Buy Bitcoin in South Africa from Paxful
Paxful is a Peer to Peer Bitcoin marketplace connecting buyers with sellers. Here, you will sellers from South Africa ready to sell in ZAR and so on. It is important to mention that different sellers have their own rates, the price of Bitcoin is not fixed so there is a better chance of meeting someone who will most likely sell his Bitcoins at a cheap rate.
Simply select your preferred payment method and type in how many bitcoins you need. You can see sellers at different prices and those who are online at that moment.
Buy bitcoin in South Africa from a bitcoin exchange
The two oldest exchanges in South Africa for buying bitcoin, areice3X(iceCUBED), andLuno. Both of these bitcoin exchanges will accept a deposit from your bank account, and once the funds have cleared, you can purchase and trade bitcoins. Buying bitcoin from an exchange is the safest and most secure way to buy bitcoin when you are starting out.
Luno exchange currently only offers customers bitcoin and Ethereum.
Ice Cubed exchange also allows its users to buy and trade in bitcoin and a wide variety of other cryptocurrencies, with altcoins such as Ethereum, Litecoin, Dogecoin, Zcash, Bitcoin Cash, Neo, Monero, Ada and Dash.
Buy and trade bitcoin on localbitcoins.com
LocalBitcoins operates like paxful.com where sellers set their own prices and also the availability of multiple payment options. is a website where you can find people near to you who are also looking for buyers and sellers of bitcoin.
You can advertise that you would like to buy or sell bitcoin, and you can trade with other users of the localbitcoins website. Trades can happen on the website using escrow and bank transfers, or you can meet the buyers in person and trade cash.
Localbitcoins has several deposit/transfer options as well as Quick transfers.
Buy bitcoin in South Africa with PayPal
It is possible to use your PayPal account to buy bitcoins online suing the VirWox exchange to first purchase Linden $ (currency used in the game Second Life) and then using those to buy bitcoin.
Using PayPal is risky for the vendor as the transactions can be reversed, so there might be limits to the amount of bitcoin you can purchase in the beginning.
Buy bitcoin using your credit or debit card
There is an option available to buy Bitcoins using a credit card at theCEX.IObitcoin exchange website. Established in 2013 as the first cloud mining providers, CEX.IO has turned into a multi-functional cryptocurrency exchange, trusted by over 450,000 users around the world. CEX.io works in the United States, Europe, and some countries in South America.
After opening an account on their website just click on “Wallet” and “Fund” next to the requested currency. You will then have the option to either wire transfer the money or make use of your credit card to get your Bitcoins immediately
Buy bitcoin at a BTM (Bitcoin ATM)
South Africa’s first Bitcoin vending machine has been installed, giving users the ability to get Bitcoin in exchange for rand. The vending machine is situated in Kyalami, North of Johannesburg, at a business called Metroman. Visit the atm at theMetroman storeto purchase bitcoins using cash (Rand) during regular office hours.
To get Bitcoin at the Bitcoin vending machine, consumers need to have a Bitcoin wallet installed on their smartphone.
Receive payments in bitcoin… You can sell your goods and services for bitcoins using a variety of methods, the most common way is to simply ask to be paid in bitcoins to your bitcoin wallet address.
If you want to sell products on your website you can use a checkout system like bitpay to make the whole process easier for buyers with bitcoins.Blockchain.infohas a good android app that will allow you to keep a wallet on your android phone, which you can use to accept bitcoin payments, and also to make bitcoin payments.
If you have an android phone or tablet, you can install theblockchain.info merchant application, so that you can allow your customers in your store to pay you any amount of ZAR in bitcoin using the latest exchange rate.
In South Africa, the local payment gateway providerwww.payfast.co.zaallows users to pay in bitcoin, which it converts to ZAR, so if you have a website that is already using payfast, people can already pay you in bitcoin, the difference is that you get ZAR and not bitcoin in your bank account.
Mine your own bitcoins
You are still able to mine your own bitcoin, although, at the current exchange rate for bitcoin, you will be spending more money on equipment and electricity costs than is worth your while. It would be a gamble and a very close call to get your return on your investment. If the price of bitcoin should go up considerably, then you will make back your money, but unfortunately, the bitcoin mining difficulty goes up all the time so by the time that happens, it might be too difficult for your hardware to break even.
The purpose of bitcoin mining is to secure the network and verify transactions, it is not supposed to be hugely profitable. It’s a self-regulating system, so at the best of times you can make some profit, but generally it’s not a vast amount more than you can get by just buying bitcoins at the market rate. At this stage of the game it is smarter to be buying instead of mining because don’t have to spend big money on mining equipment, don’t have to house and power your miners, or have the hassle of the noise and heat generated by them, or the problems of configuring or hardware, network or power failures.