What Is Blockchain?
Blockchains create a consensus on the network about which transaction will prove valid and confirmed by the user. It is a public record of all Bitcoin transactions in chronological order. The purpose of this feature is to verify the permanence of Bitcoin transactions and to prevent double-spending.
This allows Bitcoin wallets to calculate their spendable balance to verify new transactions. A key aspect of this system is to make it difficult or impossible for any changes, hacks, or cheats as they are reinforced with cryptography.
Why Invest In Bitcoin?
If you consider investing in Bitcoin, you need to know why people are choosing Bitcoin as their first-choice cryptocurrency in South Africa and why they are interested in investing in it.
Transparent currency
Bitcoin transactions are public and transparent, and the identity of users behind transactions remains hidden by default. Using this method, you can transact at your own pace without disclosing confidential financial information to the seller.
Decentralized issuance system
Any government or central bank cannot regulate the value of bitcoins. Therefore, there is no interference from third parties. This means that anyone cannot take your coins, charge you, or demand them because you completely control your Bitcoins.
Lowest inflation risk
Three major factors make bitcoin deflationary: the limitation on the total number of coins intended for circulation, the reduction of the bitcoin issuance rate, and its hoarding. This means over time, the value of this cryptocurrency tends to increase steadily
Security
The security of Bitcoin transactions is ensured by military cryptography. There is no way to falsify bitcoins. As a result, cryptocurrencies such as Bitcoin may ultimately represent a significant step toward securing local and global financial systems.
How To Invest In Cryptocurrency In South Africa
The following part covers the steps needed to open a Capital.com account and begin investing in bitcoins within the platform.
Capital.com is a broker of CDF that enables people to trade. Therefore, it is very important to become familiar with the broker and the platform.
Step 1: Open an Account with OKX
To begin, go to the platform’s website and click on the “Trade Now” button in the top right-hand corner. Next, you need to fill in a valid email address and a strong password to apply. In addition, you can link your existing Facebook, Google, or Apple account to begin the registration process.
During the registration process, you will need to provide some personal information.
Step 2: Upload ID
You must upload a valid ID to verify your account. In addition, you will need a driver’s license or passport to prove your identity and a recent statement of a bank account or utility bill.
Step 3: Deposit Funds
When the documents mentioned above are uploaded and your account has been verified, the platform will ask you to make a deposit. Among the payment methods are:
- Debit cards.
- Credit cards.
- South African bank transfers.
- Other third-party channels like Neteller and others.
There is no minimum deposit. After that, you will have the freedom to buy Bitcoins in over 3 000 companies from several international exchanges.
Step 4: Invest in Bitcoin
Now that your account has been established, verified, and funded, you are ready to invest in bitcoin! First, you have to search on the OKX dashboard and select bitcoin. It is important to mention that Capital.com deals in bitcoin derivatives in South Africa.
Where Can You Buy Bitcoin In South Africa?
To buy bitcoin in South Africa, you should determine which trading platform best suits your needs. To help you find the best bitcoin brokers and exchanges, we have prepared a list of the top five, including their features
1. OKX- One Of The Most Innovative Platforms To Invest In Bitcoin
To invest in Bitcoin, one of the best currencies on the market, you can do so using the OKX platform. Here you can not only invest in Bitcoin, but you can also use this crypto for betting, generating returns, and making loans.
It is a platform that has been active since 2017 and can be used by inexperienced traders and Bitcoin investment experts. OKX has all kinds of educational material for beginners to make them feel more confident and succeed in Bitcoin investments.The commissions on OKX can be considered low for investments. However, it should be kept in mind that there are multiple commissions due to the different negation tools available on the platform, as can be the currency and the associated volume.
2. Capital.com – Overall Best and Cheapest Place to Buy Bitcoin in South Africa
Capital.com is a CFD broker with an international presence founded in 2016. It earns income by trading 2,000 assets, while no commissions are charged. We recommend that you start by buying Bitcoin at Capital.com if you want to learn about the world of cryptocurrencies. It also is a safe broker for South Africans to trade with.
One special feature of this platform is its demo version and many learning sources for beginners. You can make your investments in bitcoin without having to risk your money until you have access to real-time trading.Capital.com requires a minimum deposit of just $20, which can be made using multiple payment methods. After that, you can start investing in Bitcoin.
3. Binance – Best Crypto Exchange for New Coins
Binance lets you buy, sell, and trade cryptocurrencies online. It was founded in Hong Kong in 2017 by Changpeng Zhao. Chart types, trading features, and dashboards are available on Binance’s desktop and mobile. Although complicated to use, the interface is complete, and their selection of assets is unparalleled;
Their commissions are among the lowest. You can reduce this further by trading larger volumes or holding Binance Coin (BNB). In addition, it starts with just 0.1% per slide.You can purchase Bitcoin in several ways. More than 54 payment methods are available. Some of the most recommended are buying Bitcoin with a Bank Transfer credit card, changing other cryptocurrencies for bitcoin, or buying Bitcoin directly from another individual in person or online under your conditions.
4. Coinbase – Great Beginner Platform for Crypto South Africa
Coinbase may be a good choice for first-time traders since the platform is reliable and user-friendly.You can buy Bitcoin with a debit card or bank account, as well as PayPal, as you prefer. Additionally, it provides a platform where you can purchase Bitcoin from anywhere globally, including South Africa.Over 150 cryptocurrencies are available to choose from. There is no minimum deposit for an account, but a 1.49% commission is also charged on Coinbase to buy and sell it.
5. Crypto.com – Fast and Secure Cryptocurrency Exchange
Crypto.com was founded in 2016, making it one of the fastest and most secure cryptocurrency exchanges in South Africa. Crypto.com’s minimum investment per transaction at Crypto.com is 1 USD and integrates extensively with decentralized finance (DeFi).
This exchange offers over 250 different currencies, reasonable fees, and discounts for those who own Crypto.com Coin (CRO) at a significant stake.It is recommended for those who feel confident managing a financial account through a mobile app and those with intermediate cryptocurrency knowledge and experience.
6. Luno – Fast Growing Crypto Exchange Platform South Africa
Luno was founded in 2013 to make the financial system more open, efficient, inclusive, and easily accessible to everyone – whoever and wherever you are.
Luno focuses on developing countries, which have been excellent adopters of cryptocurrency, like South Africa, using a cryptocurrency wallet and comply with the same AML and KYC regulations your local bank does.The platform is beginner-friendly, so it is perfect if you are starting in the investments of Bitcoin and want to learn more about it.
