Bitcoin is a form of digital currency that is changing the way that people are transacting worldwide. Bitcoin can be stored offline and securely and it can be easily converted to other currencies. It can also be used for making global payments.
The value of cryptocurrencies has been steadily climbing, leading to much more interest from South Africans looking to invest. The cryptocurrency has high performance and is popular due to its decentralised structure.
How South Africans use their Bitcoin:
According to recent research, information shows that most South Africans trust the cryptocurrency as an investment tool.
Bitcoin is also more popular because it’s faster and cheaper to use. Making payments is easier because there is no fraud, it offers better privacy and it’s better than a credit card.
Many South Africans are using their Bitcoin to diversify their portfolios, as it’s a high performing asset.
Research also shows that many South Africans monitor the price of Bitcoin throughout the day.
As a form of digital currency, using Bitcoin offers faster transactions with anonymity and reduced costs.
How South Africans use their Bitcoin is a reflection of current trends.
According to TechCo:
“Investment in digital currencies, especially Bitcoin, constitutes a new niche that is driving major innovations in the financial sector.”
Increased acceptance makes it quite popular. Increased popularity is expected to drive the cost of Bitcoin up in the near future. Trading Bitcoin is often based on supply and demand, so as demand increases, and supply expected to drop, it makes sense that investing in Bitcoin is a good idea.
The price of Bitcoin varies based on supply and demand and once production is capped once the target of 21 million is reached, there will be a limited supply, driving prices up.
Experts predict that Bitcoin will be a good investment in the long term as it will be used in transactions more frequently.