Thursday, March 30, 2023

How to Buy Bitcoin in South Africa: A Quick Guide for Novice Investors

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As Bitcoin is constantly advertised and discussed by so many media, at some point, every investor and trader start considering it as an asset. But the question is whether such an investment is safe and profitable enough. Besides, most beginners seek step-by-step guidance on how to make a purchase.

Yet, before we move to practical guidelines, we would like to present a few arguments in support of such investments to break down any hesitations you may have:

  •         BTC is the most sought-after and liquid cryptocurrency, as of now. So, you will be able to sell it at any moment with ease.
  •         It is an effective solution against inflation. In past times, people used to invest in gold to protect their savings from inflation. And this crypto is considered new digital gold.
  •         The constant growth of demand. Its supply is finite ― 21 million coins. The number of its buyers and users keeps on increasing year after year, and the supply of free coins decreases, as a result, its value skyrockets.
  •         A rise in adoption.
  •         It shows extraordinary growth in price over a long term.
  •         It is a frequent choice for portfolio diversification.
  •         It is a safe buy. Such coins are decentralized and protected from hacking. Besides, in South Africa, they are fully legalized, although there is a need for regulation.

Now, let us discuss how to buy Bitcoin in South Africa step by step:

  1. Find a reputable and reliable exchange and register on it. You can choose between local services, like Luno, and international platforms, for example, Binance or Coinbase. But you must take into account that global sources deliver higher liquidity.
  2. Enter your personal account. As an example, we will discuss Binance as it is one of the best choices.
  3. Choose a payment option. Click on “Buy Crypto” and then, for example, “Credit/Debit Card”.
  4. Decide how much Bitcoin you want to get and which fiat currency you want to use.
  5.   Confirm your payment method and specify the card details.
  6. Verify your transaction on the website of your bank (the system will redirect you to the corresponding form automatically).

In sum, Bitcoin is one of the safest and most profitable investment choices globally. So, if you are searching for how to protect your funds from inflation or improve your overall financial state, be sure to consider this solution.

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