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Why are so many South Africans buying bitcoins?

South-Africans-buying-bitcoins

More and more people in South Africa are eager to invest in Bitcoin. The price of bitcoin has been faithfully increasing over the years, to the delight of long-term investors in Bitcoin. Many South Africans want to jump on the bandwagon, a few are deterred by the high-risk investment.

If we look at historical data, the value of bitcoin has increased from $608.67 (12 September 2016) to $4,166.59 (12 September 2017).

Graph source: 99BITCOINS

However, even though the data shows a very steady rise, the future price may not be the same. But investors are certainly treating Bitcoin like digital gold in hopes that it will continue to increase in value like it has in the past (source: bitcoinzar).

Bitcoin exchange - Invest in Bitcoin SA BestIf you’d like to start investing in the cryptocurrency, you’ll need to start by choosing a Bitcoin exchange, which can be found online or in the form of an ATM. Just make sure that you choose a good Bitcoin exchange to avoid getting scammed. Consider factors such as the reputation of the Bitcoin exchange, security, privacy of information, exchange rates and fees.

Bitcoin Wallet - Invest in Bitcoin SA BestYou will also have to get a bitcoin wallet so you can receive, store and spend your bitcoins. Usually, Bitcoin wallets come in the form of apps, websites and software programmes. They give you access to your bitcoins.

Once you have a bitcoin wallet you can purchase bitcoins via bank transfer, using your credit card, using your debit card, through a local bitcoin ATM or by converting money through your PayPal account. However, you need to be extra careful once you own bitcoins. As your wallet is in the cloud, you are subjected to hackers stealing your coins, computer viruses and accidentally deleting them yourself.

Basically, investing in bitcoin is high risk and high reward. Do you think it’s a good idea to invest in bitcoin? Let us know what you think.

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3 Comments

  • I Dnt think its lucrative for the south African as a whole bcos 500 dollars tu start is in our terms high n that’s equal tu 7500 rands plus a 1500 registration fee who has 10000 rand laying around n it sound so NYC on Mr Steve’s advert how u can make 13000 dollars in 24hrs it is or sound great Mr Steve u give me 500 dollars n let the south African public see 13000 dollars in 24hrs tu believe its true what’s 500 dollars tu u I guess nothing as the proof is u amassed 100m dollars in 2years then in all honesty Mr Steve plz prove it n put your money where u mouth is or is it only for those that have n not for the have nots so Mr Steve this is a open challenge tu prove it works

  • First of all, bitcoin is not the only cryptocurrency out there. There are many and the list grows daily. What makes bitcoin a bit unique is not only the fact that it’s the oldest cryptocurrency but it is limited to only 21 million units. Every 10 minutes roughly 12 bitcoins are mined.

    The question whether you should get involved in a virtual currency or not is really simple: you don’t have a choice. This is the future, whether you like it or not. However, the reason why one wants to buy bitcoins may vary from person to person. I’m not sure that bitcoin will have a huge investment potential in future (although all the signs are there) but the fact remains that bitcoins yield other huge benefits.

    The ball is rolling and not even Jamie Dimon from JPMorgan can stop it! It doesn’t help your case when you blatantly try to defend the banking industry well knowing that cryptocurrencies have already started to eat your pie.

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