What is Bitcoin ?
Bitcoin is one of the most popular cryptocurrencies. It is a digital asset, a kind of digital currency. Bitcoin operates on a decentralized system without the need of a central bank or an admin for that matter. Bitcoin can be sent between users via a peer-to-peer blockchain network without any intermediaries in between.
Transactions happening within the Bitcoin network are verified via cryptography and posted on a publicly distributed ledger. It was invented anonymously by a person or a group who went by the name Satoshi Nakamoto in the year 2008. New Bitcoins are produced through a process called mining, which is essentially a form of reward for verifying transactions and keeping the network secure.
Should you invest?
The mining industry for Bitcoin has also garnered a lot of traction as of late. Mining which used to happen on personal computers can be done on specialized hardware or centers dedicated to mining.
These data centers are filled with machines capable of mining extensively but it takes a lot of capital to start off with mining. Therefore, it is not a profitable venture for beginners. For mining, you’d fundamentally need a lot of time, capital and physical space.
Before you move to the next step for investment, understand what Bitcoin is and the way it works. Once you are done with your basics, you’d relatively be more ready for an investment.
Ways to buy Bitcoin in South Africa
Use a Bitcoin Exchange or Platform
A Bitcoin exchange will be acting as an intermediary between you and the seller. It is essentially a brokerage platform where you can transfer your funds via your preferred payment method such as bank transfer, fiat payment, wire transfer et al. You will often have to pay a service charge associated with the platform. If you find a trader who will be trading between other cryptocurrencies, then you’d have to pay a conversion fee as well. This is quite similar to traditional banking methods where you have to pay a conversion fee when trading in money from different countries.
Pros of Bitcoin Exchanges or Platform
There are several benefits to using exchanges such as these. They are as follows:
You can trade Bitcoin any time of the day, all around the week. It adds dynamicity to the way you perform trades and transactions.
Due to its deflationary nature, Bitcoin is a well-suited for long term investments.
You can transfer your BTC asset to anyone in any corner of the world.
Maintains security protocols and regulations.
How to choose a Bitcoin exchange in South Africa?
With so many Bitcoin exchange platforms at hand, you can easily be confused.
Source : Griffex
Griffex is a marketplace for smart sale and purchase of cryptocurrencies, a flexible trading platform presenting an opportunity for seasoned investors, retail traders, and cryptocurrency enthusiasts at managing multi-currency investment portfolio. Griffex adore the flexibility of trading with multiple cryptocurrencies, the sensational charm in new-age commerce and financing that has attracted millions towards this revolutionary mannerism of investing. However, the inefficiencies inherent the traditional crypto-exchange models, coupled with the dearth of quality tokens and lack of incentives continue to act as a bulwark against the eventual adoption of technology that has such far-reaching consequences.Griffex is a rapidly growing number of initial coin offerings (ICO) has led to more than 2000 new cryptocurrencies.