Since Bitcoin managed to grasp the world’s attention, there have been so many cryptocurrencies that have started, it is becoming increasingly difficult to keep track of them all. Each of them have their own unique traits that allow their value to vary dramatically. The major difference between cryptocurrencies would be how their transactions are handled, a cornerstone of every cryptocurrency is that the currency itself is not held within one centralised banking system. The transactions that occur with each cryptocurrency will be handled through distributed ledger technology, which for the most part is typically a blockchain. This blockchain serves as the database of all the public transactions.
Bitcoin was the first open-source software that managed to achieve complete decentralisation. This allowed traders a high degree of privacy when trading while maintaining a high degree of security with each transaction. If you are considering investing in a certain cryptocurrency, it is highly recommended that you thoroughly research each of them and determine which appeals most to your needs. Our experts have also taken a look at each cryptocurrency and put together all the vital information for all readers, be sure to take a look through these before heading to buy cryptocurrency online.
Before we dive into all the specifics of the cryptomarkets, it is best to understand the basics of cryptocurrencies and the market itself. The cryptocurrency concept has been around for a couple of decades but the definition has changed over time. The craze of trading cryptocurrencies as most readers would know is far different to what it was when it began. Initially, the concept was cryptographic electronic money that could be used anonymously. It was only in 1998 that the concept of a distributed, anonymous electronic cash system was published by Wei Dai. Finally, in 2009, Bitcoin was created by the pseudonymous developer, Satoshi Nakamoto. This incorporated the sought after privacy of financial transactions while the amount of the currency is not distributed by any bank or government.
What is crypto?
Crypto, or cryptocurrency, is a system that is not governed by a central authority. It is maintained by the distributed network of crypto miners and traders. Within each of these cryptocurrencies there will be an overview of the units available and the ownership of each of these units. A cryptocurrency will also have a set cap if the amount of units are limited to a specific volume, if there is no limit, then the cryptocurrency has to state what terms need to arise before new units are created and how the new units are dealt out.
All accounts are also able to prove ownership of their cryptocurrencies cryptographically. This allows a level of security among financial transactions that is not attainable with traditional financial systems. These transactions allow cryptocurrencies to be exchanged between users and the transaction statement is issued by the owner of the units. There is also a safety net of only one transaction proceeding if two transactions are simultaneously completed. All these factors define what is known as a cryptocurrency.
Trading crypto has never been easier. Since the large amount of interest was generated towards the industry, numerous trading platforms have sprung up offering just about any interested customer the chance to trade and own a piece of the many available cryptocurrencies out there. To trade, you will need to have a crypto wallet which will be your secured account.
There are many online service providers that offer crypto wallets with ease. Once you have opened your crypto wallet, you will have to trade your traditional currency for the cryptocurrency of your choosing. This is usually done between two parties, one who would like to sell their cryptocurrency for a set value of traditional currency and another who would like the reverse. Once you own a set amount of cryptocurrency, you will also be able to trade between the various cryptocurrencies that are available on the market.
When Bitcoin began, the major craze within the industry was mining these Bitcoin. The common conception of mining does apply here to a certain extent, crypto mining involves validating transactions between users of the certain cryptocurrency. If your machine manages to be successful, you are rewarded with a new portion of the cryptocurrency. This allows transactions fees between crypto trades to be minimised while still contributing massive processing power to the crypto network. A crypto platform South Africa may offer users the opportunity to join the ranks of crypto miners but a high level computer will be required if there is any chance of success. To understand more about mining, head to our crypto mining page right here at Bitreviews South Africa.
When you have joined the ranks of crypto South Africa, you will be amazed at the amount of support the online world has given to the relatively new form of digital asset. Plenty of websites and online service providers offer customers the chance to pay for services or goods with their cryptocurrency units. This has led to the industry of crypto gambling being developed. Cryptocurrency owners will now be able to wager their units on online casino games or perhaps sporting fixtures. Our crypto reviews will take a close look at which cryptocurrencies offer this service for any readers who are interested in online gambling and wagering.
Understanding the crypto world
Having a solid understanding is key when looking to complete transactions within the crypto community. Each of the cryptocurrencies, and possibly trading platforms, will have their own unique method of handling transactions and being able to identify a great system from a good one could help in making the right calls when it comes to buying cryptocurrency. Our page of cryptocurrency trading will provide you with all the details you will need to begin your trading venture and hopefully provide you with the necessary tools to make the correct investment decisions. This information should be used alongside all of the crypto reviews that are available here at Bitreviews South Africa.
The crypto South Africa industry would not exist if it was not for blockchain technology. Blockchain is a type of database that stores each data set in blocks which are then chained to one another, if a new data entry is made, it is chained to the previous entry and the entirety of the database is stored in this manner, in chronological order. This is the perfect data storage framework for a transaction ledger and the majority of cryptocurrencies use this method to record transactions made within the network. For example, with Bitcoin, the ledger blockchain is completely decentralised and each transaction that is made would be from the owner of the cryptocurrency units, this allows the entire Bitcoin community to control transactions as opposed to one central body. All of these ledger transactions are also available to be seen by the entire community and the transactions are completely irreversible.
Cryptocurrency Regulations South Africa
Trading of cryptocurrencies is a relatively new concept when compared to that of traditional financial trading options. Because of this, the legality and regulations of the crypto industry are ever changing as the markets continue to grow. This should have the majority of readers out there wondering, “Is cryptocurrency legal?”. Currently, there are very few to almost no regulations imposed on the trading of cryptocurrencies. SARB has simply defined that they are not legal tender but can still be used in exchanges and for trading. Any crypto platform South Africa will simply keep track of your cryptocurrency units as a store of value which could be converted to legal tender. This being said, the trading of cryptocurrency is seen as an income within South Africa and will be subject to taxation as normal. It is important to be aware of the tax laws that will apply to your specific investment portfolio, so be sure to do research and seek professional advice.
Tips & Tricks for beginners
Getting started with trading and exchanging cryptocurrency can be a daunting experience even for the experienced traders out there. Before signing up for a crypto platform South Africa, you should definitely conduct as much research as possible and ensure that you have all the information you need to get a headstart within the industry. Cryptocurrency platforms South Africa come in a variety of forms and there is likely an online trading operator that has an offer which is specific to your needs. For this reason, it is always recommended that all readers browse through our host of crypto reviews to find all the information behind each offer out there.
Keep an eye on the price
The most common fact that you will encounter about all cryptomarkets is that they are remarkably volatile. The value of a certain cryptocurrency unit will experience massive swings which could result in immense gain or drastic loss. Not only will the spikes be frequent and large but the trading of cryptocurrencies can be done at any time of the day so keeping an eye on the price will be troublesome for any trader out there. The majority of cryptocurrencies have been experiencing a general upward trend since each of their inceptions, but for the short-term traders, money can easily be lost if the price is not constantly monitored.
It is fairly common for any crypto platform South Africa to offer their customers a form of limit order or stop order. This allows users of the platform to set a specific price that would be their limit before they would trade their units of cryptocurrency. For instance, crypto South Africa customers will be able to set a limit order of R520,000 for their units of Bitcoin, that means that if the value of Bitcoin were to depreciate to this point, your units will be sold and the price that you will receive will be the amount of the limit order set.
Purchase when the time comes
With such drastic price changes, it is very important to purchase units of your chosen cryptocurrency at the right time. It is fairly difficult to predict when a price swing may rally, but keeping up to date with the news surrounding each cryptocurrency that you have invested in and reading crypto reviews is a safe and effective method to gain an informed opinion. There are plenty of informative cryptocurrency web pages out there and Bitreviews South Africa brings you the most transparent and up-to-date information on the market.
Once you feel you have the necessary information to make a price prediction, the time will come to purchase a set amount of units of the specific cryptocurrency. It will be specific to each trader just how much they can afford to append on each cryptocurrency and it is never recommended that you invest all of your available cash flow. Become familiar with cryptocurrency trading before investing large amounts of funds. That being said, hesitation within crypto trading can lead to missed gains with the drastic price volatility. Once the time comes, have your funds ready to purchase the cryptocurrency of your choosing.
Find a good crypto platform South Africa
Having a great crypto platform South Africa is the first step to ensuring that your trading career is a success. There are so many platforms on the market and there will also be plenty who take advantage of their customer base. Our crypto reviews take a comprehensive look at each of the platforms available within the industry and bring you the specifics needed to make the final choice. The next section of this page details three of the major points that are taken into consideration by our team of experts. If you are interested in placing wagers with your cryptocurrency units, be sure to head to our best crypto casino page.
How we find the best platforms to buy crypto South Africa
In this section, we will take a look at three of the main considerations within each of our crypto reviews. These three points should be used alongside the information you will find within each of the sections here at Bitreviews South Africa. The main point to consider before beginning your trading career is, “Is cryptocurrency legal?”. For the most part, it is, but this will depend on how you plan on trading and exchanging the cryptocurrency itself. Crypto South Africa regulations are fairly new and constantly changing.
The first main point of a crypto platform South Africa is the security measures that are coupled with their service. The most basic security, Transport Layer Security, will definitely have to be available with the trading platform. A basic check can be done by confirming the URL begins with https://. After this, each crypto platform South Africa will have their own unique security procedures in place. The majority of platforms will require two-step verification when logging in and some sort of encryption will be applied to the data that is stored. All of these specifics will be discussed in our crypto reviews.
Another crucial aspect of our crypto reviews would be the fees that are applicable to the online service. A crypto platform South Africa will have their own fee structure that will apply to all deposits, withdrawals and transactions that are completed while using their service. While we have answered the pressing question, “Is cryptocurrency legal in South Africa?”, it is important to remember that any service provider may determine their own fees that are applicable to the service. Crypto South Africa is a fairly new market and the applicable fees will need time before an industry standard is set.
No fee would be able to be paid if there are no payment methods available to interested customers. A crypto platform South Africa will ensure that there is a wide range of payment methods available in order to attract interested customers from across the board. These payment methods will include the likes of ewallets such as PayPal and Skrill alongside the traditional options of debit/credit cards. Bank transfers are also always supported within the crypto South Africa community. Be sure to confirm the payment methods of each trading platform before making the decision to commit to one. You may find that your preferred method of payment is not on offer. Be sure to check out our cryptocurrency exchanges page for all the necessary information.
A summary of what to look for when choosing a broker
By now, you should understand the specifics of the crypto industry. Having a good comprehension of what cryptocurrencies are and how they are managed is key when looking to invest in any of them. Keeping informed with the software that is put together for the specific system is also a good indicator of growth or decline of the value of the specific cryptocurrency. By using our price ticker, you will be able to keep an eye on the relevant cryptocurrency prices and this may prove beneficial when making your cryptocurrency trades.
Our crypto reviews are also available to all readers and will provide the crucial information required when it comes to choosing the correct trading platform and the correct cryptocurrency for your specific investment needs. The crypto market is full of options available to traders and having one central information resource saves valuable time when completing trades. Be sure to be on the lookout for trading platform service offers as there is likely a platform that caters to your specific needs. Also be sure to have the payment methods and fee structure in mind when you are transacting with the chosen trading platform. Other than that, the next step would be to enter the cryptocurrency trading industry and begin trading.
Crypto Reviews FAQ
Cryptocurrency is a software system that is not governed by a central authority. It is maintained by the distributed network of crypto miners and traders that allows owners to have privacy with their transactions while maintaining a high level of security.
Bitcoin can be purchased in many ways, but the most common among traders at the moment would be through using the various trading platforms that are available within the industry. With the enormous amount of interest in cryptocurrencies at the moment, there is a wide range of platforms to choose from.
Our crypto reviews take a close look at the trading platforms that are available for crypto South Africa. The review format allows our team of experts to compile a thorough, informative piece surrounding the service you can expect to receive as well as any factors that may promote or hinder their service.
Fiat currency is a currency that is not validated against traditional commodities. The majority of current paper currencies are an example of fiat currency as the paper that it is printed on has very little, to no material value.
Bitcoin certainly claims the lion’s share of market capitalisation within the crypto market and would be considered the largest of cryptocurrencies on offer. That being said, some of the smaller cryptocurrencies are managing to keep pace and at times outperform the front runner at times.
The trading and exchange of cryptocurrency is legal in South Africa and any customer can purchase units of it if they have gone through the necessary identity verification and are within the law. Should you have concern surrounding your specific case, it is best to seek professional legal advice.
Mining cryptocurrencies can be very profitable if you have the correct setup and necessary computing equipment. Here at Bitreviews South Africa, we will be taking a close look at exactly how you can go about mining the cryptocurrency of your choosing.