You can get Bit coin, just like any currency, by earning it for something you sell (get paid for your goods & services), getting your company to pay you in Bit coin (unlikely, since HR might not be familiar with it), you can mine it (rather technical and expensive) or you can just go ahead and buy some!
There’s a little admin involved but it’s easier than you might think.
Also: you don’t need to buy a WHOLE bit coin. Start out with R 100 or R 200 and just play with it for a while to get used to it
Buying Bit coin in person
The same way that you wouldn’t buy cash from a stranger on the street, I don’t recommend buying Bit coin from someone you don’t know or from an unidentified individual/company.
Many people use Local Bit coins, a site that connects local buyers and sellers, where you pay via bank transfer or meet up in person and trade in cash. Again: buyer be wares, there are many risks associated with this and you might end up losing your money.
Buying Bit coin from an exchange
Buying Bit coin from a reliable exchange is the safest way to get started with Bit coin. Even though Bit coin isn’t currently regulated in South Africa, you’ll be dealing with an established company (and normal laws will apply with regard to things like dispute resolution).
There are two Bit coin exchanges in South Africa: Luno and ICE3X. To buy from an exchange you sign up with them, make an EFT from your bank to theirs and then use the rand (ZAR) to buy Bit coin (BTC).
Luno is a really impressive Bit coin company, and not just by local standards. They were started by South Africans, received over R50m in funding from big companies like Naspers and expanded into many other countries (Nigeria, Kenya, Singapore, Malaysia and Indonesia).
You can buy Bit coin from Luno via their website or their smartphone app. We highly recommend using them if you want to get set up with Bit coin in a fast and easy-to-understand manner.
They also have a very impressive exchange for more advanced traders.
ICE 3 X
The trading volume, exchange rate and features on Ice Cubed are pretty low, but it is an alternative place to get your first Bit coin.
To get started:
- Visit the exchange
- Sign up for an account & get verified
- Make an EFT to them
- Log in and buy Bit coin!