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BitcoinZAR

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Everything posted by BitcoinZAR

  1. Asia is hot! Not been to any farms no, not on my agenda. Last year I was here too, and was amazed at how much bigger bitcoin is here. It is much easier to pay for things in bitcoin as there are more places that accept it. You can also buy it easier, and there are some money exchange places that accept it too, along with western union, moneygram etc. Last year I spent 8 months traveling in Vietnam, Indonesia, Cambodia, Malaysia, Thailand, and Laos. This trip I have been back to Malaysia and Indonesia, and am currently in Thailand. So far Indonesia is the biggest acceptance of bitcoin in terms of being able to use it in a restaurant in Bali, or just to pop in to the guys at the bitcoin Indonesia exchange and do an over the counter trade to convert bitcoin to IDR money. It takes a couple of minutes and is much cheaper than bringing dollars to convert at a money changer, or withdrawing cash at an ATM. I have bitcoin friends all over SE Asia who are also keen to do trades, so it is easy to get around using bitcoin for me. I have also been dropping off some Ledger Nano S wallets and Trezors for people who ordered from me a while back, which has all been paying for the trip bitcoin is much bigger here....my bitcoin sticker on my luggage and my bitcoin shirt starts a lot of conversations with people. They also have more bitcoin meetings and meetups. I went to some in Malaysia, and in Indonesia, where they have one every week in Bali. Lots of travelers I have met are using bitcoin instead of traveling with lots of money...they have friends or family that send them bitcoin, and they cash it out this side. Also there are some bitcoin ATMs which are easy to use too, and I can easily top up my mobile data, airtime etc using bitcoin on a variety of websites.
  2. Sorry, its hard to check in regularly as I am traveling in S.E. Asia and internet is not always the best. Maybe it should just be under other cryptocurrencies...
  3. If you going to use a web wallet, I can recommend bitgo.com over blockchain.info, you get your own private keys with bitgo. Exodus seems pretty good as a desktop wallet, only recently started testing it and like it so far
  4. Price is going mental....volatility means good profits. I managed to sell some bitcoin @45k on ice3x and buy back @36k on luno doing arbitrage.
  5. Yes, the price is whatever 0.069 BTC is at the time....right now, that is R2489 (@R36085 per BTC)....day before yesterday that was about R2300, the price in Rand will fluctuate. It is bitcoin payment only, no ZAR EFT
  6. FYI, we have a few Nano S devices left, so they are up for sale on our site here: https://www.bitcoinzar.co.za/buy-ledger-nano-s-hardware-wallet-south-africa/ Price is still 0.069BTC including delivery in S.A. by Aramex in 1-3 business days
  7. Are you only wanting to secure bitcoin? I have an original ledger nano, for bitcoin only for 0.035. Its the last one I have, and they are not making anymore since the Nano S is the upgrade with a screen and multi currency. If you are wanting to only secure bitcoin, its perfect, and very secure.
  8. True, a hardware wallet is secure and makes things really simple, but you can totally secure all your bitcoin and other crypto without spending a cent using stand alone wallets, or apps. It is not as elegant, easy to use, and pretty, but it works.
  9. Yes, you transfer your bitcoin and Ether to the wallet. The cost to fund your wallet will probably be network fees on exodus, and luno, I am not sure if luno has a withdrawal fee too. You can still use luno and exodus to buy bitcoin and Ethereum and then transfer it. You can also try ice cubed, they have just recently added Ethereum to their trading platform, so you can buy Ethereum with Rand (https://ice3x.com/eth-zar). Storing your bitcoin on Luno or any exchange means you dont control the private keys, so you are relying on them to secure your bitcoin, which most exchanges do well, BUT there are times when exchanges do get hacked as they are prime targets. There is a saying that there are exchanges that have been hacked, and those that are going to be hacked.
  10. Yes, I have the coinsbank.com one, for about 2 years now, and the spectrocoin card. I think they are all issued from the same company, just rebranded. Usually with a swipe in store, there is only the conversion fee, but from what I have found its pretty much spot on the USD exchange rate for bitcoin. I have used it to draw cash overseas when I was in Asia, didnt worry too much about the fees, but it is high to draw cash. I like the coinsbank one becuase it is linked to a bitcoin wallet. So instead of funding the card with bitcoin, that is then converted to USD for the card, the balance stays as bitcoin, until the moment I swipe the card. I think the Wirex card and some of the other ones you login on the website or app and 'load' the card with bitcoin that is converted. I prefer to keep my balance as bitcoin and ride the price increases and decreases.
  11. I got this from trezor today when I was inquiring about more trezors: "Currently, however, the interest has been increasing with a staggering speed. The number of orders has reached heights, which were unimaginable last year. As a consequence, we will eventually not be able to meet the market demand for TREZORs. We are therefore primarily focusing on increasing the production capacity during these summer months. As production does not scale so quickly, the rejuvenated supply will not be available until August 2017. Therefore, we had to take an anticipatory measure to ascertain that we retain an emergency level of stock: All new bulk orders have an estimated shipping date in the middle of August 2017. The possibility of pre-payment is still available, in order to reserve a desired amount and a date of shipping. We will schedule the orders following order of the incoming payments and we will process them in "first in first out" manner. We deeply apologize for the delay and we are sorry we have had to take this measure." So dont expect anything for a while from Trezor. Ledger too have problems. Dont expect an order placed today to leave the factory before September, you can see this on a notice on their website. They said to me: "Unfortunately we don't have any item left and more than 10,000 orders in the queue and we will not be able to send it earlier." I am sold out of trezor devices, and have some Ledger Nano S devices, but I am selling them at ridiculous prices. The price of bitcoin has basically doubled since I ordered.....I paid in bitcoin, so to make sure I am not out of pocket, I have to sell it for at least what I paid. The next thing is the shipping and tax added onto that price, and then of course some profit. I am selling them for 0.069 BTC which is approx R2650, which is about R1000 more than I wanted to sell them for originally. The upside for the buyer is they can have the device in a 1-3 days if its during the week, delivered to your door by Aramex couriers (delivery is included). At the moment there is so much demand, I can sell them for more and still sell all of the ones I have in a few days. I have not advertised them, and have only been informing people who emailed me and asked to be informed when some arrived, and now you guys. Technically, your bitcoin can be secured without any cost if you use a decent mobile phone app such as Airbitz, Greenbits or Mycelium. The appeal of a hardware wallet is that it is secure, and really easy to use. If you want to secure your bitcoin on a web wallet, and be in control of your private keys, www.bitgo.com is really good.
  12. My personal opinion is that it would be better to buy the crypto straight, your option number 2. Why I think like this is because it gives you options. Firstly, you instantly have 100k worth of crypto that would otherwise take you months/years to mine, and dont have to wait to break even, before mining longer to get the same amount of crypto. In this scenario, if the price is skyrocketing, you immediately benefit from having more value as you already hold the crypto, whereas if you buy rigs, you are out of pocket for a while before you break even. If the price is going up, and you are mining, your revenue might be worth more in Rand as the price climbs, but would still need to break even and would not have as much value as if you had invested the whole amount in the crypto in the beginning. If the price is tanking, and you are losing value, you have the option to stop your losses, and sell your crypto. If the price drops further and then settles, you then also have the option to buy back in at the lower price so that you can gain more value as it starts going up in price. With a mining rig if you have not broken even, and the price is going down, you now are out at a heavy loss, and the revenue being generated is not worth as much as you anticipated....it might even come to a situation where it costs you more in electricity than you are able earn with the crypto, and its cheaper to just turn off the rig. In this case, you now have a rig you cant use, and nowhere near as much crypto as if you had just invested in the first place. You could sell what you have earned already to get back some value, but you would have less than your initial investment. You could of course also sell the hardware to get back some value, but since the graphics cards work pretty hard, you might not get as much for them if you tell anyone you were mining with them....you might have to keep that part a secret when selling. If the price continues to go up while you are mining, then it is profitable, and so other people will also jump onto the bandwagon to make profit too. The more miners that join, the more the difficulty increases, and your profits go down over time as profit is dispersed among the miners....more miners = less profit per miner. The way around this is to increase your mining power to earn more profit, but that means more investment....it is a very fine line. The cost for mining is not only the rig itself, it is also the running costs that take a cut of your profit...electricity for example is the biggest part. A mining rig can easily set you back 1k or more a month in extra electricity bills. If the price is climbing fast, like ETH has been, then it is entirely possible that you will be able to pay for your rig, and mine a bunch more to make a huge profit, but for me personally it is a bigger risk than just buying the crypto. Mining does require some level of knowledge of computer hardware, and possibly even troubleshooting problems with hardware. Sometimes hardware needs to have its drivers changed, or if it does not function properly, you might have to send it back, which means possible down time and loss of earnings. Mining normally also means your cards are working hard, and that means a lot of noise and heat, so you would need a place to put the rig that is not going to disturb you with noise and you might need cooling systems too. Many miners have fans and aircon running too, which again means more noise and electricity cost. When there are things like loadshedding, if you dont have a backup power supply, that is mining time lost, which is valuable to you. You might need to buy a UPS or something which again, costs money. There is also your internet connection, which is a trivial cost, but again, if that is not working, or sketchy, you lose money. If you are tech savvy, and are interested in computers and crypto, I think it is a great exercise to try and make your own rig, but it is not for everyone. It can be very profitable, and it can also be very costly...you need to do your research, and be dedicated as it might take up a lot of your time. I loved my mining days, and only stopped when I moved house, and would love to try it again....if it is purely for profit, and you are not tech savvy, be careful. I think it will be less hassle, less risk, less noise, heat and time spent, to just buy the crypto, rather than to wait months to hopefully get the same amount of crypto you would have had in the first place. If you have some support from the main guys that sell mining rigs, they can help you to make sure it goes as well as possible, so chat to them...but personally, I like the option of being able to trade the full value of the investment, and to get the full gains if it goes up in price, or sell to stop losses if it is tanking.
  13. BitcoinZAR

    ice3x

    The ETH price is set by the sellers, just like the bitcoin price, so if there are more sellers, then there will be more price competition. I have done a couple of good trades already with ETH on ice3x, sells, not buys.....
  14. FYI guys, IceCubed exchange has just recently revamped their whole exchange, and have included Ethereum, so now you can trade bitcoin, ethereum and litecoin there. If you are a miner, and want to get some Rand fast, you can exchange it for Rand on www.ice3x.com and then withdraw direct to your bank account.
  15. A hardware wallet is great for security and convenience. A good alternative is a secure mobile phone wallet app, its just as convenient, and good ones are really secure. For bitcoin I highly recommend the Airbitz App, a really good, secure bitcoin wallet.
  16. They just replied about my request for extra devices and shipping date: "Unfortunately we don't have any item left and more than 10,000 orders in the queue and we will not be able to send it earlier."
  17. I have a bulk order for Ledger Nano S wallets which are hardware wallets that can do BTC and also ETH. The problem is with the distributors (Ledger Wallet) as they have a huge backlog of orders world wide. I placed an order at the end of April, and it is still in processing (even though I have paid for overnight courier). They say there is a minimum of 5 week delay on bulk orders. I have not advertised the wallets, as I dont have them yet, but it looks like they will be instantly sold as I have a waiting list going back to April for people who wanted them. I have asked if my order can be increased to accommodate demand, and also to find out when my order will be shipped, but there has been no response to emails since about 2 weeks ago.
  18. LOL I have been very busy sorry....end of month is always manic, and the bitcoin price is a huge distraction
  19. The idea is to buy low, sell high if you are trading....although that is easier said than done. Yes, when everyone is selling, that is often when I am trying to buy and pickup some 'discount' bitcoin Long term is where the real profit will be anyway, that is what I believe too.
  20. If you would like, here is a much better explanation that goes into a lot more detail: https://www.bitcoinzar.co.za/how-much-does-bitcoin-cost-in-south-africa/
  21. You should do some smaller buys over time, and get an average price for your bitcoin, less risky and at least you are in already if it goes up, and when it pulls back, top up some more. I have a Trezor wallet that can do bitcoin, litecoin, ethereum, dash and zcash. I only have bitcoin on mine, so not 100% sure how it works with other currencies, but if it is the same, then I think you can use them all together. You use the wallet to store the keys securely, and the trezor website as the interface.
  22. There are a bunch of different suppliers of such cards....one of the biggest and most popular is Wirex/Ecoin, which is one of the ones I did a post on here: https://www.bitcoinzar.co.za/bitcoin-debit-card/ I dont actually have one of those cards yet though, as I was away, and unable to receive it in the post. Another big company is Xapo.com, which is one of the more well known ones, and the xapo company itself is very well known in the bitcoin community. I do have one that I have been testing from Coinsbank.com, which I think is awesome. I got it last year before I went traveling, and found it to be amazing. I also did an advertorial post on Spectrocoin here: https://www.bitcoinzar.co.za/spectrocoin-bitcoin-debit-card/ which is well known, but I have not actually tested the card they sent me yet. It seems to me that most of these companies use the same card provider, so it probably does not really matter which one you use. What I have found is that some of the cards do work differently though. All the cards are either VISA or MasterCard debit cards, but its the way they work with bitcoin differs. Some of the cards are debit cards that are funded with bitcoin (Wirex / ecoin). That means that you deposit bitcoin, and the card is 'loaded' with USD / GBP / EUR, depending on what currency you have chosen when you signed up. When you fund the card with bitcoin, it uses the latest exchange rate to load the appropriate amount of USD / GBP / EUR onto the card. When you swipe the card here for Rand, it does the conversion and deducts the appropriate amount of currency from the card. I prefer the other type of card that works differently, maybe this is the kind marco79 is talking about. The card I use is linked to a bitcoin wallet, so only at the time I swipe the card for say R100, is the exchange rate calculated, and the appropriate amount of bitcoin taken from the wallet, and converted to Rand. With this type of card, my balance stays in bitcoin the whole time, so when the price of bitcoin goes up or down, the amount of USD I can spend from my balance goes up and down too. I think this is also the way the Xapo.com card works too, but I still have to get one to test. I have been using the coinsbank card linked to a bitcoin wallet for over a year now, and it works great for me. There are no fees for swiping the card, but if you try to withdraw cash at an ATM, the charges are high. I went all over S.E. Asia last year, using the bitcoin debit card most of the way because Standard bank shafted me shortly after I left the country. Even after pre-approving and double checking with the bank beforehand that nothing would go wrong, it was about a month and my credit card stopped working. I was unable to call from a mobile phone to S.A. to stay on hold and try to fix it, and the bitcoin debit card really saved me. So if I had to recommend cards, I would say the coinsbank.com card is amazing, and I think Xapo.com is basically the same card under a different name, and probably also the spectrocoin card. The wirex/ecoin card is different, and uses the other method as far as I know. What I have heard though is that they have a much better mobile app and better options / features, compared to the other providers. What is nice about having a bitcoin debit card, is that if you are getting paid in bitcoin, you can use it to fund your debit card, and use the card to basically spend bitcoin anywhere in the world that accepts VISA / Mastercard. The vendor just gets Rand or whatever currency they use as normal, they dont even know its a bitcoin card. So its a great way to spend bitcoin, which helps if you earn bitcoin but dont want to exchange it to Rand, and withdraw it to a bank account to be able to spend it on everyday things.
  23. When you do a price check on Google, it simply takes the USD price, and then does a conversion on what that would be in Rand based on the current USD/ZAR exchange rate. Google is not going to any S.A. exchanges to look for the buy / sell prices or latest trade price. The bitcoin exchanges in S.A. dont price bitcoin on what the USD price is in Rand, it is based on supply and demand, like any market. So if there is very high demand for bitcoin locally, then the price will go up as traders will increase their prices. Doing a Google search for the price is a little misleading, kind of like when you do a Google conversion for USD to Rand, and then expect to get that rate at a bank when you exchange your USD, which wont happen.
  24. Luno has a fee of 0.0002 for a bitcoin deposit or withdrawal. At a price of 24330 per bitcoin, that transfer fee cost you R4.86 if I am not mistaken (24330 x 0.0002 = 4.86). When you send bitcoin to someone, there is a transaction fee that gets included to include your transaction on the blockchain. Normally the fee is based on the size of the transaction in kb, not in $ value, so you could technically send bitcoin for $1milliion and pay the same as sending $10. Luno have the fee included, and it adjusts depending on the current fee price for bitcoin, but they do not make profit from it, so you probably just paid the minimum amount to have your transaction included in a block. Luno dont give you the option to set your own fees, but if you did, and set it as zero, your transaction would never be confirmed.
  25. I prefer to watch the Luno charts on this website: https://cryptowat.ch/bitx/btczar You can set the chart to show 1m, 3m, 5m, 15m, 30m, 1hr, 2hr, 4hr, 6hr, 12hr, 1d, 3d, 1w depending on your preference
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