BitCoin Buying Guide in South Africa |
Posted: March 19, 2019 |
In the world of modern technology, trading became an important part and is given the most priority for people worldwide. Financial Markets are not physical anymore. They have taken the form of an online marketplace. Starting from Forex, stocks exchange, CFD everything has become easier to trade now because of online facilities. Digital currencies trading are now a trade because they are safe and easier to sell and purchase.
One of the well-known currency tradings in the online platform is the trading of bitcoin. You are correct. Bitcoin nowadays is so popular that I think stock exchanges are anything compared to them. So here let us find everything that we can about bitcoins starting from the definition to everything.
What is bitcoin?Bitcoin is a digital currency that started its journey in mid-January 2009 by someone who goes by the name of Satoshi Nakamoto. While his identity is still unknown one thing we know is that bitcoin hasn't given us any kinds of headaches till now. But the main thing that we must know about bitcoin is what it does. If you are trading bitcoins it means that you are knowing a thing or two. Bitcoin is operated by a decentralized platform other than government financial markets and trading bitcoins mean lower transaction fees. The old online mechanisms are of no use now. Even the ledgers are kept in cloud plus and all the transactions are verified through computing systems. The bitcoins do not have any physical forms. The most interesting fact is that bitcoins are not legal at all. None of the governments backs them up and they are not officially deemed as a commodity even. Still, their highly risen popularity ensured the launched another virtual currency, the Altcoins. Now the main topic here is to how to buy the bitcoins. For the beginners, it is better to know that the buying and selling of bitcoins are widely accepted because of the skyrocketing prices and huge demands. So it is better for the beginners to know all the process of buying and selling of bitcoins in South Africa.
South Africa:Buying BitCoin in South Africa has been very popular these days. South Africa has been advancing recently in many fields one of them being in online trading. Trading of the CryptoCurrency is a major part of their livelihoods. So here we will know all the steps of trading bitcoins in South Africa.
Software Installation:Before you have decided trade bitcoins you must know that there is a certain software required for the buying and selling of bitcoins. There are much software but the original better choice would be the Application Specific Integrated Circuits or Coin base. Now here is how you will do it:
1. Install Coin Direct and make sure to give a strong password. 2. Set up your account you do either the free or the pro account. I would recommend the pro account because you will be notified about all your transactions and status of each and every bit. 3. Choose the payment method. 4. Start the trading of your precious bit of coins. Trading BitCoins in South Africa:
1. BitCoin Wallet: The first thing necessary to do no matter where you are is creating a bitcoin wallet. It can be a hardware wallet that is storing the virtual coins offline, or desktops wallet, mobile wallet. Other methods can be web wallets and Paper Wallets which is printing out the bitcoin transaction pins in the form of hard copy.
2. Exchange: Cryptocurrency exchange means that you need to exchange it and that too with a verified party. The website that is suitable in South Africa is the BitCoin Brokers.
3. Buying: Start buying your bitcoins. The exchanges options give you clear guidance of the maximum amount of bitcoin that you can purchase because the values keep changing. You can also limit the order to be on the safe side. After purchasing you can easily transfer them into the virtual wallet. But for that, you need to provide the account number of the wallet. BitCoin Brokers account is the safest account to keep your transactions not only offline but online as well.
4. Payment Method: Whether you are buying or selling the bitcoin is not the matter. What matters is the method of payment. While the transactions with credit and debit card are accepted for the trading of bitcoins, other methods such as PayPal is not used. But it is acceptable in South Africa you can also use your bank account but keeping the currency in the virtual wallet will be the best option. Things to know before purchasing a bitcoin:
1. Check the volatility, i.e. check the pattern and find the probability of the fluctuation of their values. Only then you will buy and sell the coins. 2. Ensure the security of the bitcoins. It is a must. You do not want to get bankrupt or to be trapped in any fateful scandal. Always use software that provides the offline method and maximum online security. 3. Transactions should not be canceled. It takes on a bad review plus it means you are being cheated. Not only reach verified exchange mediums but also ensure confirmed transactions with all the terms and conditions. 4. Taxes will also be imposed on the bitcoin mining so you must know what you are doing and must keep all the variables into considerations.
Conclusion:The process of buying bitcoins in South Africa is the same as the buying process in any other places in the world. All you need to ensure is the security of your transactions and some terms and conditions.
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