Bitcoin in South Africa December 01 2014

Bitcoin in South Africa

 The Rand has continued to drop and with a weak global resource market, an increasing number of people are turning to digital currencies. Bitcoin, a relatively new online payment system (ie digital money) that is powered by its users with no central authority or middleman, is quickly becoming the cash for the internet. The first proof of concept for Bitcoin was published in 2009 and global recognition has led to a more widespread acceptance of this digital currency in South Africa.

Gareth Grobler, manager of ice3x.com (a local Bitcoin exchange), told News24 that all types of people are signing up for Bitcoin South Africa. “From teenagers to people in their eighties: people from different backgrounds. They’ve heard of Bitcoin, they want to learn more and they just want to get rid of their Rand,” Grobler told News24.

Can you shop online with Bitcoin in South Africa?

If you’re one of the many South Africans that like to shop online, there’s a good chance that you can use Bitcoin to make payments. If the website uses Payfast.co.za, for example, then you can pay with Bitcoin. You can also pay someone for products or services in Bitcoin if they have a Bitcoin wallet. Other South African companies that are accepting Bitcoin include South Africa Travel Online for their popular Durban to Cape Town cruise, a Salon Supply Store, printing solutions store Silver Banana and ZARmall, which sells everything from watches to camera accessories.

If you don’t have a Bitcoin wallet yet, you can register with one of our two local bitcoin exchanges www.bitx.co.za or www.ice3x.com to get a Bitcoin wallet.