Skip to main content

How to spend your Bitcoin and Ethereum in South Africa

As Bitcoin and Ethereum gain popularity among investors, an increasing number of users are creating cryptocurrency wallets.
The wallets are either hosted through an online provider or stored on the user’s hardware.
From these wallets, cryptocurrency owners can make transactions on a blockchain, interact with exchanges and other users, and in the case of the Ethereum blockchain, programme autonomous contracts.
Sending cryptocurrency through the blockchain is quick and easy, but using cryptocurrency in lieu of fiat currency is still limited.
South African stores and services are slower to adopt cryptocurrencies than more developed countries, but users can still buy products locally with Bitcoin or Ethereum.

Stores

There is a growing list of stores in South Africa which accept Bitcoin as a payment option – many of which offer the option by allowing users to pay with PayFast.
PayFast has partnered with South African Bitcoin exchange Luno to provide users with a way to pay for products or services with Bitcoin transactions.
This allows stores to accept Bitcoin payments using a reliable third-party provider, which has increased the amount of local online stores which accept cryptocurrency payments.
Stores which accept payment in Bitcoin are detailed on Luno’s blog and include Takealot, Raru, PiShop, FirstShop, and more.
Ethereum is not widely supported for payment in South Africa, however, due to the lack of local cryptocurrency exchanges which support the blockchain.
Bitcoin is still the most popular cryptocurrency payment option in the country.

Crypto cards

While cryptocurrency has not been widely adopted as a cash alternative in retail stores, South African crypto owners can still purchase products and services with their preferred currency.
There are numerous virtual currency debit cards available online, which are usually linked to an online cryptocurrency wallet.
This allows users to swipe the card at a store’s point of sale, where the required amount of Bitcoin, Ethereum, or other cryptocurrency is converted into the fiat currency  – rand in South Africa – accepted by the seller.
There are multiple cryptocurrency cards services which have partnered with Visa or Mastercard to extend their acceptance across the world, as their cards are accepted at many retailers and their brands trusted.
Using a card like the upcoming Visa and Mastercard-backed TenX virtual currency card, South Africans should be able to spend their cryptocurrency at any Visa or Mastercard-compatible point of sale in the country.
The compatibility of the physical cryptocurrency cards is also dependent on the linked online wallet and its regional support.
As more consumers become involved with cryptocurrency and blockchain technology continues to improve, the viability of instant cryptocurrency payments as a cash alternative will improve along with the ecosystem.

Comments

Post a Comment

Popular posts from this blog

Duncan Logan just tweeted that he's on board Electroneum

I have been a buyer and holder of bitcoin and Etherreum for a long time but this will be the first ICO I buy into--Duncan Logan.

What is Electroneum?

Electroneum (ETN) is a cryptocurrency that can be mined with a smartphone, requiring almost no technical knowledge or prior experience. This sets it apart from other cryptocurrencies (like Bitcoin) which require expensive hardware and technical know-how to mine.
Electroneum’s unique mobile mining experience allows anyone with a smartphone to earn ETN coins by letting the miner app run in the background.
It was designed specifically with mobile users in mind, thereby appealing to a potential market of 2.2 billion smartphone users around the world. Unlike other cryptocurrencies, Electroneum has a user-friendly, beginner-oriented interface that allows users to seamlessly transfer ETN coins between one another, check their balances, and mine coins.
Being a cryptocurrency, Electroneum is created, held, and spent electronically, and has no phy…
Post a Comment
Read more

Police Bust Alleged $13 Million Crypto Pyramid Scheme

Police in China's northwestern city of Xi'An have arrested the founders of a claimed nationwide cryptocurrency pyramid scheme that allegedly amassed 86 million yuan ($13 million) from over 13,000 people.
According to a report from local media source Huashang News, Wednesday, the scheme launched in March 28 this year after months in preparation by a primary suspect who has has the surname Zheng, as well as three other accomplices.
The report cited an investigation from the police who said the scheme used a cryptocurrency called Da Tang Coin (DTC) that is linked to DTC Holding - a firm under the suspect's control and registered in Hong Kong - to allegedly hoax potential members of the pyramid scheme.
In various promotional events in multiple cities in the country, the scheme claimed that new members can make 80,000 yuan (roughly $13,000) per day with an initial investment of $480,000 to purchase the DBTC at $0.50 per token, according to the report.
These promises of high r…
Post a Comment
Read more

Is Bitcoin Legal?

Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it. Bitcoin has proven to be a contentious issue for regulators and law enforcers, both of which have targeted the digital currency in an attempt to control its use. We are still early on in the game, and many legal authorities are still struggling to understand the cryptocurrency, let alone make laws around it. Amid all this uncertainty, one question stands out: is bitcoin legal? The answer is, yes, depending on what you’re doing with it. Read on for our guide to the complex legal landscape surrounding bitcoin. Most of the discussion concerns the US, where many of the legal dramas are currently playing out. Alternatively, you can access our comprehensive Regulation Report for worldwide expert …
Post a Comment
Read more