A Bitcoin is a type of digital cryptocurrency in which a record of transactions is maintained and new units of cryptocurrency are generated invented by Satoshi Nakamato in 2009. This type of trading is a worldwide activity and can be done anywhere as it mostly involves online platforms. South Africa is one of the best countries in Africa where bitcoin trading and mining businesses are legally done. There is a high and increasing demand for bitcoins in South Africa as years pass. Many people in the country are involving themselves in this trade due to its major benefits.

Trading bitcoins in South Africa

Bitcoin trading involves buying and selling of bitcoin, this activity can be considered a great risk with your funds. However, there are many positive benefits in it. You can decide on a short term or long term trading for bitcoins. As much as you can make a lot of money from bitcoins, you can actually lose a huge amount to especially when you get into the platform with no knowledge at all.

Bitcoin trading involves buying and selling

Bitcoin trading in South Africa is a legal business but you have to accept taxation on your bitcoins during transactions a law made by the South Africa Reserve Bank. One bitcoin currently equals 141,970 South Africa Rands. You can buy and sell bitcoins as well in South Africa from different bitcoin exchange platforms such as Luno where you have to use either a debit or a credit card. Bitcoin mining platforms allows you to buy bitcoins from people selling and get possible buyers from the same. Another bitcoin exchange platform in South Africa is Ice3X that has existed for quite a long time. You can also choose to use VALR which is another big exchange site in the country for bitcoin mining.

Bitcoin trading in South Africa is

If you are new to bitcoin trading and you want to join the trading, you must first have a bitcoin wallet which can be a desktop wallet that you download from your computer, a mobile wallet that you download from your phone or a web wallet that you get from the website. To obtain your bitcoin wallet you have to choose an exchange site for example Luno, create an account, verify your account and then you deposit money into the account. The money you deposit in the account is the one you use to buy bitcoins, the good thing is that you are able to buy bitcoins in ZAR or USD when you use this site. After you've bought bitcoins, you can easily decide whether to place an order for exchange or not.

Bitcoin mining in South Africa can be done online through their platforms or face to face which most cryptocurrency miners feel to be a safer way of trading bitcoins. They usually do delivery for bitcoins or you decide on where you meet. These traders consider this a safer and better way because of quick transactions compared to when you do it in online platforms. In face to face trading in South Africa, you can order bitcoins from bitcoin mining hardwares such as Doodah, GPU mining and Bitmain Antminer. There are traders who buy bitcoins and hold it for future prices if they consider current prices to be low. The price of bitcoin can always skyrocket depending on the demand and if this is the case, those who held there bitcoins consider it as a big benefit because they will sell at higher prices than they bought them.

New traders should always feel secure using the above exchange rates while making their first deposit. You can start your bitcoin account by depositing between R12 and R13000 and you can easily choose the amount you want to be deducted to purchase bitcoin. Before you make a decision whether you want to mine bitcoin or trade with the same, you should conduct a good and favourable research and get more knowledge and information about bitcoins. The knowledge should help you know what happens if prices fall or skyrocket. This knowledge you get from your research should also help you to know when you should buy or sell bitcoins so that you get profits rather than make loses. However, engaging in bitcoin mining without knowledge is termed as putting your money in risk because chances are that you will lose it.