Now, one way of doing this is to convert them back into South African Rand. Most people would not want to do that because of the rising rates of Crypto Currencies. What then should you do?
Wallets are hosted online. They can be used to transfer bitcoins from one wallet to another to compete different transactions. While this can be used to buy online, very few South African outlets will offer you the opportunity to directly transfer Bitcoins in this way. However Wallets can be advantageous and are in many ways, just like Bank Accounts. In fact, considering the rising conversion rates of Bitcoins to Rand, they are accounts that give you a much higher profit than any in the country.
PayFast has partnered with South African Bitcoin exchange Luno to provide users with a way to pay for products or services with Bitcoin transactions. What this means is that selected stores will accept payments via this Route.
Luno has provided a complete list of providers here
As you can see, it includes some exceptionally popular shops, pointing to the growing popularity of Crypto Currency in South Africa. This also shows signs that it may be accepted as a common mode of buying items in the future.
Another popular option is the use of Crypto Cards. These can be got online, and they will be linked to your wallet. These cards are basically like Debit Cards. You swipe the Card at any store of your choice. It will deduct the equivalent of the Rand you spent in Bitcoins.
This could be used at any place which allows you to pay using debit or credit cards. Spending Crypto Currency is now very easy. This will mean that you will face no hassle in spending your Bitcoins, and will not have to convert currency into Rand every time you feel like buying something. This also means that you don’t need to carry a lot of cash around, you can just use your Card like you would a Debit Card.
It’s become easier to spend Crypto Currency today.