Ethereum to Rand Trade in South Africa
In South Africa, the cryptocurrency industry has been booming. Bitcoin adoption in South Africa has been reaching record-breaking levels. According to google trends, South Africa has the highest number of searches regarding bitcoin than any other country in the world. But what about altcoins? Ethereum to Rand trade is a lane that many people tend to avoid, sticking with bitcoin, but could Ethereum be profitable?
Ethereum in South Africa
The release of Ethereum is in 2015, created by VitalikButerin. Since it’s launch, the price of Ethereum has seen a significant increase, prompting many people to compare the worth of this cryptocurrency to bitcoin. These comparisons have sparked numerous debates about the pros and cons of Ethereum, consequently aiding in the growth of this coin’s popularity.
In South Africa, Ethereum is actually more popular than bitcoin. Both entrepreneurs and investors have been seduced by the advantages Ethereum has over bitcoin, although some people still have difficulty in purchasing these coins.
Purchasing Ethereum used to be a long process. You had to buy bitcoin, then sell that bitcoin for Ethereum. Thanks to ice3x.com (South Africa’s first Ethereum exchange) we South Africans can now instantly buy both ether tokens and bitcoin with ZAR. You are able to Convert your Ethereum to Rand trade and vice versa with only a bank account or debit/credit card. We have a blog post explaining how to buy Ethereum in South Africa.
Luno (a custodial ethereum wallet) disabled their instant buy and sell options for Ethereum due to the blockchain congestion. For a while, this was a problem in South Africa as trading Ethereum became a tedious process. This extreme blockchain congestion came about when CryptoKitties’ website launch caused a skyrocket in Ethereum transactions. Consequently, transactions fees increased, as well as the confirmation times for each transaction. The rise in fees and slower service is one of the main reasons people move away from Ethereum in South Africa.
Ethereum versus Bitcoin?
What is the benefit of doing an ethereum to Rand trade compared to a bitcoin to Rand trade? As bitcoin is the most valuable cryptocurrency available, it is a better store of value than Ethereum. Owning a few bitcoins is better than owning a few Ethereum coins. This is -in part- due to the fact that bitcoin has a unit cap of 21 Million. There are both pros and cons associated with this.
This is a benefit as the value of bitcoin is expected to go up as the number of coins in circulation gets close to the 21 million cap.
However, a unit cap means that as the limit is met, if 2 million bitcoins are lost, they will not be put back into circulation. Miners also won’t be earning any bitcoins from mining, instead, they will just receive transaction fees. This could make mining bitcoin less profitable unless the money rewarded in transaction fees increases.
Ethereum, on the other hand, is going to have a constant supply of coins. This is great for miners as the costs of mining won’t go up as the unit cap nears.
Additionally, the blockchain technology for bitcoin is primarily based on the currency alone. Ethereum’s blockchain technology serves as a foundational cornerstone for other application uses.
As a means for transfer of wealth, Ethereum is better than Bitcoin. Last year Ethereum had a higher number of daily transactions than Bitcoin. This is because Ethereum’s fast confirmation times, allow more people to exchange and pay for goods and services using Ethereum. As well as faster transaction confirmations, Ethereum also offers lower transaction fees. This is because Ethereum’s blockchain is a newer, more efficient technology.
Ethereum to Rand Trade options in South Africa on iceCUBED Exchange!
We have added ETH / ZAR trading market to the iCE3X. If you would like to buy or sell ETH in South Africa, now is the time. Ethereum deposits are now 100% free and trading fees are competitive.
What do you think about this sentiment? What would you invest in Ethereum or Bitcoin?