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BitcoinZAR

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Everything posted by BitcoinZAR

  1. If you in the UK, maybe Bitstamp or coinfloor
  2. BitcoinZAR

    Bitcoin

    Maybe the price of BTC in Zim, but doubt much affect anywhere else
  3. Ice Cubed has had Ethereum for ages. www.ice3x.com, you can buy ETH for Rand and also for BTC....
  4. Its only instant buy/sell If that is the same as the instant buy/sell option for bitcoin, you pay a huge premium to use that, its much more expensive than the bitcoin market.
  5. I have some Trezor wallets if anyone is interested...they are going for R2500 including courier delivery, payment in bitcoin only. I also have Ledger Nano S devices at R1800, bitcoin only, delivery included. URLs to buy with bitcoin are: Ledger Nano S: https://www.bitcoinzar.co.za/buy-ledger-nano-s-hardware-wallet-south-africa/ Trezor: https://www.bitcoinzar.co.za/buy-a-trezor-wallet-in-south-africa/
  6. I reckon some will, but most will stay on bitcoin. I think short term bcash will pump and dump before settling down, and bitcoin will rocket higher once the institutional money start pouring in with the futures market....miners will follow the money
  7. Just in case you missed it, the bitcoin2X fork called off - The hard fork was scheduled to occur at the block height of 494,784 around November 16th but has been canceled. The suspension was announced in an email written by Mike Belshe, CEO and co-founder of bitcoin wallet software provider BitGo, and signed by the other people running the companies who were trying to do the hard fork (Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees). https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html
  8. The volatility now is nothing to what it once was...it is getting less and less volatile over time as more people use it, and it grows in value. The volatility goes both ways, so as a general everyday currency it does not work as well as others. Why spend something today that can be worth more tomorrow.... It does work great though if you want to send someone on the other side of the world a large sum of money really quickly. Here is some info on the volatility https://bitvol.info/
  9. The SegWit2x fork is an attempt at a hostile / corporate takeover of bitcoin, that I think will probably fail. It will most likely cause some volatility in the price, hopefully it will get sorted quickly. Obviously many bitcoin companies and exchanges will be waiting to see which chain, the legacy one or the segwit2x one will be considered bitcoin. Once they know that, they will use that chain going forward. If the mining power moves to the segwit2x chain in accordance with the agreement, they will most likely come back to the legacy chain when there is no real value for the 2x version. They follow the money and will mine what is most profitable. The New York Agreement was spearheaded by Barry Silbert who runs Digital Currency Group, which invested in and has some clout with many companies in the space, hence their listing on that shaming list by bitcoin core. (http://dcg.co/portfolio/) Many of them have to basically do what Barry says. Some companies have publicly said they are withdrawing from the agreement, and currently there is a 32% dropout rate (http://segwit.party/nya/) There is no reason for the fork right now except to basically replace the core team of current bitcoin developers which work on an open source system, with a small group that could be controlled and used to make changes without consensus. There is no urgent need for the blocksize to be increased, and some companies only signed it so that miners would activate segwit in the first place. The majority of users who run nodes, and users of bitcoin who know enough about bitcoin do not want the segwit2x version of bitcoin. It is going to be interesting times... I did a post about the segwit2x fork here if you want to know more about it https://www.bitcoinzar.co.za/the-segwit2x-hard-fork-explained/
  10. Did you end up investing in crypto or hardware at all? If you did, how did it go?
  11. Hey guys, I have a bulk order coming end of November. Individual orders are shipped with more priority than bulk orders, so if you want one fast, you can probably get it faster by ordering direct. If you dont mind waiting, I'll have a bunch end of November again for sale. The price will be approximately R2k including delivery by courier to your door anywhere in SA.
  12. You can also just get Ethereum on Ice Cubed exchange locally for Rand.
  13. How has everyone been doing with their bitcoin? Did you buy and hold? Sell? Profit? Make a loss?
  14. It looks really sketchy yes, time will tell, but for me, I am not touching it unless it has been going a few months and has earned a decent reputation
  15. Did you guys do a group buy in the end? I see the next Ledger shipping date is October 15th
  16. Curious to know what the ROI is on this so far. The price of BTC has increased a lot since you started, and so has ETH I think. Can you give an update?
  17. Looks like we made it back over 4k....the next few months will be interesting.
  18. The main reason is exchanges in China are closing....the same bloodbath has happened in 2013 when they all closed for 4 months because of the government. Now since ICOs are booming there and there are so many scams, the government has banned ICOs and is looking harder at bitcoin exchanges. The price dipped then, and as you know we have had all time highs since. Bitcoin exchanges were also closed in the US for a short while in 2013/14 and there was also turmoil....but we came right. Exchanges will open again in China when they know exactly what the gov wants from them, and they comply. In the meantime there will be a lot of blackmarket trading, and decentralised exchanges will probably take off and there might even be more that spring up. Where there is a will, there is a way. From my experience when exchanges have been put on hold in China and the US, and the price tanks, that was a great time to buy.
  19. If you are using the instant buy / sell option in the app, you pay a premium...I have tried to work it out in the past, sometimes it was around 3%, other times more, so I am not sure if it is a sliding percentage or how it really works. If you instead create a buy or a sell order on the exchange, you will pay a maximum of 1% if your order matches an existing buy or sell order as you are then the 'taker' and the person with the original order is the 'maker'. The 'maker' will pay 0%, only the taker pays 1%. So if you want to pay 0% fees, always make sure you are the maker and never the taker.....which is a bit hard sometimes when there is zero spread between the best buy and sell price, and you need to buy or sell bitcoin in a hurry.
  20. That chart is interesting....personally, I would just hold bitcoin, but that is because I am always trying to get more, and generally do arbitrage trades to get more bitcoin. When there has been price corrections in the past, I have just ridden them out, and bought or traded to gain more bitcoin. If I had sold at the top, it would have been great to buy at the bottom, I am no good at figuring that point out, so dont even try. When bitcoin price drops, generally a lot of other coins drop in price too, but if the price is correcting and a huge drop in bitcoin price, I think the most likely next coin that people will try to move money to in order to save value will probably be Ethereum. Waiting for the correction is something that might not happen for a while, nobody knows for sure....when the price goes up so fast, its almost bound to happen sooner or later....but this is bitcoin and strange things happen. The chart shows a pattern that to me does not mean a lot....just because something happened in the past does not mean it will happen again. The main divergence the graph is showing was end 2013 into 2014. At that point MtGox was the biggest and one of the only bitcoin exchanges that handled something like 70% of all the bitcoin trading. That exchange had a bot running on it that caused the price to go higher than it should have been, it also was extremely difficult to do a USD withdraw, so to get money out, you had to buy bitcoin which drove up the price. The reason the price crashed in 2014 was because MtGox suspended trading and closed their website.....so the most popular site doing 70% of all trading is suddenly gone....that made the price crash overnight. This time, there is far more exchanges, a much larger group of people buying and selling, and the volatility is far less than back then, believe it or not. If there is another correction like the graph suggests, it will probably be much smaller price wise, unless there is a huge event that is bad for bitcoin...(maybe November segiwt2x fork??) If there is no huge event, then I dont think it will correct too much....the transactions are going down when the price goes up drastically because people start to hold more, going along for the ride, why spend something today that will be worth more tomorrow? People also might be doing a lot more trading on exchanges, which is not on the main blockchain, so would not be in the normal list of transactions. New people buy, and often store bitcoin on the exchange...many people who have bitcoin have never even used bitcoin or sent some to a different bitcoin wallet. There is a huge amount of new money in bitcoin which is a lot of people who are buying purely as an investment for the long term. There is more demand, and less bitcoin around, with a larger amount of people buying who are not spending. So....although the chart is showing the divergence and likening it to the one in 2013 / 2014, I dont think that means there will be a crash because the charts says so. The price has gone up significantly in the last few months, so I would not be surprised if there is a correction anyway. I it does correct in the same pattern, I would probably put it down to coincidence. Then again, I am not that into technical analysis of charts, and am unlucky in calling tops and bottoms. That is why I do arbitrage, and hold, it works best for me.
  21. I was answering some questions for someone doing a magazine article, so thought this might fit here too: Questions: What is Bitcoin? How does Bitcoin work? How can one get “in on the action” with Bitcoin? Where to start and how to be successful? How does South African policy around cryptocurrencies differ from the rest of the world? And what is the impact on investors? Why should people choose Bitcoin rather than some of the other cryptocurrencies that are around? What are your comments for the sceptics? Forbes Magazine recently published an article suggesting Bitcoin is “about to self destruct”. Do you disagree and why? Where is Bitcoin going? What lies ahead here in South Africa and around the world? What else do South Africans need to know about Bitcoin? Answers: What is Bitcoin? Bitcoin is the worlds first decentralized digital currency. It was invented in 2008 and released to the world in 2009 as open source software, to be a system of peer-to-peer electronic cash by its anonymous creator known only as Satoshi Nakamoto. Because it is peer to peer (person to person), you can send and receive value as bitcoin pretty much instantaneously with another person. There is no company in the middle like a bank, Western Union, Moneygram or PayPal, that puts a delay on your funds for 24-48hours, or can stop a payment, freeze your account, blacklist you, reverse a transaction etc. Bitcoin is open source software, so there is no single person or company in charge, no servers or website that can be hacked or shut down. There are no offices or branches you can visit for bitcoin, the system is entirely online. The system is decentralised and so there is no central point of failure and extremely robust. Since it was released to the public as open source software, the inventor no longer has any power or control of the system either, changes are made by consensus, so it is extremely hard to make changes or manipulate as the community needs to agree for a change to take place. Bitcoin is finite, and there will only ever be 21million of them. The supply is limited and the rate of creation of new bitcoin is set at 12.5 bitcoins created roughly every 10 minutes. Every four years the rate bitcoins are created is cut in half, so after the next 'halving' the rate will be 6.25 bitcoins made every 10min. This makes bitcoin a deflationary currency, and it becomes rarer and rarer over time. As time goes on there is less available, and combined with the influx of new users and uses for bitcoin, the demand increases. As supply has decreased, and demand has increased, the value has increased dramatically. This is the opposite to regular currency, where there is inflation of the money supply, making your Rand less valuable every year, and your purchasing power less and less over time. How does Bitcoin work? We can send pictures and messages instantly on the web, so why not money....a bitcoin transaction is data being sent, just like a message or a picture upload. Sending bitcoin to someone as a payment is similar to sending an email...you send from your wallet direct to the recipients wallet, just like you would send an email from your address to the recipients email address. Anyone can have a bitcoin wallet regardless of their age, or where they live in the world, there is no criteria you need to provide such as proof of residence or funds, it is completely borderless. Anyone can transact at anytime with anyone else without any person or company being able to stop or interfere with their transaction. The cost to send a bitcoin transaction is minimal and extremely cheap compared to regular methods of sending money. Since the transaction is data, the cost per transaction is based on the amount of data sent, not the amount of value being sent. If you send 10 million Rand worth of bitcoin to someone, or 1000 Rand worth of bitcoin, the cost will be similar and around a few Rand to send. So if you send a small transaction, the fees could look like a lot percentage wise, but on a large transaction, it can be a very small percentage. How can one get “in on the action” with Bitcoin? Where to start and how to be successful? To use bitcoin you need a digital wallet to store them in, which can easily be installed on your computer or mobile phone, or you can use a web based or physical hardware wallet. If you want to use bitcoin you first need to actually own some bitcoin. You can be given bitcoin by friends or family, or you can purchase bitcoin from someone who has some and is willing to sell some to you. The safest place to get bitcoin is on a bitcoin exchange, as they make sure that nobody gets cheated and make sure that if you deposit money, you get your bitcoin. Using an exchange to buy bitcoin is safe and fast, and normally the best prices for bitcoin, although the exchanges themselves will have their own rules about who can open an account, and how much you can transact etc. We list a variety of methods to get bitcoin on our website here: https://www.bitcoinzar.co.za/buy-bitcoin-in-south-africa/ Using an exchange, the process is that you deposit Rand, exchange it for bitcoin, and withdraw your bitcoin to your wallet. If you have bitcoin and want Rand, you reverse this procedure, deposit your bitcoin on the bitcoin exchange website, exchange it for Rand, and withdraw Rand to your bank account. Being successful with bitcoin is like being successful with any currency. Dont 'invest' in get rich quick schemes and anything that seems too good to be true. If you are investing in some bitcoin, treat it as an investment and be rational. A good way to invest is to set aside an amount of money you want to invest on a monthly basis, and buy bitcoin on a set date (eg end of the month) regardless of the price. Some days you may get it cheaper, sometimes it will be more expensive, but you will be spreading the risk over time and get an average price for your bitcoin. It would be reckless to invest your life savings into bitcoin as it is considered a high risk investment. How does South African policy around cryptocurrencies differ from the rest of the world? And what is the impact on investors? Cryptocurrencies are unregulated in South Africa and you are using them at your own risk. Why should people choose Bitcoin rather than some of the other cryptocurrencies that are around? Bitcoin is THE original blockchain and the first real cryptocurrency. It has been used successfully and continuously since 2009 and is the most tested and mature blockchain in existence with years head start on any other cryptocurrency clones. The bitcoin blockchain is the only blockchain that has scale, resilience and trust. Bitcoin is the only use-case for blockchain technology that has succeeded in any meaningful way to date, and is the only working commercial application of blockchain technology. The only blockchain that works with proven utility at scale is the bitcoin blockchain. Only the bitcoin blockchain is trusted, secure, immutable and reliable enough for business. What are your comments for the sceptics? Forbes Magazine recently published an article suggesting Bitcoin is “about to self destruct”. Do you disagree and why? Bitcoin is always "about to die" or is "dead" somewhere in the world. There is even a bitcoin obituary website that has links to over a hundred different articles and news posts saying that bitcoin is dead. If you mean dead as in cease to exist, it will never die as long as there is at least one person in the world running the bitcoin software. Most articles claiming it is about to self destruct or similar are click bait or written by people who dont really know what they are talking about. Bitcoin is here to stay....the price of bitcoin might go down and there might be articles saying it is 'dead', but it will still technically work as it should. Where is Bitcoin going? What lies ahead here in South Africa and around the world? There are a lot of new and exciting things waiting on the sidelines for bitcoin. The use of the bitcoin blockchain for money is only the tip of the iceberg. As the next round of improvements to the software are implemented, we will see amazing applications coming. Just like when the internet first started, nobody could even fathom that you would be able to stream live video, the same is true for bitcoin. We have no idea of the amazing things that will be done in the future with blockchain technology. Money is just the first application of the technology, just like email was one of the first great applications for the internet. What else do South Africans need to know about Bitcoin? To invest in bitcoin, you only need to own some bitcoin. If you invest in gold, you only need to own some gold, it is the same principal. To invest in property, you only buy property, the property, gold, or bitcoin appreciates or depreciates in value, and you can make a profit or loss when you sell it. There is no interest earned with bitcoin, and no table of earnings for bitcoin, just like with owning gold. There are no fees to join, there is no account manager to pay or subscription to pay, be weary of 'investment' websites that ask for these things. Any website that is advertised as a bitcoin investment website or system of earning bitcoin is probably a scam or pyramid scheme that just wants you deposit your bitcoins. Stay away from websites where you 'earn bitcoins', as well as "get rich quick" schemes using bitcoin. The best way to invest in bitcoin, is to just buy bitcoin, and secure it in your own bitcoin wallet. Do not store your bitcoin on a bitcoin exchange, keep it in your own bitcoin wallet off a bitcoin exchange that you control the private keys for. Use a bitcoin exchange to deposit and exchange Rand and bitcoin, then withdraw your funds. If you would like to invest in bitcoin, dont take the easy or lazy route and trust other people or websites, learn about it and get educated on everything to do with bitcoin. If your money is at risk, dont trust anyone else, look after your own bitcoin on your own secure bitcoin wallet. If you are not trained in trading of stocks or forex, do not try and be a bitcoin trader and play the market. You will most likely get eaten alive by savvy traders out there and lose your money.
  22. From what I understand, if someone wants to sell bitcoin and puts in a price of R100 by accident, and still approves the popup message confirming, it will sell the bitcoin for R100. Same goes the other way...if you say you want to buy bitcoin for R100000 and you confirm the price, it will sell you the amount of bitcoin you want for that price. The ice trading engine will match orders accordingly....moral of the story is to always check your order on the confirmation popup window.
  23. Latest version of exodus will allow you to withdraw your bitcoin cash. Luno also has a solution for you to withdraw if you had bitcoin in their wallet. Login on the website to see the options, I think the app does not have them, not too sure.
  24. Its a pyramid scheme. Stay away from things like this...
  25. OK, what you need to do is update to the latest version of exodus first. The latest version will allow you to withdraw your bitcoin cash. Once you have updated, open the wallet, and go to the Help menu, scroll to the bottom and click the How to claim your bitcoin cash button. The instructions are pretty self explanatory from there, so follow them to send your bitcoin cash to a bitcoin cash address.
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