Buy bitcoin in South Africa from a bitcoin exchange
We have two licenced bitcoin exchanges in South Africa for buying bitcoin, namely Ice Cubed, and Luno. 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.
Ice Cubed exchange also allows its users to buy and trade in other cryptocurrency, such as Ethereum and Litecoin.
If you would like to be in full control of your bitcoin once you have used an exchange, you can withdraw your bitcoin from the exchange to your personal bitcoin wallet.
Click here for a comparison of local bitcoin exchanges in South Africa
Buy and trade bitcoin on localbitcoins.com
LocalBitcoins.com 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.
Click here for a tutorial on how to buy bitcoin on localbitcoins
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.
Click here for step by step instructions on how to buy bitcoin with PayPal.
Buy bitcoin using your credit or debit card
If you would like to buy bitcoin using your credit card, CEX.IO is the place to go to. Follow our guide to get registered, add your card to the system, deposit money, and finally buy bitcoin. Pay the USD or EUR rate for bitcoin on the CEX.IO exchange, with a 3.5% credit card fee + $0.25 fee for deposits.
Our step by step guide to buy bitcoin with a credit card can be found here: https://www.bitcoinzar.co.za/buy-bitcoin-with-a-credit-card-tutorial/
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 the Metroman store to 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
which can QR code that the Bitcoin ATM can read, and use to deposit the purchased virtual currency.
Check out our list of bitcoin wallets that you can use on your mobile phone here.
Buy and sell bitcoin using Mycelium wallet on your mobile phone
If you have installed the Mycelium wallet on your mobile phone, there is an option for you to Buy and Sell bitcoin with other users of the Mycelium wallet. You can advertise that you are looking to buy or sell bitcoin, and using your GPS information, the wallet will let you know of other people near to you who also want to trade. Mycelium wallet will help you to trade with the other users face to face.
Get paid 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 produts on your website you can use a checkout system like bitpay to make the whole process easier for buyers with bitcoins. Blockchain.info has 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 the blockchain.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 provider www.payfast.co.za allows 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. Read more about payfast and bitcoins here.
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. Its a self regulating system, so at the best of times you can make some profit, but generally its 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 dont have to spend big money on mining equipment, dont 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.
We have already done articles on bitcoin cloud mining and also bitcoin mining in South Africa, and other bitcoin schemes in South Africa, and how it is NOT something people should rush into, please read these posts to inform yourself.