Bitcoin proved to be a money-making investment, and thus like many other countries in the world that are getting benefit from bitcoin trading, South Africa has also removed legal constraints to buy bitcoin. It is 100% legal to buy bitcoin in South Africa, besides the fact that (SARS) has also disclosed the risks and threats involved in crypto trading.
The South African reserve bank also claims to charge tax on earnings made through bitcoin trading. The cryptocurrency legal framework is in progress in order to incorporate cryptocurrency trading in the cyber-banking industry.
Simple and easy methods to buy bitcoin in South Africa
It is very important for a bitcoin investor to find an appropriate and reputable bitcoin trading platform in order to avoid scams and fraudsters because there are hundreds of bitcoin exchange platforms that are not secure and trustworthy. There are certain trustworthy trading platforms for South Africans, which make sure that investor’s money is invested in a secure way.
Secondly, you could easily access the bitcoin exchange platform via smartphone or personal computer. It is recommended to trade bitcoin instead of other cryptocurrencies in order to keep your investment safe and secure
The next step after choosing a reputable bitcoin exchange platform is to add up your debit or credit card details in the system in order to transfer money electronically. The system will verify the card details and then credit card fees would be charged which makes buying bitcoin via card a bit expensive.
Bitcoin could also be brought through BTM or in other words bitcoin ATM. In order to buy bitcoin via BTM, your smartphone must have a bitcoin wallet loaded, so that the BTM could read the QR code and process transactions. The only problem with this method is that BTM could only be used to purchase bitcoin. It is not possible to withdraw the money earned from the bitcoin trade.
You could also get paid in bitcoin. For example, many online stores accept bitcoin in exchange for the goods or services bought. So if you have a bitcoin wallet, you can get paid into your bitcoin wallet.
There are some bitcoin trading community sites that connect people who are interested in buying or selling bitcoin privately. Well, this is the least secure way of dealing with bitcoin as the threat of a scam is much higher in this method.
The most time-consuming and expensive way to acquire bitcoin is bitcoin mining. Bitcoin mining is a complex process that requires massive investment in mining equipment. The process of bitcoin mining involves verification of transfers and network security. The bitcoin miners receive their payments in bitcoin.
To what extent bitcoin is used in South Africa
The use of bitcoin by vendors is catching the trend, few vendors accept bitcoin as a method of payment, but it is still not used for daily transactions. The number of bitcoin ATMs in South Africa is only found in major cities, but according to the recent news, in upcoming years there would be an increase in the number of bitcoin ATMs.