Bitcoin is the most well-known cryptocurrency on the market. We can easily describe it as a decentralised form of digital cash. The blockchain accounts for which balance belongs to which address. Anyone can now transfer value without the need for a bank in the middle at all. We are a trusted South African cryptocurrency exchange where you can trade, buy and sell cryptocurrency. We offer local support and worldwide credibility. Consequently, If you want to exchange, sell or buy bitcoin you can go ahead and register here. Furthermore, to learn more about the currency go to our bitcoin school. Finally, if you want to be a trader, go “back2school” with our bitcoin trading school.
The network token is also called bitcoin/s. ( XBT or BTC | ₿ )
Bitcoin is most importantly an independent wealth creation mechanism. A sort of a “digital” replacement for gold. Any person anywhere in the world can be a part of this ecosystem, which allows for new economic and social possibilities; never imagined before. It is programmable money resulting in endless scenarios of where this could lead. In the short space of 10years, bitcoin has become mainstream and adoption rates of cryptocurrencies are on the increase across the spectrum.
To date the network has been completely secure and the ecosystem has grown tremendously. There are professional lobby groups and many industry organisations. Locally we have a vibrant crypto community and South Africa is one of the top countries in the world on google search trends for bitcoin.
10 Bitcoin Trading Tips
- Use a reputable exchange (here is how to spot a scam)
- NEVER store your bitcoin on an exchange or custodial wallet (if you don’t know what this is, do not buy bitcoin; not at least until you do – see our “Storing Cryptocurrency” category)
- Do NOT buy or invest simply because you heard someone else made money
- Buying and HOLDING has been the best strategy for most new users
- Plan your Trade and Trade your Plan
- Use methods to secure your account AS WELL AS authorise your transactions.
- Do not listen to media reports or twitter personalities with no trading record to back it up – they will just help you lose you money – join a pro trader group (never pay for this) or simply browse investment forums to draw your own market sentiment
- Only trade what you can afford to lose – this sounds easy but be very careful not to get trapped in a trade position which could cause you to distress.
- Never get involved in Ponzi schemes – there is no get rich quick scheme. However, if you do not put yourself in the position to profit, you will not benefit when bull markets are running.
- You have to understand the difference between SPOT trading and MARGIN trading
What is Bitcoin?
- Bitcoin (BTC)
Bitcoin (which is represented as BTC) is a fully digital form of currency which can be sent between users without the need for a middleman like a bank. This is all facilitated by the blockchain. Bitcoin is a wealth creation mechanism. Bitcoin is also a payment system which you can use to transfer value. Lastly, you can also program bitcoin to work exactly like money.
- What is the Blockchain?
The blockchain is a distributed ledger which is public and can be verified across a large network using cryptography hence the term cryptocurrency.
- Who created Bitcoin?
Bitcoin was created in late 2008 by Satoshi Nakamoto who authored the original white paper concerning the protocol. Not much is known about Nakamoto, or whether this is his real name. Theories about who Nakamoto is or group of people he could be have been brought up but never confirmed.
How to trade Bitcoin
- Where can you Trade, Buy and Sell Bitcoin
The beauty of the internet and internet currency is that you can trade the markets all the time 24/7 365 days of the year. Buying or Selling BTC is very easy and simple on the iceCUBED Exchange. Simply select the BTC/ZAR trading pair or one of the many other BTC pairs to place your BUY and Sell orders.
- How to store BTC
The best way to store Bitcoin or any cryptocurrency is by using a Hardware Wallet. This way, you and you only have control over your coins and they can not be hacked or scammed. Never store your coins on an exchange or web based wallet where you do not control the private keys. Only keep coins on an exchange that you intend to trade with, there is no reason not to.
- How much does BTC Cost ?
Trading BTC like a commodity is very much the same as trading gold, the difference being, BTC in this instance are like digital gold. Just like gold is traded on stock markets all over the world, BTC can also be traded on exchanges all over the world. The price at which BTC is trading, is purely down to supply and demand. We do not get involved in any trading (i.e. We do not sell or buy on the exchange). The local market price for BTC in South Africa is down to the users trading on the exchange.
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