Bitcoin is not only reserved for the rich. Very few people realize that anybody can buy Bitcoin, even if you can’t afford one full bitcoin which costs around R500,000.00. Bitcoin is designed to be able to be bought in fractions you can buy Bitcoin with as little as R15!
Bitcoin is a great investment in the long term, and many professionals believe that Bitcoin still has enormous room for growth potentially yielding returns well over 1000%.
Let’s look into how to purchase Bitcoin in South Africa. I’ll also answer some frequently asked questions about Bitcoin.
Is Bitcoin available in South Africa?
Bitcoin is certainly available in South Africa, and it is quite easy to buy. Bitcoin is also 100% legal to buy and own in South Africa.
The Luno exchange is the easiest way to buy Bitcoin in South Africa. Before purchasing Bitcoin, you will need to open an account with Luno. Once you have completed the process, you can log into your Luno account and buy Bitcoin.
HOW TO OPEN A LUNO ACCOUNT
- Step 1: Click on this link to open an account with Luno and get R25 worth of free Bitcoin: https://www.luno.com/invite/P4BCUK
- Step 2: Click on “Get Started”
- Step 3: Create an account by entering your email address and creating a new password
- Step 4: Check your email, open the email from Luno and click “Confirm my email”
- Step 5: Enter your Mobile number, and click “next”
- Step 6: Check your SMS and enter the 4-digit code.
- Step 7: Click keep going,
- Step 8: Enter the county where you live and click next
- Step 9: Allow location, then enter your details, agree to the terms and conditions, then click “confirm”
HOW TO BUY BITCOIN IN SOUTH AFRICA USING YOUR LUNO ACCOUNT
- Sign into your Luno account at www.luno.com
- Click on “Wallets,” then click “BUY,” and select “Bitcoin.”
- Select “Once-off”
- Select payment method. I recommend Credit/debit card
- Enter your credit card holder’s name, and click “Next.”
- Enter the amount of Bitcoin you want to buy in Rands, and click next.
- Check the amount is correct, and click “Confirm.”
- Complete the payment process with your credit/debit card details.
Congratulations, you have now purchased Bitcoin!
How much does Bitcoin cost in South Africa?
At the time of writing this article, one Bitcoin costs around R500,000.00. But that does not mean you cannot afford to buy Bitcoin.
Bitcoin is designed specifically so that you can buy fractions of Bitcoin. For example, if you only want to invest R1,000 in Bitcoin, you can buy 0.002 Bitcoin. You will still benefit 100% when the price of Bitcoin increases.
How do you make money with Bitcoin in South Africa?
Any money made from Bitcoin is from Bitcoin price fluctuations. There is only a limited supply of Bitcoin in circulation, and as the demand for more Bitcoin increases, the price also increases. This is the same way the price of Gold increases. Think of Bitcoin as digital gold.
The idea is that you buy early, while Bitcoin is still cheap, and sell in the future after the price has increased. If the price of Bitcoin doubles in 2 years, you will double the money you invested when you sell your Bitcoin.