Top Reasons Why Bitcoin is Popular in South Africa
The interest shown towards Bitcoin in South Africa has been growing at an exponential rate over the past few years. Yet many people still find it hard to understand exactly why Bitcoin is so important, especially for South Africa and other African countries.
Although this may come as a surprise to some people, South Africa has been called “the next frontier for crypto exchanges” and “the 6th biggest ‘Bitcoin Maximalist’ country in the world“. It’s also clear that Bitcoin dominates the South African cryptocurrency market when you take a look at the volume on local crypto exchanges.
So how does this great news happened in the first place? Why many South Africans have started to adapt to Bitcoin?
Why is Bitcoin popular in South Africa?
Bitcoin helps South Africans combat many monetary problems that they are faced with on a daily basis. Here is a list of just a few of these problems:
- Currency devaluation
Currency devaluation is a big problem faced in many countries all around the world, including South Africa. The South African rand has lost over 60% of its value when compared to the dollar over the past few years! In simple terms, this means that the currency we hold as a currency can purchase fewer goods and services.
Bitcoin has a set supply of 21 million coins. This means that Bitcoin is not affected by inflation or hyperinflation because of this unique property. The South African Rand has an annual inflation rate of over 5%, while Bitcoin has an inflation rate of 1.82%, and this will continue to decrease as time goes on.
- Bank the unbanked
Over 11 million South Africans don’t have access to a bank account. By using Bitcoin we could allow for all these people to participate in the economy. Bitcoin is free for anyone to use, all you need is a simple device and an internet connection. Bitcoin also allows people to send money to anyone, anywhere in the world instantly and for a cheap fee. This will allow many people in Africa to easily send money home to family members that live in a different province or country.
Although Bitcoin fixes all these problems, it is still bought by people as a speculative investment. Many believe that Bitcoin will continue to increase in price as time goes on. Just like it has in the past.
It is safe to say that Bitcoin has gained a lot of traction here in South Africa, and it doesn’t look like that will change anytime soon.
Why should I get involved in Bitcoin?
We cannot tell you whether you should or shouldn’t get involved in Bitcoin. However, what we can tell you is that you may miss out on a big opportunity by ignoring Bitcoin. Bitcoin was declared as the best performing asset of the last decade. The cryptocurrency rose by over 9 000 000%. Going from R0 to nearly R200 000 per coin at today’s current price.
How to buy Bitcoin in South Africa
Now that you’re ready to buy Bitcoin you’ll need to find a local exchange or broker. Exchanges can be very complicated and difficult to use, especially if you are new to crypto. For this reason, we’d recommend going with a local broker, such as Easy Crypto South Africa 🙂
Easy Crypto makes it easy and quick for any South African to buy Bitcoin, no matter how much experience you have with cryptocurrencies. Follow these steps to get started with Easy Crypto:
If you buy a Bitcoin, keep in mind you’ll need a bitcoin wallet to store it. Our article about bitcoin wallet in South Africa can be found here.
- Sign up
Sign up and create your account. You can do this with your email address, Google account, Twitter account or your Facebook account.
- Verify your account
Once you’ve created your account you’ll need to get it verified. To do this head on over to the verify page, and choose either Sumsub verification or manual verification. This should only take a couple of minutes. (Manual verifications will take longer).
- Buy Bitcoin or other cryptocurrencies
Once your account has been verified you’re all good to go! You can now purchase Bitcoin or any of the other 70+ cryptocurrencies we have listed on our site.
Why should I use Easy Crypto?
- Easy Crypto has some of the most competitive prices and fees in South Africa.
- We deliver your Bitcoin to your wallet within minutes.
- We are a non-custodial broker, meaning we don’t hold your crypto or private keys for you and your funds are in your control at all times.
- Easy Crypto makes it easy for anyone in South Africa to sign up and buy Bitcoin within minutes.
Please don’t hesitate to contact Easy Crypto team if you need assistance with anything or have any questions, we’d be more than happy to help!