More people around the world are becoming interested in buying bitcoin. To buy bitcoin in South Africa is nothing new as the news can’t stop talking about bitcoin thanks to its rocketing prices and roller coaster dips. Bitcoin’s price skyrocketed in an imaginable height. It’s easy to see how bitcoin gained its popularity, though the prices may fluctuate, it will always seem profitable year by year.
Bitcoin in South Africa
Crypto-intrigued? You are not alone. For the past couple of years, cryptocurrency has been extremely popular in regions like South Africa and Asia.
Today, South Africa is an emerging bitcoin market with BTC vs ZAR at 1BTC: 94,021.29ZAR. More citizens are seeing that decentralized currency like bitcoin can do good in their lives. They use cryptocurrency as a method of online payment, saving a bit, and money transfer.
Many are also using bitcoin as a store of value with people moving from ZAR to BTC to protect against inflation and currency devaluation.
Individuals in South Africa, much like many in the world, are still skeptical about this technology. Nonetheless, many people in the county made bitcoin investment part of their financial management plan.
Buying your first bitcoin
Chances are, you’re already interested in buying bitcoin as a beginner. You’ve done your research on how bitcoin works and are ready to invest. But here’s a quick rundown: Bitcoin is the technology while bitcoin is the currency- the digital money that has no physical assets and exists purely online. It may be confusing at first but the term “Bitcoin”, with the capital “B” is referring to the technology that cryptocurrency is using as the term “bitcoin”, with the lower case “B” is the currency that we trade. It is the first decentralized digital currency. And in case you are unfamiliar, it is not necessary to buy bitcoin in a whole unit but can be acquired in fragments.
Many ask the question, ‘Why is it so hard to buy bitcoins?’ but in reality, buying bitcoins is easy! The first step is locally registering to an exchange that allows you to purchase bitcoins. As the number of users in the country goes up, service providers like Paxful continue to craft new and interesting ways to make bitcoin transactions simple while catering to more than 3 thousand users every day.
Buy and sell bitcoin on Paxful
Paxful, a peer to peer cryptocurrency marketplace, provides users with the platform to buy and sell bitcoins. People exchange the value of FIAT to bitcoin and other financial instruments. It allows buyers and sellers of bitcoin to find each other with an escrow service that protects their transactions. Users have almost every payment option available to them. Paxful vendors accept over 300 payment options to choose from which includes PayPal, bank transfer or gift cards.
Buying Bitcoin in South Africa is very simple with these simple steps
Before buying bitcoins, it is necessary to have a wallet. Create an account with Paxful. Having an account with Paxful automatically entitles you to a free wallet. A Paxful bitcoin wallet lets you send, receive and store bitcoins whenever you want.
Create a wallet
Once you’ve logged in, click the ‘Buy Bitcoin’ button on top of the site. Enter the amount you are willing to pay in your local currency and select your payment method. Paxful has more than 300 payment options. Click “Search” for the payment that you would prefer. One thing you can do is add a payment option that would be convenient in South Africa.
Find an offer
After selecting your payment method, time to look for an offer available on offers page. A list of vendors with details like username, country, amount of positive feedback and payment method will appear on the page. Browse through the page and select an offer you like.
Start the trade
In the individual offer page, read through the seller’s offer terms, enter the amount of bitcoin you wish to buy and click ‘Buy’. This opens the trade with the instructions and the chat box. When a trade starts, the seller’s bitcoins are transferred automatically to Paxful’s secure escrow and at this point, the seller can’t cancel the trade. Only a buyer can cancel a trade at any moment and the bitcoins will be transferred from the escrow back to the seller’s wallet.
Paxful ensures the safety of both buyers and sellers. The dedicated customer support team and live chat help users to trade with ease and confidence.
Close the deal
Follow the seller’s instructions for a successful trade. Send the required files and documents and make a payment. Click the “I HAVE PAID” button once done.
If the buyer hasn’t made a payment and not marked it as “payment completed” within the payment window time frame, the trade will be canceled, and the bitcoins are moved back to the seller’s wallet.
When both the buyer and the seller have verified that the transaction has been confirmed and all the terms have been met, the money will be released to your wallet. Now, you have bought bitcoins.
Paxful and South Africans
Paxful has a commitment to empowering the African public. Our platform gives them access to financial services. The massive cryptocurrency industry has inspired Paxful’s African-based users to invest like never before.
In return, Paxful launched the #BuiltWithBitcoin initiative that allows people to donate using cryptocurrency, with 100% of all donations going towards charitable work. This initiative resulted in the construction of the first nursery education center for 7,500 children in Rwanda between the ages of 3 and 6. It features 3 classrooms, 4 restrooms with a portable irrigation system, and a 15,000-liter water tank.
Paxful has plans to continue this project all over the country. To read more about our #BuiltWithBitcoin initiative, visit the Paxful Blog for more Paxful and cryptocurrency news.
As Paxful’s CEO, Ray Youssef, one said “It was never about the money. It’s all about helping the little guy.” Through bitcoin advocates and technology, Bitcoin has the capability to change lives in your region and all around the globe.