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”.
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.
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.
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.
The much-anticipated transition of the Ethereum network from proof-of-work (PoW) to proof-of-stake (PoS) consensus is finally taking place. The adaptation of PoS has always been the plan and a vital part of scaling Ethereum by future upgrades. However, abruptly shifting to PoS can pose significant technical and community challenges that are not as simple as using PoW to achieve network consensus. Having said that, what exactly are PoS and PoW?
Proof of Work
Proof-of-work (PoW) is a consensus algorithm that allows for the secure, decentralised verification of transactions on a blockchain. In a PoW system, miners are responsible for verifying and committing transactions to the blockchain. During the verification process, miners compete against each other to solve complex cryptographic puzzles. The first miner to solve the puzzle is rewarded with cryptocurrency, and the transaction is added to the blockchain.
Reasons To Shift From Proof of Work
The Ethereum ecosystem has evolved at an astounding rate in the last year. This growth was primarily due to a significant emergence and explosion of NFTs and Decentralised Finance (DeFi) initiatives. While the change-over was imminent, some factors to be considered for the same are:
The PoW consensus protocol requires users to utilise significant computational power to validate transactions and add new blocks to the network.
Users who devote their computational resources to the shared ledger are miners.
These miners are rewarded with Ether tokens in exchange for the computing power they have supplied to the network.
With PoW consensus, Ethereum takes up to 113 terawatt-hours of electricity in a year. According to Digiconomist, it is more than the total electricity consumption of the Netherlands per year.
The current Ethereum transaction with PoW consensus takes up energy equivalent to the consumption of one week of energy of an average US household.
With so many downsides to its cap, PoW has many advantages, which is one of the main reasons it has been a reliable consensus for so long. The PoW consensus has been robust and secure all these years. But the consensus can be utilised by a cryptocurrency with a massive valuation and relatively simple use case, such as the bitcoin. With the amount of energy and power involved, it becomes difficult for individuals to meddle with a high valuation asset.
Proof of Stake
The consensus protocol Proof-of-stake (PoS) has been introduced to address the issue of over-mining. Proof of stake (PoS) is critical to understand because it could eventually replace the proof of work (PoW) consensus mechanism that is currently used by most cryptocurrencies.
“PoS is a way to achieve decentralised consensus without using energy-intensive mining. It is an alternative to the more common proof of work algorithm. With PoS, a cryptocurrency’s blockchain is secured by its token holders who are required to lock up their tokens as stake and not by miners equipped with powerful hardware. It’s an energy-efficient, cost-effective and therefore, a popular choice for crypto giants like Ethereum,” states Dev Sharma, CEO of Blockwiz, a crypto marketing agency.
In contrast to PoW, in which the individual who completes the mathematical proof first is rewarded with new coins, with PoS, no new coins are created.
Benefits of Proof of Stake Consensus
Proof-of-stake introduces several enhancements over the PoS mechanism:
Improved resource proficiency – you don’t need as many energy mining blocks.
Minimal entry barriers, lower hardware requirements – Even if you don’t possess top-tier hardware, you still get ample opportunities to participate in the creation of blocks.
More excellent resistance to centralization – PoS would imminently facilitate the generation of more nodes.
Staking facilitates the operation of a node. It does not necessitate significant expenditure on equipment purchases or resources, and if you lack the ETH token to stake, you cannot participate in staking pools.
Staking consensus enables reliable sharding. Shards enable Ethereum to generate new blocks simultaneously, leading to enhanced throughput of transactions.
In a PoW mechanism, sharding the chain would reduce the amount of energy required to modify a particular network section.
In a Nutshell
Proof of stake (PoS) is a type of algorithm used by cryptocurrencies to determine who gets to create new blocks on the blockchain. PoS works by requiring users to lock up some of their currency in a smart contract called a stake. In return, they are given the right to validate blocks on the network and earn rewards.
The advantage of PoS is that it doesn’t require the massive energy consumption that PoW does. This non-dependency on massive energy utilisation makes it more environmentally friendly. It reduces the risk of centralisation since few users would be able to control the majority of the currency. Therefore, it’s no wonder that Ethereum is making the much-anticipated switch.
CEO Michael Wu joined Forkast News to discuss crypto’s consumer adoption and what’s next for crypto.
CEO Michael Wu joined CNBC Street Signs Asia to share how Amber Group seeks a balance between regulation and crypto development.
CEO Michael Wu gave an interview with Economist Impact at Technology for Change Week on how to stay ahead of the curve in the fintech space.
Managing Partner Annabelle Huang joined Economist Impact’s Asia Trade Week to discuss the future of crypto as payment in Asia.
Managing Partner Annabelle Huang joined Avalanche Summit to discuss the opportunities and challenges in DeFi.
Managing Partner Annabelle Huang joined Goldman Sach’s panel discussion on “Digital assets – Investing in the future” to celebrate International Women’s Day.
Managing Partner Annabelle Huang gave a guest lecture on DeFi and Web3 for the International Finance class at Singapore Management University.
Managing Partner Annabelle Huang joined the DIG FIN VOX podcast to talk about Amber Group’s move to Singapore and into retail.
CSO Dimitrios Kavvathas joined Blockchain Africa Conference 2022 to discuss institutional investment in crypto.
CSO Dimitrios Kavvathas joined FinTech Festival India at a panel discussion on “De-Fi – A better solution for peer-to-peer lending”.
CSO Dimitrios Kavvathas joined the World Blockchain Summit in Dubai at a panel discussion on “Fostering the global crypto ecosystem”.
Europe Managing Director Sophia Shluger delivered a keynote speech on digital wealth at Blockchain Africa Conference 2022.
Europe Managing Director Sophia Shluger joined the CryptoCompare Summit in London to discuss the building blocks of the new digital economy.
Europe Managing Director Sophia Shluger joined the FundFocus Europe 2022 conference to discuss the foundation for the widespread institutional adoption of cryptocurrency.
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Latin America Managing Director Nicole Pabello joined the Ethereum Rio conference to discuss the LATAM Ecosystem in the world.
Institutional Sales Director Justin d’Anethan joined EmergentX’s Annual Digital Asset Summit to discuss the institutionalizing of the digital asset industry.
Managing Director Ben Radclyffe joined Credit Suisse’s Asian Investment Conference to discuss the spillovers between crypto and equity markets.
The Hydra Developer Bootcamp organised by ChainIDE and Conflux for Web3 developers in Africa provides them with hands-on blockchain 101 training, insight into the African blockchain & crypto industry, and a unique outlook on the future prospects of the Metaverse and Web 3. More than 200 people have already signed up for this event while the first two modules have already attracted more than 500 views in two days.
On Saturday 2nd April 2022, the opening ceremony of the 2022 Hydra Developer Bootcamp was successfully held. Wu Xiao, CEO of WhiteMatrix, a Chinese tech firm that provides industry-leading blockchain services, was the first guest speaker at the opening ceremony and said,“we strive to support the blockchain ecosystem and grow together with the community”.
Chris, head of global expansions at Conflux Network, advocates for the transition towards Web3 and the mass adoption of blockchain technology. Topics such as DeFi, GameFi, and the phenomenon of Africa boasting the biggest volume of Bitcoin remittance in the world are to be discussed in the future.
On launch day, the co-founder of GIGx, Osamede Arhunmwunde described the adoption of blockchain technology as the opportunity of our generation. The goal of GIGX as Africa’s first decentralised marketplace is to onboard the next million users across Nigeria.
Other guests include Chimezie Chuta: founder of Blockchain Nigeria User Group (BNUG), Conflux Network was also represented by Ehis Omozusi, their regional marketing & business lead. Other valuable guests include Obasi Francis: CEO & Co-founder of Cassava Network & former CEO at Lead Wallet and Gaius Chibueze: CEO of ABiT Network.
During the panel discussion, Mr. Chuta depicts the lack of trust and transparency as the main bottlenecks to Africa’s development, and that blockchain’s nature (transparent, immutable, verifiable, secure & decentralised) could be the key to solving this problem. On the other hand, Mr. Ehis emphasised the enormous growth potential of the African crypto sector and that this line of work is not limited to developers. During his intervention, Mr. Francis stressed that the crypto space in Africa boasts an excellent development environment as it is already self-regulating.
The Hydra Developer Bootcamp comes with a $7000 Bounty, and POAPs are available for those who attend the bootcamp from Week 2 to Week 4. Participants that attended the entire bootcamp event will get a chance to join the giveaway lottery scheduled on Week 4. The registration deadline for the Hydra Developer Bootcamp is 9th April at 13:00 GMT+1.
Future modules in this Hydra Developer Bootcamp include creating smart contracts using Solidity, and developing a blockchain-based game and metaverse. Team building has started and participants may contact other members in the Telegram group or outside the TG group to build a Team. Coding lectures will start next week and instructions will be given on how to build applications and deploy them on the Conflux blockchain. Make sure to follow the Hydra Developer Bootcamp on Official channels and remember filling in the forms in the Telegram group!