How to buy Bitcoin in South Africa – A Complete Guide by griffex
Are you interested to buy Bitcoin in South Africa?
It’s normal to feel a bit clueless when you are starting out, which is probably why you have stumbled upon this piece. The world of cryptocurrencies often takes time to understand so, sit tight, and we will guide you on the nuances of buying Bitcoin in South Africa.
This has been put together as a beginner’s guide on how to buy Bitcoin without the jargon so you can easily grasp the fundamental methods to buy Bitcoins.
What is Bitcoin?
Bitcoin is one of the most popular cryptocurrencies. It is a digital asset, a kind of digital currency. Bitcoin operates on a decentralized system without the need of a central bank or an admin for that matter. Bitcoin can be sent between users via a peer-to-peer blockchain network without any intermediaries in between.
Transactions happening within the Bitcoin network are verified via cryptography and posted on a publicly distributed ledger. It was invented anonymously by a person or a group who went by the name Satoshi Nakamoto in the year 2008. New Bitcoins are produced through a process called mining, which is essentially a form of reward for verifying transactions and keeping the network secure.
Must Read: How to buy bitcoin in Malaysia
The coin supply, however, has been limited to 21 million but you can purchase even small fractions of a Bitcoin.
5 things you should know before you buy Bitcoin in South Africa
As the world becomes more reliant on the internet and digital assets, Bitcoin has become an unavoidable topic and it has garnered a lot of attention in the last decade. Bitcoin is publicly available and global, which essentially makes it more accessible as opposed to traditional banks which is why investors are intent on investing in Bitcoin.
Here are a few things you’d want to know before you settle on buying or investing in Bitcoin.
Price of Bitcoin
Bitcoin doesn’t have a fixed price. It is set by market forces of demand and supply. The price of Bitcoin in rands is 1,25,945.30 at the time of writing.Bitcoin has been known for its ability to touch sky-high prices.
When to invest or buy Bitcoin?
With the market being so volatile, to begin with, it’d be hard to locate the right time of investment, although Bitcoin has increased in value progressively with downfalls before it stabilizes again. There are tools like Cryptowatch or Bitcoin Wisdom which help you analyze price charts. It would also give you an idea of what to expect.
Bitcoin is a global currency and is not regulated by any government or agency and global chaos is somehow seen as a form of a silver lining for Bitcoin pricing since it is outside the direct influence of any government, so an ideal time to invest would be when the price slides down.
How to invest and where to invest?
The mechanism for buying cryptocurrency would vary depending on the country. For instance, In Africa, you can either choose to exchange on global platforms like Bitfinex, CoinSwitch, Griffex, Binance, and Coindirect.
There are several ways to secure your Bitcoin assets. Like most valuable assets, Bitcoin is also an easy target for thieves, scammers, and hackers. You should always take proper measures to safeguard your investment.
Source : Griffex
Griffex is a marketplace for smart sale and purchase of cryptocurrencies, a flexible trading platform presenting an opportunity for seasoned investors, retail traders, and cryptocurrency enthusiasts at managing multi-currency investment portfolio. Griffex adore the flexibility of trading with multiple cryptocurrencies, the sensational charm in new-age commerce and financing that has attracted millions towards this revolutionary mannerism of investing. However, the inefficiencies inherent the traditional crypto-exchange models, coupled with the dearth of quality tokens and lack of incentives continue to act as a bulwark against the eventual adoption of technology that has such far-reaching consequences.Griffex is a rapidly growing number of initial coin offerings (ICO) has led to more than 2000 new cryptocurrencies.