The price of bitcoin is highly volatile, varying in price on bitcoin exchanges around the world. Most people in South Africa use the USD bitcoin price as the international bitcoin price. In most cases, when you search Google for the bitcoin price, you will often get the price in USD. You may think to ask google for the bitcoin price in Rand, but you would be making a mistake. We will show you also, our bitcoin rand calculator.
Google works with averages. If you go to google for a BTC – Rand conversion, Google will convert BTC to USD, then convert the USD value to Rand. This price is not the same as the price you will find on a South African cryptocurrency exchange. The price of bitcoin on an exchange depends on how much a seller is willing to accept for them. Sometimes, a seller may be attempting to sell all of their bitcoins quickly, resulting in lower prices in order to get a quicker sale.
Provided that South Africa operates within a flexible exchange rate regime, Rand’s valuation is determined by the default market rules of supply and demand. The demand for a currency or an asset relative to the supply will determine it’s valuation in relation to another currency.
One of the main factors that determine a currency’s valuation includes the demand for a country’s goods and services. This goes hand in hand with the national income and growth of the country’s main trading partners. Moreover, the domestic interest rate is also very important. A high domestic interest rate often attracts foreign capital. However, paired with high inflation, there is a risk of wiping out the benefits of high-interest rates for foreign investors.
It’s no secret that corruption is very prevalent in South Africa. Despite the country suffering from widespread corruption, South Africa actually performs better than regional averages across several key measurements. South Africa has far simpler procedures; interactions with tax officials are far smoother, and enforcement of commercial contracts is easier when compared to similar regional countries.
In South Africa, public procurement is often subject to corruption. Bribery is seen all over the country ranging from regular law enforcement, up to the central government level. Despite this, South Africa actually has a very robust anti-corruption framework, though these laws are inadequately enforced.
At the time of writing, Bitcoin is worth R96,043.98 on google. However, when comparing bitcoin to rand on South African based exchanges such as iCE3X, the prices are different. For example, on iCE3X, 1 BTC is worth 97,501.00. This is different from international rates due to different supply and demand rates in the South African market. The price of bitcoin can vary between different exchanges, so it’s crucial to research properly before you invest.
Bitcoin can trade with a spread of as much as 30% – 50% across geographic regions at certain times. This usually happens during periods of political unrest or financial instability.
The most secure and trusted way to convert your bitcoin to Rand (ZAR) in South Africa is by using a reputable exchange such as iCE³X.
False! We offer some of the lowest (if not the lowest) transaction fees on the market. Also, due to bitcoin being worth around 35% more than market value in South Africa, you can make even more profit. Plus, we do not charge fees on deposits. Our trading fees are completely dynamic and suit each market individually. Our approach is one where we recognize that all traders are different and have different needs. We are very proud that we are able to serve these needs on a per individual basis.
As Bitcoin doesn’t have a fixed price, users are able to engage in arbitrage opportunities they come across on the market. Arbitrage is the act of simultaneously buying and selling assets in different markets, taking advantage of the different prices for the same product.
While this can be profitable depending on the user’s local exchanges and the price difference between their markets, profits have a tendency to be limited by transaction fees. Moving money internally also shines a light on other costs that cannot always be planned for in advance. Arbitrage opportunities are highly dependent upon transaction fees, transfer speeds, and market conditions.
If you’re attempting to purchase bitcoin with USD as a South African citizen, you’re in for some difficulty. Most international exchanges don’t accept Rand as payment, hence you’ll need to have some USD to spend. If you don’t have any USD already, you will need to go to your bank and request a conversion of funds from Rand to USD, often resulting in needing to create another account. Once you’ve converted your funds, you’ll need to have the funds wired to the overseas bank account owned by the exchange.
Doing this comes with unnecessary difficulty as you’d have to physically go to your bank account in order to request the funds. On the same note, it may take days before the money transfer is complete. Also, you’ll have to provide ID and a reason why you’re making this decision, as well as pay a fee to send the funds overseas. If that hasn’t discouraged you, there is also a limit on how much money you can send.
Yes! Here at iCE3x, we provide a calculator that allows you to convert bitcoin to Rand, and rand to bitcoin. Our Bitcoin Rand Calculator provides you a simple way to do all your calculations. You can use the bitcoin Rand calculator to work out how much Rand you need to transfer to buy bitcoin or how much your bitcoin is currently worth. This simple Calculator allows you to enter your own values for the bitcoin price as well as the bitcoin amount.