Bitcoin For South Africa
As a South African we first need to find a local exchange to fund your Bitcoin account, enabling the movement of Rand to Bitcoin and back to Rand conversion.
BitX is the exchange I selected to use and felt the process of uploading PDF documents, adding information in under five minutes was really easy.
Confirmation within a couple of hours really is quite fast considering you are conducting banking commercial activity.
Another exchange you might wish to take a look at is Ice3X both appear to be secure and there was no reason for selecting one above the other.
What to have prepared and ready to send:-
An exceptionally strong password kept and safely stored for later use. (Make a really difficult password, this is your banking.)
Your Barcoded ID together with documents for FICA clearance, that is normally two current accounts reflecting your name and residential address, saved into PDF or PNG format to upload.
Have your local banking details ready for the account you intend transferring the Rand from, the bank account must be in your own name. Bank account number and bank branch number will be input on the relevant screen.
The option for Dual security; this works with Google Authenticator and runs smoothly once you have the QR Code set up to your smartphone.
How it works, is each time you are ready to enter BitX, have your sign up email and password ready; have your phone on hand to flip to the Google Authenticator app to obtain the verification code to enter.
Once you have done this once or twice it is really well worth the additional security cover. Details on site under BitX F&Q – By the way I found the support extremely efficient and answers via email spontaneous!
Security is an international problem, my advice is use as much as is available and read before you go ahead and do anything.
Remember to read up on local Legal requirements, we can never escape Reserve Bank Rulings
Since I am only just starting out on this new venture I will have feed back on progress here. Consider before committing to Bitcoin dealings, just like any financial institution online and off-line; currency is volatile and you can end up a loser. Never put all your funds in one place!
More About Bitcoin:
Bitclub with explanations and videos on Bitcoin and BitClub.
BadBitcoin information on the bad side of what is happening with Bitcoin and People (scammers).
Reddit Bitcoin for Beginners a great place to learn from others. Reddit have a couple of places to source information for Bitcoin and is a valued place to go to ask questions.
Bitcoin Talk Forum with Up To Date Information
Prior to two weeks ago I would never have considered Bitcoin, excited after chatting to Michael Q Todd who suggested doing a full inquiry into cryptocurrencies to reveal the true potential of what is looming on the horizon, what an awakening that has been! Michael lives in Japan and they are a good few years ahead in mobile technology.
World wide developments have changed my thinking, we all know what has happened in Greece and the fall of Chinese currency rocking the world.
Bitcoin should be exempt from this, using blockchain technology revealing new evidence daily that this manner of dealing with over border currencies is as safe as any brick and mortar bank, without the excessive fees.
Back to South Africa my reasoning is that with PayPal and First National Bank you are required to move money made in US$ within 30 working days irrespective of the fact that you may wish to offset your Dollar amount with other commitments (not allowed)!
So basically you move Dollars out at expensive exchange rates with excessively high banking fees to enable purchases, then pay two banks again when receiving Dollars back into your bank.
With Bitcoin you are able to hold your funds in a wallet, and are able to save or spend as you feel fit keeping within the legal Reserve Bank ruling mentioned above.
Remember most governments are not on board with cryptocurrencies so whatever you do is at your own risk!
On the flip side, many governments are beginning to look into the blockchain technology as well as overseas exchanges and bankers. Note to self; Let us hope they don’t start arriving with legislation to boggle our minds!
Now more aware of the cryptocurrency system I have noticed many online savvy folk are moving over to Bitcoin which is being developed by the people for the people. This enables trading over borders, entrepreneurs being paid for work in Bitcoin on completion of graphics, writing content, with many other tasks for small business.
Every day new companies are embracing Bitcoin and the technology that makes it work, referred to as the Blockchain.
If you are not familiar with Blockchain, it’s a decentralized public ledger that keeps an accurate account of all Bitcoin transactions so that everyone in the entire network can see it at all times. Take a peek here at more Blockchain Information
These records are kept on nodes and are spread out all across the world so that nobody controls them.
When a new transaction is sent from one wallet to another wallet there is a consensus based system used to make sure the transaction will be allowed. Which is a fancy way of saying the system cannot be tricked or manipulated because everyone can see what is happening.
There are those who are interested in digital currencies and deeply understand possible positive effect of these currencies in economically difficult times.
What if advising Chinese residents there is a way to control their funds and transfer them abroad voluntarily with Bitcoin. Only time will tell if China will choose Bitcoin as a new channel to deal with funds in absolute discretion.
Greece has once seen the true value of the cryptocurrency. When the Greeks were limited to withdraw 60 Euro per day, they turned to Bitcoin which led to its quick monetary boost.
Not only is Bitcoin the fastest-growing area of investment nowadays, it has acted as a saver for many Greeks at that time.
The thing is that Bitcoin allows transferring money on Internet, thus avoiding all governmental controls, at the moment.
Here in Africa it may be the way forward for migrant workers, enabling money to be sent back to their homelands without the inconvenience of high costs involved with traditional banking.
Zimbabwe I was reading a couple of days ago, are in a prime position not having a local currency; using United States Dollars for high end purchases and South African Rand to purchase commodities daily. By using BitFinance or BitMari (Click link to read the article) could be the answer to daily trade.
Consider the first transaction with Bitcoin took place on the 22nd May 2010 and is still here today, with more interest being taken in the technology.
The fist eighteen months the value was $0.10 per Bitcoin and today is approximately $230/USD what great growth, and is only in it’s infancy.
- Find out relevant daily happenings about Bitcoin at CoinDesk – interesting to note the year on year growth in USD;
2012 2 Million
2013 95 Million
2014 361 Million
and to-date 2015 has reached over 400 Million.
Being introduced to this growing phenomenon, envisioning future uses and not wanting to go it alone there is Bit Club Network (Click the link) where you pool your resources into new equipment and grow together, mining. Yes mining, by investing into the club who buy the equipment and mine your coins. Make the coins go to work to increase in value in open network marketing where everything is visible and transparent.
On the other hand, you can buy and keep them safe in a wallet without joining the club and rely totally on the markets normal up’s and down’s.
Making the decision, the club appears to run on MLM basis, looking at how the current banking sector works IMHO it too is based on a similar platform. The white collar controlling traditional banking are paid exceptionally high earnings, from money you deposit and high charges on transactions.
BitClub plans going into the future; To become listed on the exchange once their own cryptocurrency has been launched called ClubCoin. Crypsty will be the place to purchase ClubCoin. BitClub are investing into ATM’s and as a founder of the Bit Club Network, residual earnings from ClubCoin will be shared, this is an investment.
Joining the club is in my opinion is more about becoming a founder member, with high risk and high reward as with any new venture. This is not for everyone, however working in a club environment the risk is shared, as is the reward.
BitLife is another new development in the BitClub pipeline, which is a phone app making all Bitcoin information available. This will include an advertising platform going forward, where any business accepting Bitcoin payments will be listed worldwide. Here is a 1 hour video to explain what is currently being offered plus the plans going forward…
So in summary, have you considered using BitCoin as a payment facilitator?
Buying Bitcoin and holding it for reuse is an option, obtaining Bitcoin and using it to mine and grow has been introduced via the BitClub, with the mention of future developments.
Motivation would be the moving of technology to more open banking facilities making a future for all to benefit from. Remember this is your money, investing and speculating is on you!
Are we moving technology forward into new frontiers? Exciting times with a world global village moving into the Future?