Bitcoin to ZAR

What is Bitcoin?

Bitcoin is a peer-to-peer technology for electronic cash to allow online payments from one party to another. It was created in 2009 by an anonymous developer(s) called Satoshi Nakamoto. Bitcoin is not owned by anybody or controlled by any entity but is available to everyone. This is referred to as decentralization. Bitcoin acts as a competitor to almost all previous payment systems.

Bitcoin to Rand Price

We constantly update, in real time the price of Bitcoin in Rand / ZAR. This way you are always sure what you can either buy or sell Bitcoin for.

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Bitcoin Prices from the exchanges

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How much is 1 Bitcoin in ZAR?

Use our widget below to find out how much Bitcoin you can get for your ZAR. Simply enter the amount of Rands, from R1 etc, and it will tell you exactly how much Bitcoin you can get for that ZAR.

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Bitcoin to ZAR prices for previous 10 days

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Bitcoin Features

  • The Blockchain

Transactions on the Bitcoin network are tracked and recorded on the Blockchain. Blockchain is distributed public ledger where all assets can be tracked and recorded. When a Bitcoin transaction happens, the information from the preceding block is copied to a new block. The data is encrypted by cryptographic algorithms and then verified by validators. These validators are the miners who get rewarded for verifying the data.

  • Supply and Mining

The total supply of Bitcoin is capped at 21 million coins. Bitcoin is the largest cryptocurrency by market capitalization. Bitcoin price is also the highest of all cryptocurrencies. New coins are added to the network through a process called mining. Mining involves solving highly complex mathematical problems that verify various Bitcoin transactions. Upon successful mining, the miner receives a specific amount of Bitcoin, which is then added as a new “block” in the Blockchain.

South Africa has one of the largest mining pools in Africa. It is home to Bitfarms, a Bitcoin mining company operating in several states. Genesis Mining, a cloud-based mining company, is also in South Africa.

  • Storage Value

The smallest unit of Bitcoin is the Satoshi (0.00000001 BTC). Many users consider Bitcoin as digital gold. Instead of using their Bitcoin for payment and regular trading, they opt to hold (HODL) for the long term with the hope of appreciation against an ever-inflating fiat. Bitcoin has therefore been treated as a store of value.

  • Bitcoin Wallets

Wallets are digital software programs used to store the Bitcoin keys. You can access your Bitcoins through the wallet. The commonly used Bitcoin wallets in South Africa are hot and cold wallets. Hot wallets are connected to the web and more susceptible to hacking. Cold wallets store Bitcoin away from the internet and are mainly used to keep large amounts. Cold wallets used in South Africa are Trezor and Ledger, while hot wallets used are Exodus, Luno, and Electrum.

Uses of Bitcoin  

  • Payment

You can use your Bitcoin in South Africa for payment. It can be for simple tasks and services where the fees are low and fast transactions while remaining anonymous. Here are some merchants in South Africa who accept Bitcoin and other cryptocurrencies:

  • Expedia Travel
  • Future Light, an online LED store in South Africa
  • Checkout retail supermarket
  • Shopify
  • Bitcoin Loans

Several exchanges offer Bitcoin Loans where you can get loans with your Bitcoin as collateral. These do not need any subjection to background and credit checks. The vice-versa is also available; you can lend your Bitcoin and earn yields with specific lending rates. 

  • Legal Tender

Adopting Bitcoin as legal tender by countries helps alleviate economic problems and reach out to citizens who have no access to banks. Transactions with Bitcoin are fast and at minimal fees. El-Salvador was the first country to set Bitcoin as legal tender. Central Africa Republic (CAR) became the second and first in Africa to do the same.

Where to buy Bitcoin in South Africa

  1. Luno

Luno South Africa is a crypto exchange where you can buy Bitcoin directly with Rand (ZAR). It is the largest in Africa, with a more user base in South Africa. It works with South African regulators to ensure the safety of users’ assets. The AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance practices are among those.

Features:

  • Friendly for beginners
  • Fast Bitcoin transactions facilitated by their hot wallets
  • Support for fiat currencies
  • Free EFT transactions and 1.40% for instant transactions, withdrawals are free.
  • Over 95% cold storage for Bitcoin and other crypto-assets.
  • It does not offer high liquidity for your Bitcoins
  • Lacks referral programs

2. Bitcoin ATMs

Bitcoin ATMs are quick, easy to operate, and also private. South Africa has the most Bitcoin ATMs in Africa. Currently at 8 stations, 2 in Johannesburg, 1 in Pretoria, 4 in Capetown, and 1 in Durban. To locate a Bitcoin ATM near you, use the Bitcoin ATM Map. The comfort comes with high fees ranging from 5% to 10%.

3. Binance

Binance is the largest crypto exchange by trading volume. It provides comfort in terms of stability and liquidity. It is widely available in many countries and supports a wide range of cryptocurrencies like Bitcoin, tokens, and NFTs.

Features

  • Over 600 cryptocurrencies are available in South Africa. They ensure portfolio diversification.
  • P2P trading allows for direct purchase of Bitcoin from local traders in ZAR and payments completed by local means. Transactions are free.
  • Spot, futures, and margin trading for Bitcoin are available.
  • Hot wallets are available for spot trading and cold storage for long-term storage of Bitcoin.
  • Staking and farming also available for your Bitcoins
  • Loans with Bitcoin as collateral
  • Low Bitcoin fees of 0.1% on Binance Exchange and 4.5% for instant buys

4. Coinbase

Coinbase is a globally renowned crypto exchange and trusted by many for Bitcoin purchases and storage. It is the second crypto exchange in trading volume. Coinbase platforms are desktop and mobile apps, both available in South Africa.

Features

  • Beginner-friendly and advanced traders too on the Coinbase Pro app.
  • There are high fees of about 1.49% on Bitcoin purchases with your South African debit card.
  • Cold storage for your Bitcoin is also available in their Coinbase Wallet app, which is non-custodial and only the owner has the private keys.
  • Insurance for your crypto assets

5. Coinmama

Coinmama allows Bitcoin purchase in South Africa with more options of purchase. They include credit cards and Western Union Transfers. Coinmama allows users to buy and trade several of the most popular cryptocurrencies, including Bitcoin for cash.

Features

  • There is a wide range of payment options for Bitcoin purchases, including ZAR cash via Western Union.
  • Over 10 cryptocurrencies listings
  • No fees for crypto deposits or withdrawals.