Cryptocurrency in South Africa

June 27, 2019

South Africa has a high interest in Bitcoin. This is due to a number of facts. Among these is the uncertainty for the Rand. Bitcoin opened a new way to hedge against a weak Rand. It also allows for fast sending of money across borders.

The South Africa Cryptocurrency market is constantly evolving. New players enter the market constantly, each having own strengths. Competition in the market is healthy as it helps to expand the products and services available to the South African public. Competition also allows for better service offerings to South Africans.

If you want to buy Bitcoin and Cryptocurrencies, the safest way is to make a Rand (ZAR) deposit to a South African Cryptocurrency Exchange. Deposits can be done via EFT or by cash deposit. Deposits usually reflect within minutes and may take up to two business days depending on the deposit method and the banks used. Note that cash deposits usually have a high fee.

Once your account has been credited with Rand, you can buy Bitcoin, Ethereum, Ripple and many other popular Cryptocurrencies available.

Cryptocurrency prices are volatile and may appreciate or depreciate in value rapidly. Invest in Cryptocurrencies that you believe in. That means it is catering to a specific need you identify with.

Some good examples of Cryptocurrency Projects

A good example is Bitcoin which is money without third parties, such as banks and governments. It is this reason why Bitcoin remains the number 1 Cryptocurrency in the world.

Ethereum is number 2 Cryptocurrency in the world. It allows people to automate money through smart contracts. This is a fancy way of saying it is programmable money. Ethereum is also host to the most number of tokens and ICO’s. For this reason, Ethereum has a high use and demand.

Ripple is number 3. It allows banks to efficiently settle cross border transactions. The Ripple company is working with established banking partners for this reason.

There are many more Cryptocurrencies available in the world. Many are working to improve on current shortcomings of Cryptocurrencies. For instance, Litecoin and Bitcoin Cash aimed to improved transaction speeds compared to Bitcoin.

While some are working to disrupt our way of life, others may not live to see another day. A pro-tip to consider before investing in any is to inspect community use. The better established a community is, the more viable that Cryptocurrency becomes.