Do you want to buy Bitcoin legally? We all know that Bitcoin is the most popular cryptocurrency in the world at the moment. And, it is worth a lot when you convert Bitcoin to South African Rand.
The question that many have is if you can buy Bitcoin legally in South Africa? And, is it legal to trade and invest in Bitcoin? You don’t need to worry about the answers anymore. We are telling you all. If Bitcoin has an ATM in South Africa if you can invest in Bitcoin and even some tips on how to convert Bitcoin to cash.
What exactly is Bitcoin and is Bitcoin legally in SA?
You might have heard about Bitcoin, and you know that you can invest in it, but do you really know and understand what Bitcoin is all about?
Bitcoin is known as virtual money. The right term to use is that Bitcoin is a cryptocurrency or a digital currency. This is only money that you can use online. Or, you can convert it to the South African Rand. It was created in January 2009. No one knows the founder and creator of Bitcoin. It was done anonymously.
Is there a Bitcoin ATM in South Africa?
This might come as a surprise to many, but yes there are Bitcoin ATMs in South Africa. There might not be many available, but there is at least one in each big city. You will find a Bitcoin ATM in Pretoria, Cape Town, Johannesburg, and Nelspruit. The first Bitcoin ATM was installed in 2018.
The ATMs are equipped to dispense a large sum of money. You can convert from R100 to R1million. However, if you are withdrawing more than R5,000 you will need to verify yourself first.
Is it legal to invest in Bitcoin?
Yes, it is legal to invest in Bitcoin in South Africa. If you are doing it in a personal capacity. You aren’t allowed to use other people’s investment money to invest in any cryptocurrency. This is something that was banned recently.
You can’t use any money from other people, like their pension fund, and invest in Bitcoin. This is illegal. But, to invest in your own capacity to make money for yourself, you are allowed to.
Can I buy Bitcoin legally through FNB?
You will not be able to buy Bitcoin through the FNB App or online banking. What you can do is that you can buy Bitcoin through FNB eWallet. This is a completely different app.
FNB has more than 350 different payment options available to purchase or convert Bitcoin with FNB eWallet. It is easy to buy Bitcoin through eWallet. You just need to follow the onscreen instructions. You don’t need to be a client of FNB to make use of their eWallet app.
How to convert bitcoin to cash in South Africa?
Just like any other country, it isn’t hard to convert Bitcoin to South African Rand. There are just a couple of steps you need to follow. The first thing you need to do is to download any reputable Bitcoin exchange app. You need to use the app that is able to convert Bitcoin to Rand.
After you have signed up for an account, you will need to sign in to your Bitcoin wallet as well. The rest is easy. You just follow the instructions given to your on-screen. They will give you the latest exchange rate before you do the final transfer.
Is it legal to buy Bitcoin in South Africa? And, how do you buy and convert Bitcoin legally here? This isn’t a problem to buy Bitcoin and there is a lot of places online where you can buy and sell Bitcoin. You can even exchange and withdraw money directly from the Bitcoin ATM, which South Africa has a couple of. Bitcoin is one of the most popular cryptocurrencies, and it is legal to buy and exchange it in South Africa.