Bitzlato is now looking to partner with merchants in the crypto space, especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

Take advantage of the new Lemonade Finance payment method on Bitzlato, which offers zero transactional fees for money transfers from Nigeria into Kenya, sign up to Bitzlato and start trading crypto today.

Disclaimer: This is a sponsored post. Readers should do their own due diligence before taking any actions related to any company, product, or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product, or service mentioned in this post. 

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Mark Carnegie’s Crypto Fund Eyes Massive Returns

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Mark Carnegie, the world-renowned Venture Capital Investor and entrepreneur hailing from Australia, plans to launch an unlisted cryptocurrency fund. Mr. Carnegie’s MHC Fund will use a bold combination of complex DeFi (Decentralised Finance) and Crypto-Trading strategies to generate a 30 per cent annual return for investors.

Mark CarnegieFrom his holiday home in Madagascar, Mr. Carnegie, expressing his views with his characteristic wit and energy, repeated prior ideas that investors should allocate 1 to 2 per cent of their net worth to crypto as a hedge against inflation risks:

“The money printing is a risk and you’ve got to think what you’re going to do to protect yourself against it. Now, with Australia the general solution is buy a house. The problem about that is you forgo a tonne of liquidity if that’s your only solution,” he said.  

Mr. Carnegie, who regrets not recognizing the potential of DeFi and crypto earlier in his career, has joined forces with Russian-born Sergei Sergienko – a star in crypto, blockchain, and fintech circles – to launch the MHC Digital Asset Fund, which is designed for sophisticated investors, with a minimum investment floor of 50,000$.

The MHC Fund will invest 45 to 75 percent of its assets in cryptocurrencies with a market cap of at least 1 billion USD (1.3 Billion AUD), such as Bitcoin and Ether. In addition, the fund will invest 30 to 60 percent of its assets into stablecoin denominated DeFi strategies.

Mr. Carnegie is energetically moving forward with a prototype fund involving a few private investors who, along with Mr. Sergienko, have put some money down to successfully launch and trade it.

Sergey Sergienko“Sergei’s got a whole lot of what I call proprietary alpha in that he knows a lot more people that are real in this community,” Mr. Carnegie said. “He’s proven and therefore access to his proprietary deal flow allows you, for not a huge amount of capital exposed, to get a disproportionate upside in some of those things. 

“So we think we can put together a portfolio. It’s not going to get all the upside of the crypto market, but it’s going to take some sting out of the downside.” 

One characteristic DeFi strategy the fund will take advantage of is known as “Staking”. Staking allows market participants to make assets available on a specific blockchain network in exchange for a yield.

“We also think we’re going to be able to make intelligent asymmetric bets in the options market,” said Mr. Carnegie. “We aren’t a typical investor in this space in that we’re prepared to trade away some of the upside [to target the 30 per cent return].”

Crypto-savvy Sergey Sergienko has made quite a name for himself in Russia as a millionaire crypto trader and audacious user of the Clubhouse application. During the last decade, he has spent a fair amount of time travelling between bitcoin mining sites in abandoned Siberian factories – taking advantage of abundant and cheap electricity – and his home in Paddington, Sydney.

“We use automatic market makers and the discrepancies in returns in stable coins to produce a greater return for the fund,” Mr. Sergienko said. 

“Effectively, we’re providing liquidity to automatic market makers on DeFi market protocols and receive commission from the trades executed on those protocols. We do it on different blockchains, thereby also taking advantage of different pricing for commission on different blockchains.” 

The MHC fund is designed to capture the upside from the rise in Bitcoin. However, Mr. Carnegie believes the leading cryptocurrency is less sophisticated compared to the ethereum blockchain’s world-changing potential to contribute to the vision of a more libertarian world enlightened by decentralised finance.

“It’s hard, hard, hard to understand it [DeFi] and turn it into a language for people from the outside,” he said. “The reason I’m doing this rather than HODL, which is buy bitcoin and hold on for dear life, is it’s just for me a weak part of your investment thesis, the strongest is proper DeFi and proper smart contracts.” 

Ethereum, dubbed the World Computer, is an open-source blockchain platform. Value is transferred across this platform thanks to a cryptocurrency called Ether.

Ether is also used to pay for transactions on the network. Ethereum powered smart contracts allow, among other things, the use of digital escrow accounts to ensure tradies receive payment when a job is completed.

“I thought ether was going to outperform bitcoin and everything else. So the bitcoin people have done better than me,” Mr. Carnegie said. “But I thought it was better to try and put together a more complicated portfolio with Sergei because this thing is so dynamic. All the success in DeFi is going to pull bitcoin higher with it.”

Disclaimer: This is a sponsored post. Readers should do their own due diligence before taking any actions related to any company, product, or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product, or service mentioned in this post. 

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