You can get Bitcoin, just like any currency, by earning it for something you sell (get paid for your goods & services), getting your company to pay you in Bitcoin (unlikely, since HR might not be familiar with it), you can mine it (rather technical and expensive) or you can just go ahead and buy some!
There’s a little admin involved but it’s easier than you might think.
Buying Bitcoin in person
In the same way that you wouldn’t buy cash from a stranger on the street, I don’t recommend buying Bitcoin from someone you don’t know or from an unidentified individual/company.
Many people use LocalBitcoins, a site that connects local buyers and sellers, where you pay via bank transfer or meet up in person and trade in cash. Again: buyer beware, there are many risks associated with this and you might end up losing your money.
Buying Bitcoin from an exchange
Buying Bitcoin from a reliable exchange is the safest way to get started with Bitcoin. Even though Bitcoin isn’t currently regulated in South Africa, you’ll be dealing with an established company (and normal laws will apply with regard to things like dispute resolution).
There are two Bitcoin exchanges in South Africa: Luno and ICE3X. To buy from an exchange you sign up with them, make an EFT from your bank to theirs, and then use the rand (ZAR) to buy Bitcoin (BTC).
Luno
Luno is a really impressive Bitcoin company, and not just by local standards. They were started by South Africans, received over R50m in funding from big companies like Naspers, and expanded into many other countries (Nigeria, Kenya, Singapore, Malaysia, and Indonesia).
You can buy Bitcoin from Luno via their website or their smartphone app. We highly recommend using them if you want to get set up with Bitcoin in a fast and easy-to-understand manner.
They also have a very impressive exchange for more advanced traders.
ICE3X
The trading volume, exchange rate, and features on Ice Cubed is pretty low. But it is an alternative place to get your first Bitcoin.
To get started:
- Visit the exchange
- Sign up for an account & get verified
- Make an EFT to them
- Log in and buy Bitcoin!
