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5 Ways to Buy Bitcoin Quickly and Easily as a South African

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5 Ways to Buy Bitcoin Quickly and Easily as a South African

In the last couple of years, we have heard so many things about Bitcoin. Investors call it digital gold, an investment, a store of value, the future of our currency, the revolution of payment, and so forth. The best indicator for these attributes is the current price of Bitcoin, a whopping $50,000. No wonder why people are rushing to buy bitcoin in South Africa.

Buying bitcoin for some people can be intimidating. The thought of how to go about it, where to buy it, and the fear of being scammed are some of the challenges newbies face.

You don’t have to worry about any of the aforementioned challenges. In this article, we will be digging into the several options you have to buy bitcoin in South Africa.

There are presently five major ways to exchange Rand for bitcoin. We will look at the options one after the other and review their advantages and disadvantages.

1. P2P Exchanges

Remitano

The first way to buy BTC is through a P2P Exchange. It is the most common method people use to buy bitcoin. Peer-to-Peer exchanges are platforms that bridge the gap between buyers and sellers by providing a marketplace for both buyer and seller to meet and make transactions.

The most popular P2P platform for trading bitcoin in South Africa is Remitano. On Remitano, you set your price rate and the amount of bitcoin you want to buy and wait for interested sellers, while the Remitano Escrow system ensures that both parties fulfil their end of the trade. The transaction fees are usually very low for P2P and range from 0 to 1%. Remitano P2P is suitable for newbies and expert traders, thanks to the unique and friendly user interface.

Pros

  1. The transaction rates are usually very low.
  2. They are simple to use.
  3. They are a decentralized market, it makes use of software to connect buyers and sellers.
  4. It offers good liquidity, and it is a nice option to easily change your South African rand to bitcoin.

Cons

  1. Most require personal information and offer very little anonymity.
  2. Finding buyers and sellers can sometimes be stressful especially when you are buying a small amount.

2. Traditional Exchanges

The second way to buy bitcoin in South Africa is the traditional crypto exchanges. They are digital market places where people buy and sell bitcoin. Some examples of exchanges are the Binance, Huobi Global, Lykke, F-change, etc. in these platforms the price of bitcoin is fixed.

These types of exchanges are also called spot exchanges. They allow users to trade one cryptocurrency for another, buying and selling coins and exchanging fiat into crypto assets.

On spot exchanges, traders use to trade other crypto assets against BTC to profit from the volatile nature of the crypto market. Spot exchanges are more suitable for traders and may seem intimidating for newbies. Since they allow users to also buy bitcoin with fiat, the process will be intuitive. Moreover, there is nothing hard about crypto trading, a little research will teach you basic things about the craft.

Pro

a) It is easy to use.

b) Some require little information from you.

c) They allow high varieties of fiat, almost all currency is available.

Cons

a) Most are usually slow.

b) Exchanges rates are sometimes high.

3. Bitcoin ATMs

Bitcoin ATM is the third method people use to buy bitcoin. South Africa has 7 bitcoin ATMs, which is the highest in Africa. BATM is undisputedly one of the easiest and fastest ways to buy Bitcoin.

Most of the BATMs in South Africa only allow users to buy bitcoin with fiat. You can convert your Rand to BTC using these ATMs. Transaction fees on BTAMs are on the high side with an average fee of 8-14% per transaction.

Also, you can withdraw up to 5000 rands without ID verification. KYC verification will allow you to buy bitcoin worth 100 million SA rands at a go.

Pros

  1. Fast and time-saving.
  2. Easy and very efficient.

Cons

  1. Transaction fees are usually very high.
  2. They are not available everywhere.

4. Brokers

Brokers are like our conventional retailers that buy goods in bulk and sell to people in bits or units. Bitcoin brokers buy bitcoin from exchanges in large amounts and sell to interested individuals. This method is mostly preferred by people who aren’t technology savvy. All you do is pay an agreed amount and give the broker your wallet address so that he can transfer the agreed bitcoin to you.

Pros

  1. The transaction is mostly physical.
  2. Highly efficient.

Cons

  1. Brokers set the price and rate.
  2. There’s a high tendency of falling into the hands of scammers.

5. Debit/Credit Cards

The card is the last we will be looking at. It is a widely used way to buy bitcoin. It is available across all countries and regions of the world.

The cards used in this method include debit cards, credit cards, vouchers, and gift cards, etc. They are very fast and hassle-free. Platforms like Binance, Remitano, Huobi, and so many exchanges integrate cards to their platforms. However, without using any other platforms, you can’t buy BTC directly into your wallet with those cards.

Pros

  1. Requires no stress.
  2. Accessible to everyone.
  3. It is available on many platforms

Cons

  1. High transaction rates.

Conclusion

The adoption of bitcoin is increasing and accessibility to cryptocurrency is on the rise. It is now easier to buy bitcoin, own it, and sell it in South Africa than it was 5 years back. These are the ways you can buy bitcoin presently. You have to select your choice based on safety, ease of use, and transaction fees.

However, make sure you conduct extensive research on any platform you plan to buy bitcoin to avoid falling for scammers.

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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Blockchain Technology: The Driver for Social Change

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Driver for Social Change

Technologies are created to solve problems. Sometimes they make our work easier and efficient. Sometimes they bring in new ways to do them. The Internet and open-source revolution has already made our world better in many ways, while also bringing new problems of their own. Blockchain technology is the new forefront where similar things can happen. There are many applications of blockchain technology that aim at revolutionizing various industries and commerce. But can it really change our societies too?

In the words of Dev Sharma, CEO and founder of Blockwiz, “Blockchains have the potential to drive some much-needed social changes in our current structures. It can bring social justice through securing records like car ownerships and reduce malpractices by its transparency when applied to supply chains and government spending. The potential is vast and often threatening to authoritarian systems where power is used in the wrong way.”

The world has already started revolting against the misuse of authority and power by public and private institutions. This has brought us laws and policies that protect our privacy and security on the internet. Similar movements have come and faded in the past because efficient systems that can replace the current ones had been missing for the most part. However, with blockchain technology at our side, many such movements can find solid footing now.

Most resolvable social problems arise due to current systems being susceptible to tampering and lacking transparency. Being centralized and hierarchical, these systems have multiple points of failure. This leads to corruption, unreliability, and excessive resource costs. All this can be solved by implementing blockchains in these systems. They can also be used to automate traffic management, property management, tax, fine collections, etc; activities that are vulnerable to misuse and corruption.

“History suggests that centralized systems of governance had failed for the same reason. The unequal distribution of power and misuse had brought down empires. Democracy and federal governance being the closest to decentralization we could get, it is still very vulnerable to socio-political injustice. And needless to say, very inefficient as well. The last two decades have seen a tremendous rise in technology but their direct use to solve socio-political problems has been limited. However, blockchain technology can be a direct solution to many of them.”  added Mr. Sharma of the Canada-based crypto marketing agency.

The concept of smart cities has already taken these applications into account. While the use may be limited to public systems and operations, it can be easily extended to governmental and legal systems. Our current technologies are capable of managing and resolving many small needs of our societies without human intervention or oversight. The only roadblock to a technology-driven social change is the implementation and their use. Especially now, when we have the solutions and yet the problems remain!

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Blockchain and IoT – Is There a Future Here?

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Blockchain and IoT

Blockchain technology has disrupted the world of today, especially as the pandemic hit us. The restrictions and lack of engagement during the Covid-19 waves have diverted the attention of people all over the world to cryptocurrencies. While all that is going on, The technology kept evolving to provide many more use cases for Blockchains we see today. Some of these use cases can be utilized for many socio-economic applications too.

History has it that new technologies are often integrated with other technologies to give powerful applications for the users. One such combination that has been in talks is the integration of blockchain and IoT (Internet of things). Both the technologies are young and disruptive. The market for blockchain technology-based IoT systems has a huge potential in the global market.

“IoT has been one of the most exciting markets of the current generation. It had its issues with security and susceptibility to hacking. Blockchain technology can overcome these issues easily because of its tamper-proof and secure nature. While providers such as Amazon for Alexa devices and others have overcome this to a certain extent, they can still use the decentralized nature of blockchains to further the cause. Similar to what Android did for the smartphone market, blockchain can revolutionize IoT.” said Dev Sharma, CEO and Founder of Blockwiz, a global crypto marketing agency.

IOTA and its Tangle network aim to fulfill this gap in the market. Internet of Things (IoT) differs from most blockchains in crucial ways which makes them unusable for it. IoT can work on a system that supports multiple chains and nodes to connect multiple devices to the system. Conventional blockchains are based on a single-chain connecting and recording all activities to it. Also, as the number of activities (transactions) and the number of branches increase, the speed of transactions decreases and the cost per transaction increases. IoT requires a system that can do the opposite of this.

“The Tangle network is built on the principles of IoT and blockchain technology. As the branches increase, their speed increases while the cost remains negligible. Such a system can greatly increase the applicability and security of IoT activities. Also, being a publically available system, it can be used by developers for a wide range of applications at a very low cost. Being decentralized, it can be used by everyone throughout the globe. This is the heart and core of blockchain technology.” added Mr. Sharma of the Canada-based agency.

One of the most important advantages of using Blockchain technology for IoT is the secure accounting of all activities. This can be used to investigate any IoT system for tempering and misuse. This may not be possible with devices like Google Home, Alexa, and other systems since their data storage is centralized and inaccessible to users without legal intervention.

While many of us consider IoT devices being used in homes to control connected machines throughout our homes, the application of this tech is much more vast. Self-driving cars, traffic control, global supply chains, self-servicing machines, etc can all use IoT-like systems to enhance and automate our processes. However, the most important impact of the system is on the environment. Using lesser resources is the reason why such a system can have negligible transaction fees/costs which also points to savings on the environmental front.

The power of IoT with blockchain technology has the potential to automate large and complicated systems with low resource costs. We have all heard of the concept of smart cities, IoT is among the major technology that is used to define it. These concepts can easily become reality through a public blockchain system for IoT. Our world is changing continuously through technologies and the hope is that we can change it for the better, for us, and for the environment we live in.

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12 Days of Crypto: Playbetr Announces a Crypto Africa Giveaway – Here’s How to Take Part

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Crypto Africa Giveaway

Crypto betting platform Playbetr has announced the official launch of its Playbetr Africa Giveaway. The giveaway, according to Playbetr is designed for a specific category of users Premised on a long-standing tradition of “12 days of Christmas”. 

Ho-ho-ho, Santa Claus and Playbetr are already on their way to their best users with gifts! Playbetr, with the help of Santa Claus, is announcing a big contest for its African community! Each of them is designed for a specific category of users.

In this article, we will tell you about the “12 Days of Crypto” Giveaway.

Premised on a long-standing tradition “12 days of Christmas”. Santa Claus in partnership with Playbetr will be rewarding its growing family in Africa. 

How to Participate & Eligibility

You stand a chance of winning by taking part in any of the following activities.

  • Set up a Playbetr account.
  • Place a bet on our platform.
  • Show your support on our Facebook and Twitter pages.
  • Share your affiliate links with your friends.
  • Tag them under our posts on Social Media.
  • A random like, retweet, placed a bet, or comment under our post – all of these take part in this draw and help you win a prize. So, don’t waste your time and go get your reward.

The competition has a reward system. Each winner gets $10 in crypto in your Playbetr wallet. 

There will be 103 winners in total. The giveaway ends on January 2, 2022. Follow the hashtag across all socials for more details #PlaybetrAfrica.

Don’t waste your time and go get your reward. Good luck, have a great holiday, and bet on Playbetr!

12 Days of Crypto

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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