After publishing the previous BTC article the most common question you’ve been asking me is, “How do I buy bitcoin?” My response would usually be, don’t, first understand what bitcoin is. I’m assuming you understand what BTC is about and why you’d want to buy bitcoin so here goes…
How To Buy Bitcoin in South Africa
Safety and security should always be the primary objective when doing any type of transaction online and years ago that wasn’t always the case. Here are 2 ways to buy bitcoin with Luno and coindirect. So my buddy Chris shared his instagram post on Facebook wearing his Luno t-shirt. Luno?
So I Googled luno…
LUNO (formerly BitX) is a Bitcoin company headquartered in London with operations in Indonesia, Malaysia, Nigeria, South Africa the United Kingdom and 35 other European countries.
Naspers [JSE:NPN] has initiated a $4m funding support of cryptocurrency platform BitX (now Luno), based in Singapore. Through its PayU subsidiary, Naspers will invest in BitX and gain a foothold into a growing market for e-commerce.
If the most valuable listed company in Africa backs it you know it’s safe and secure to buy bitcoin with them. So I signed up For a luno account and bought a tiny fraction of BTC. No, you do not have to buy a whole bitcoin.
How to buy Bitcoin in 6 Steps with Luno
- Sign up for a free Luno account.
- Verify your email address.
- Verify your identity by uploading your ID or passport.
- Deposit South African Rands into you Luno account with your internet banking using your unique ref number.
- Wait for your funds to clear. Depending on your internet banking it could take a couple of hours or 2 days.
- *Optional Step. While you wait for the previous step to complete go to promotions>enter code>NVQXA and we’ll both get R10 free BTC when you buy some.
- Buy Bitcoin in the Luno app or on the website.
- You’ve now bought your first bitcoins on luno.
A more recent Ahhh…
Rand Merchant Investment Holdings’ fintech investment arm, AlphaCode, has invested in South African bitcoin platform Luno as it looks to expand into new markets and strengthen its technology from a regulatory perspective.
AlphaCode joined existing investors in Luno, Digital Currency Group in the series B funding round which raised R120 million and was led by London-based venture capital firm Balderton Capital.
How to buy bitcoin in 5 steps with Coindirect
- Register for free bitcoin wallet on coindirect.com
- Verify your email.
- Verify your personal details.
- Buy bitcoins instantly on coindirect through instant transfer where they link to your internet banking and initiated the transfer or you can do an EFT and upload proof of payment.
- If you used instant transfer you almost immediately buy bitcoin or the usual wait with normal EFT.
- You’ve now bought your first bitcoins on coindirect.
Finding the South African Bitcoin Telegram Group
There’s a South African Whatsapp group about all things bitcoin and crypto, you can join it here, where I found out about coindirect.com. At the time of writing this there was still room for
750 people. before the group reaches The group has reached it’s max. I’m sticking around with those who don’t leave. Let’s see who’ll still be around in a year (November 2018).
If the Whatsapp group is full you can jJoin the bigger SA Crypto group on Telegram here https://t.me/SACryptoTraders for trading advice and chat about all things cryptocurrency in South Africa.
I’m sure there are other ways to buy bitcoin in South Africa but I’ve only used coindirect and Luno. How or where did you buy your first BTC in SA?