Bitcoin (BTC) has a long history of great feats within the crypto market and in the traditional financial market. From the moment of its birth, it has led to important advances in the global monetary system. And even now, you can buy Bitcoin with South African rands.
In the first place, it opened the door to Blockchain technologies, an element that today provides great advances to society. This utility and the halving system created by the minds behind BTC caused the price of the coin to skyrocket in 2021 reaching 1,220,715 rands.
Yes, the price of this currency is highly volatile and has changed a lot in a year. But most investment experts consider it an excellent long-term option.
For this reason, at a global level, many well-known investment portfolio management firms have operations in BTC.
Today the largest of all cryptocurrencies, both in market capitalization and in price, is trading around R401,0062.32. Very far from the price mentioned above, right?
It is precisely for this reason that a sector of the crypto market is currently focused on acquiring Bitcoin. Since it represents a good growth opportunity in the long term.
However, we must understand that investing in anything always has a level of risk. The one we must be sure we can cope with when something goes wrong.
Buy bitcoin with South African Rands: The easiest way
To be able to carry out the steps that we are going to mention here you must make sure you have your cell phone or computer at hand. Go and find them.
Make sure you have your identification handy. They also serve passports.
Finally, have on hand the necessary elements to make transfers in fiat currency. That is, a bank account, credit card or means of payment such as MTN Ok, once you gather these objects we can start with step one.
1. Create an account on Remitano.com, this is our exchange with incredibly high-security standards and is extremely easy to use.
2. Perform the KYC verification: For this, you must have your identification card. This is a way to ensure the transparency and security of transactions within the exchange.
3. Deposit: When your account is ready you will be able to make deposits and withdrawals in Rands. Making Peer to Peer (P2P) negotiations much easier
4. Acquire BTC: With the money in the system, all that remains is to find a trading method that you like and carry out your transactions.
Very good, we already reflected on the basic steps to buy BTC with ZAR. Below we will provide you with the details about it with some explanations.
Requirements and why they are needed
In most cases, an email and a cell phone number are enough to carry out transactions in cryptocurrencies. But usually, those requirements are not enough to carry out transactions in fiat currency.
To ensure transparency in operations, increase security, and comply with laws. Exchanges use know-your-customer (KYC) verification.
This verification will ask you to upload a photograph of some official identification to the system. They could also ask you for selfies with a handwritten piece of paper where your name is read.
Most of the time this process is extremely fast and intuitive, with which you can do it with relative ease.
Buying Bitcoin is very expensive right?
The truth is that no, exchanges usually have a minimum on Bitcoin purchases. But this does not include buying a complete token of the currency, that is, fractions of it can be bought.
The minimum currently on most exchanges is just 5 rand. With which you can invest small amounts and use them as a savings account for the future.
How do I buy using ZAR?
The first thing we must do now is deposit money in the exchange system. There are several ways to carry this out.
Deposit from a bank account: It is a widely accepted way. Many exchanges support bank transfers and have really low fees. Remitano right now is working free of charge in South Africa.
Using a debit card: Some platforms will allow you to freely transfer your funds from the debit card. However, others will only allow you to use it to buy instants.
Buy BTC with a credit card: Although it is widely accepted as a payment method, it is worth thinking twice. Since they tend to have higher rates, purchasing options tend to be limited and more expensive.
A way to protect your money
In recent days the rand has slumped in its trading pair against the US dollar. This means that money expressed in rands has less and less value on the international market.
That is, it depreciates the purchasing power of the rand against other currencies. Currently, each rand is equivalent to only 0.057 dollars.
How I can avoid this? easily you can buy Bitcoin with South African Rands. Contrary to the rand, BTC tends to appreciate against the dollar.
Basically, as time goes by and the available Bitcoins are less, the currency increases in value. From a few cents of dollar, today it is trading above $20,000.
In this sense, analysts draw a scenario in which Bitcoin reaches $50,000 in the medium term. A rebound of more than 50%, is emerging as an excellent option to protect the value of money.
But that doesn't stop there, in the long run, there is a certainty that eventually the coin will surpass $70,000.
All these points to Bitcoin as a currency whose investment is really cheap. It is also easy to perform and can offer returns of more than 7 times the initial investment.
