What is a Bitcoin?
Bitcoin is the first decentralized cryptocurrency. Nodes in the peer-to-peer Bitcoin network verify transactions through cryptography and record them in a publicly distributed ledger, called a blockchain, without central oversight.
How To Invest In Bitcoin in South Africa
1. Sign up for an account
Creating a Yellow Card account is free, and there are no hidden fees. You must sign up and fill out your information on the official Yellow Card website at web.yellowcard.io on your device. You can also get the Yellow Card app from the App Store for iOS and Google Play for Android.
2. Fund your account with South African Rand (ZAR) At Zero Fees
Once you’ve created your Yellow Card account, log in and select “deposit” from the menu on your dashboard. Select one of the payment options available on display: Standard bank transfer or Instant EFT.
For Standard bank transfers (at zero fees):
- Input the amount you wish to add to your wallet and Confirm
- Deposit into the bank account displayed on your screen
- Once your deposit has been confirmed, the funds will reflect in your ZAR balance at zero fees.
- You can withdraw your funds anytime, as any amount added to the wallet belongs to you and you alone.
For Instant EFT (at zero fees):
You can now link one of your bank accounts to Yellow Card for quick, free and easy deposits.
- Input the amount you’d like to deposit and select “Continue.”
- Confirm the amount being deposited and continue to Select Bank
- Under Stitch payment, choose your bank
- Follow the prompts and log in to your internet banking profile (this is encrypted for safety)
- Review and confirm your transaction. Once the transaction is approved, the funds will be reflected in your ZAR balance at zero fees.
Is Bitcoin legal in South Africa?
As of the end of 2019, South Africa’s strict regulatory laws governing cryptocurrency trading were largely non-existent.
Today, many still fear when the name “cryptocurrency” is mentioned, but you don’t have to anymore. Selling and buying bitcoin is legal in South Africa, but it is not fully regulated.
While the South African Reserve Bank (SARB) says that Bitcoin does not meet the country’s legal tender definition, many people are still trading cryptocurrencies because of their many benefits.
How do I cash out Bitcoins in South Africa?
To withdraw cash, users simply convert their cryptocurrency from any crypto wallet through the app, authorize the transaction in their crypto wallet, and receive a withdrawal voucher PIN generated by CryptoExpress.