Bitcoin Loophole South Africa
Since being introduced to the financial markets in 2009, the price of Bitcoin has risen steadily. In addition, this digital currency has become mainstream, with more people globally using Bitcoin to transact and trade.
For many of those that started trading Bitcoin right from the beginning, they have had the opportunity to earn millions of dollars. To put it into perspective, if you opened a trade in 2009, your investment would have increased by 666,000% by 2017, putting real profits into your pocket. Over time though, it is has become clearly evident that the price of Bitcoin is extremely volatile, making it a high-risk investment. Despite this, global traders understand that you can make good returns trading this digital coin and as a result, many South Africans have chosen to trade Bitcoin.
Interestingly, Bitcoin is recognized as ‘digital gold’ as it has many similarities to gold itself. That is, in the same way gold is recognized as a safe haven asset, and people keep Kruger Rands as a safe investment, many people invest in Bitcoin with the belief that it will appreciate in value in the future. With the scarcity and usefulness of Bitcoin, it is recognized as a store of value and many people have added this cryptocurrency to their trading portfolio.
To trade and invest in Bitcoin in South Africa, you can buy Bitcoin on a Bitcoin exchange. Purchasing Bitcoin outright, however, can be very expensive. As of May 2019, one Bitcoin is worth R125,340. The fact is, you do not need to buy an entire Bitcoin, and you do have the option of buying this digital currency in smaller units (Satoshi) to the value of, for example, R100, R1,000, or even R1 million. This allows you to invest based on the amount you can really afford to. The fact is, trading Bitcoin directly through an exchange can be complicated and very expensive. But there is an alternative – you can trade in Bitcoin CFDs (Contracts for Difference), where you can profit from simply speculating on the direction that the price of Bitcoin will move, without owning the digital coin itself. To top it off, the market offers a choice of highly effective tools to increase your trading accuracy and success. These include trading signals and trading software, such as Bitcoin Loophole. More about this option later in the article.
How to Buy Bitcoin in South Africa
As we have said, you can buy Bitcoin directly from an exchange. An exchange is a website that will facilitate the process of exchanging South African Rands (ZAR) for Bitcoin with other users. In this case, it is important to note that you are not actually buying your Bitcoin from the exchange itself. Instead, the exchange is simply acting as a middleman and you are really trading with other users who are putting their Bitcoin up for sale. The exchange will ensure that if you are buying Bitcoin, you will receive the digital currency and if you are selling Bitcoin, you will receive your rands. Once you have purchased your Bitcoin, it is then recommended to withdraw the digital currency from the exchange and store it securely offline.
Another option is to trade Bitcoin CFDs. This can be done with any regulated and reliable broker in the market. With contracts for difference, a contract exists between 2 parties, namely the buyer and the seller. The contract states that the seller will pay the difference between the current value of an asset and its value at the end of the contract time to the buyer. With CFDs, you can trade with ease on the broker’s trading platform, making profits even when the price of Bitcoin decreases. With powerful, automated trading software like Bitcoin Loophole, trading can also take place automatically. That is, once the software analyses the markets and pinpoints a potentially profitable trading opportunity that matches the trading parameters set in the software, it will make the trade automatically in your trading account. With this option, you can make money from Bitcoin even when you are not in front of your computer and even while you are asleep!
Bitcoin can also be purchased in South Africa from an ATM. Let us look at this option in more detail.
South Africa Bitcoin ATM
With South Africa having the most advanced financial services sector in Africa, it has also been the front-runner in cryptocurrency taxation on the continent. Following Djibouti and Zimbabwe, South Africa has installed Bitcoin ATMs (Automated Teller Machine).
While the very first ATM was installed at Kyalami in 2004, this ATM closed down as there was no significant interest at the time. As of 2017 though, according to a report, it is estimated that there are over 300 000 people in South Africa who are involved in cryptocurrencies. In June 2018, CCN reported that about 47% of South Africans plan to invest in crypto mining and cryptocurrencies. Evidently, the interest is growing at a rapid pace.
Another ATM was then opened by the Northwood Spar, in 2018, and this machine has enabled South Africans to easily purchase Bitcoins, taking away much of the frustration and complexities of buying these digital coins via exchanges.
Places in Africa Where You Can Find a Bitcoin ATM
Bitcoin ATMs have quickly grown in popularity and while there are over 4000 Bitcoin ATMs around the world, it has been reported that as of February 2019, Africa has 9 Bitcoin ATMs as follows:
- South Africa – 5 cryptocurrency ATMs can be found in South Africa and they are located in Johannesburg, Pretoria, Cape Town and Nelspruit. Most of the ATMs in South Africa will require you to verify your identity if you purchase more than R5,000 of Bitcoin. A downside to these ATMs is that have very high fees ranging from 8 to 14%.
- Uganda – There is one ATM in Nairobi, Kenya and you can purchase a minimum of 500 Kenyan shillings worth of Litecoin and Bitcoin from this machine.
- Djibouti – There is a Bitcoin ATM located at the Appart Hôtel Moulk in Djibouti, a small East African country. Managed by Group DOS, there are plans to introduce 2 more ATMs in the country, at a shopping mall and at the airport.
- Zimbabwe – There is a Bitcoin ATM in Zimbabwe which is managed by Golix, the first ever cryptocurrency exchange in Zimbabwe. This ATM allows for the buying and selling of Bitcoin, Bitcoin Cash and Litecoin.
While Bitcoin ATMs are convenient, they do charge very high fees making it difficult for smaller investors in South Africa to start investing in Bitcoin.
Cyril Ramaphosa Bitcoin
In 2018, at the African Union summit in Kigali, where 44 countries signed a deal to establish the African Continental Free Trade Area (AfCFTA), the President of South Africa, Cyril Ramaphosa stated that he fully supports the idea of a single, digital African currency. Ramaphosa did not give more information about this single currency but he said that previous resistance to this idea by other African leaders was changing. Initially, these leaders viewed their currency as a symbol of sovereignty, but as time passes, leaders are starting to focus beyond the borders of their own nation.
Interestingly, Cyril Ramaphosa is a long time Bitcoin enthusiast and as an early Bitcoin investor who has made over $500 million, it makes sense that he is pushing for a single digital currency in Africa. It was also recently reported on CNN that Ramaphosa has invested $100 million into a public Bitcoin platform. Created by David Richmond, this platform enables anyone to trade Bitcoin and to profit. Evidently, Cyril Ramaphosa understands that in order to make money trading Bitcoin in South Africa, the answer lies in the right trading software.
How Can I Invest in South Africa?
One of the best ways to invest in Bitcoin in South Africa is using the leading Bitcoin Loophole trading software. This software has a powerful algorithm that will scan the financial markets and using historical data and the current market conditions, it will pinpoint potentially lucrative trading opportunities in the markets. In addition, the trading software can be automated, which means that once a trading signal is generated, telling you which asset to trade and when, if this signal matches the trading parameters set in the software, a trade will be automatically opened in your trading account. The best part is that the software is available free of charge and even South Africans can sign up and can start trading Bitcoin profitably. You do not need any prior online trading experience nor an understanding of the financial markets. Bitcoin Loophole will do all the work for you. So, if you are serious about making money, and getting in on the Bitcoin South Africa trading action, sign up with Bitcoin Loophole now and step into the trading arena with confidence and the right tools to succeed.