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Bitcoin Prospers top 6 places to Buy Bitcoins in South Africa

Its one thing mining Bitcoin, however navigating the ability to buy Bitcoin can also seem like a daunting task to some. That’s why BitcoinProsper has decided to put a summary list of the best places to buy Bitcoin. Bitcoin, though being popular worldwide, is restricted in some countries with caps on its applications. However, if you are living in South Africa, you don’t have to worry as we luckily haven’t banned the currency and you can still easily buy Bitcoins. One important thing to keep in mind is that you need a Bitcoin Wallet before you wish to buy some exchange. Here are few mediums through which you can buy bitcoins in South Africa

 

  1. Local Bitcoins- this is a popular platform acting as an escrow service. The platform acts as a bridge between bitcoin sellers and buyers. The method of payment is cash deposit and transaction is done through face-to-face meetings. This is a fastest and confidential way of buying bitcoins in South Africa. The only drawback is that is more focused on higher amounts of bitcoins exchange.

 

  1. Coinmama– this platform is helpful as it allows you to buy bitcoins with the use of credit or debit card. The transaction fees are approx 6%. Another good feature is that you don’t need to reveal your identity if you are buying less than $150 of bitcoins.

 

  1. Bitcoin ATMS- people in South Africa have been consistently using Bitcoin ATMs to purchase Bitcoins with cash. The transactions are private and offer convenience. Most ATMs have fees around 5-10%.

 

  1. Luno– you can use Luno app on your phone to buy more bitcoins while on the go. The app offers 0% fees and is operating in selective countries including South Africa, Nigeria, Malaysia, Indonesia and Nigeria. The app offers instant buy feature but misses out on wallet storage service. The app also offers infinite exchange limits depending on the level of the verification.

 

  1. Bitit– this is yet another popular means of buying Bitcoins in South Africa. Bitit lets you buy the cryptocurrency through a 3DS enabled debit or credit card. You can also buy via cash with Neosurf, Flexepin and Cashlib vouchers.

 

  1. Coin corner– the bitcoin exchange is based on Isle of Man and normally caters to first time bitocin buyers. The mode of the payment includes credit-debit card, SEPA, GBP bank transfer and Neteller. Furthermore, you don’t need to verify your identity for the transaction amount below £

 

  1. Changelly-this bitcoin exchange lets you transact bitcoin through Litecoin, Dogecoin and several other digital tokens. The exchange takes place in Changelly almost instantaneously as you are only exchanging your tokens. This is a fastest and easiest mode of Bitcoin exchange in South Africa with reasonable fees. The disadvantage is that it can be used without digital tokens or altcoins.

 

Conclusion

As prolific as crypto currencies might seem, there are various tools and mediums through which one can buy bitcoins in South Africa. The price of this cryptocurrency is reaching new heights since last years spike. As it turns more mainstream, more and more people are looking to exchange currency in Bitcoin. We hope that the listing will help investors and users benefit from Bitcoin through an efficient exchange gateway.

 

 

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Cryptocurrency Exchanges

These are exchanges that are similiar to traditional stock exchanges where buyers and sellers trade based on the current market price of cryptocurrencies exchange, these type of trading platforms generally charge a fee for each transaction. Some of these types of exchanges deal only in cryptocurrency, others allow users to trade fiat currencies like the U.S. dollar for cryptocurrencies like Bitcoin. There are website-based exchanges that are like the currency exchanges at an airport.

They allow customers to buy and sell cryptocurrencies at a price set by the broker. Coinbase is an example of this type of exchange. Shapeshift provides a similar service as well This is the simplest solution for new users, since it is simple and easy, you’ll pay slightly higher prices than you do on the exchanges. Cryptocurrency Funds: Funds are pools of professionally managed cryptocurrency assets which allows public buy and hold cryptocurrency via the fund. Using a fund, you can invest in cryptocurrency without having to purchase or store it directly. In almost every case a person will want to use an exchange or broker. One will generally only want to use a direct trading platform when their options are limited. Meanwhile, while funds might be ideal to some, they tend to have a range of restrictions.

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Cryptocurrency wallets

The main purpose of the creation of Bitcoin as a decentralized currency was to give the masses the power to control and manage their own money. You might ask “Well, do I not have full control of my money?”. Since the money you deposit in the bank is usually used to lend it out to others, you technically do not have full control over it. What you own is simply an IOU, or a promise by the bank to pay you. Bitcoin offers you the power to have absolute and total control over your money. And given the fact that Bitcoin and other cryptocurrencies have been increasing in value, it is vital to have your own crypto wallet to store and manage your coins.

What is a Crypto Wallet? It’s a software program that stores your coins / It’s a software program that stores your private and public keys (they come in pairs), enabling you to send and receive coins through the blockchain, as well as monitoring your balance.

How does it work??? First off, digital wallets are quite different as compared to your physical wallet. Instead of storing money, digital wallets store private and public keys. Private keys are like your PIN number to access your bank account, while public keys are similar to your bank account number. When you send Bitcoin, you’re sending VALUE in the form of a transaction, transferring the ownership of your coin to the recipient. In order for the recipient to spend the newly-transferred Bitcoin, his private keys must match the public address that you sent the Bitcoins to.

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More About Cryptocurrency!

Cryptocurrency has become one of the biggest topics in social media due to the sudden rise in cryptography’s popularity many people have crafted theories about it causing engineers to be keener to start streaming cryptocurrency related projects. Bitcoin mining / cryptocurrency mining is the process of gathering the cryptocurrency from the market which requires great monetary investment or commitment when it comes to mining cryptocurrencies. Anyone with a decent understanding of computer can get started with Bitcoin mining.

Early adaptation has made Bitcoin the strongest cryptocurrency in the market. There has already been speculation that the value of Bitcoin will only increase from here on also confirming ups and downs are part of the game, and eventually, it will reach more value in the upcoming years, even with a finite supply in the market.

Cryptocurrency is 100% legal, many countries don’t have a ban on cryptocurrency, but rather some regulations on how they should be distributed. The future of cryptocurrency is looking extremely bright as the market is growing with new cryptocurrencies. Startups are also focusing on taking the advantage and making the most out of it. The fact that cryptocurrencies are universal makes it a part of the bigger picture.

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Bitcoin Prospers 6 types of places to spending your Bitcoin in South Africa in 2018

Bitcoin is taking the world by storm. Not only millions of users are pounding on this money making tool, there is a huge increase in the popularity of the exchange tool even in our own country. For users who are generating regular income through Bitcoin, it often becomes a dilemma to think about options for spending their bitcoins in the Country. However, you might be wondering where can you actually spend the coins once mined, let’s have a look at the ways in which you can spend your Bitcoins in SA.

  1. Runaway sale

One of the largest fashion online stores of South Africa, Runaway remains at the top of our list. The platform offers timely sales and discounts on its products. As much as 70% discounts can be availed on all designer brands that are available exclusively on this website. The sale remains open for few days with limited stock. Hence it is a good option to spend your bitcoins on high quality fashion products at reasonable rates.

 

  1. Earth child

This is a South African national retailer offering clothing made up of natural ingredients. All of the offerings here are composed of organic cotton, ensuring purity and quality. The products offer comfort and act as a perfect mode of spending Bitcoins in South Africa.

 

3.Cape coffee beans

This is the mode for those who are addicted to coffee. If you love sipping coffee while mining bitcoins, you can order more coffee and related items from this online store made for coffee lovers in South Africa.

  4. BitcoinProsper

It wouldn’t be surprising that BitcoinProspers very own store accepts Bitcoin. And if you have been looking around at our store. You will find that not only do we sell mining rigs but also general hardware associated with mining rigs including graphics cards and even some actual Bitcoins.

 

5. iFix/weFix

As visible from its name, the company is the biggest when it comes to repairing of smart devices. Earlier known as iFix, the company is proficient when it comes to fixing or repairing Apple devices. The company also deals in repairing of some Samsung devices. So, if you wish to get your iPhone or any other product repaired, it’s a good option for using your Bitcoins.

 

6. Takealot.com

Till date, Takealot stands as one of the biggest e-commerce retailers in South Africa. The company offers a huge variety of products divided into more than 20 departments. Hence, you can choose any item you need from this retailer chain. For spending Bitcoins, you shall select EFT when you checkout so that your purchase is paid with Bitcoins only.

 

 

Besides the above listed on listed stores, the best way to spend Bitcoin is to simply ask the vendors you are dealing with, if they accept Bitcoin or not. In a broad aspect, there are different businesses in South Africa that accept payments through Bitcoins. Hence, most of these will let you do the transactions in the form of Bitcoin rather than cash. This also means that the businesses have bitcoin wallets and the payment procedure is safe.

Contrary to this, businessmen who like to deal in Bitcoins can also accept payments through this cryptocurrency. This will not only increase the Bitcoin amount in their wallet, but will also display a good image of convenience in the minds of their customers.

 

 

 

 

 

 

 

 

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Bitcoin Prospers Top 10 Cryptocurrencies for South Africans to invest in 2018

With the launch of our new cryptocurrency courses being launched in early 2018 and seeing massive success so far with our learners, we decided to compile a complete list our investors and learners have been having with the most success and profitability within the trading and learning portfolio.

This is the era of cryptocurrencies. The “magic asset” has shown phenomenal performance in 2017. While no one can suggest the “one right crypto asset” to invest in, however, with hundreds of cryptocurrencies now in play, we take a look at the top 10 cryptocurrencies to invest in 2018.

  1. Bitcoin  (BTC)

This is the one that started it all! Bitcoin has a fascinating history which makes this asset all the more mysterious. It was launched in 2009 by an unknown group/individual named Satoshi Nakamoto, which/who disappeared about two years after launching it. Bitcoin is based on blockchain process, which was followed by vast majority of succeeding cryptocurrencies.  Being the oldest cryptocurrency, Bitcoin is currently dominating the market with 40% share. And about its growth rate, well, the charts say that if you were smart or lucky enough to invest in Bitcoin in year 2010, you could have made millions by now. Sigh!

  1. Ethereum (ETH)

Contrary to Bitcoin, Ethereum is not only a digital currency; rather it is a more sophisticated blockchain project. This is because Ethereum platform offers the developers an option of building their own cryptocurrencies. A growth of 3000% has been witnessed by Ethereum in 2017 which made it the 2nd largest cryptocurrency after Bitcoin. It is believed by blockchain experts that the market cap of Ethereum can rise significantly by the end of 2018 thus making it one of the best investment options in 2018.

 

  1. Ripple (XRP)

Another player which is showing an exceptional performance in the field of cryptocurrency is ripple! An incredible gain of approximately 36,000% was acquired by it in 2017. Though the current worth of one XRP is pretty low in comparison to that of one Bitcoin, but still it has managed to stand as the third largest cryptocurrency according to market cap.

The ultra-secure and prompt payment system has led to the increased popularity of ripple in the global market. After witnessing an amazing growth rate of ripple in 2017, one can safely say that it is one of the finest investment choices for the year 2018.

 

  1. Bitcoin Cash (BCH)

The launch of BCH is the result of the hard fork that occurred for the management of scalability issue in 2017. Its employment is way more economical and swift compared to Bitcoin. The recent stats have highlighted an impressive performance of BCH, which depicts its bright chances of escalation in the cryptocurrency world.

 

  1. EOS

Although Ethereum holds a noteworthy position in the top rankings of cryptocurrencies, a promising blockchain platform named EOS has been introduced, which is aimed at dethroning Ethereum as the key infrastructure for decentralized apps. This platform was established for surpassing a low number of Ethereum transactions per second, which according to the founders of EOS was not high enough for supporting the future ‘internet of things’.

  1. Litecoin (LTC)

Nothing is perfect in this imperfect world and same is true for the Bitcoin’s technology. Litecoin was created in 2011 for overcoming the limitations in the Bitcoin’s technology. It has been able to attract a number of investors due to its close association with Bitcoin. A huge 8000% growth mark in 2017 makes it a cryptocurrency to look up in 2018.

  1. Stellar

Another contender in this race is Stellar, which is a blockchain solution to move money in a quick and reliable manner across the borders, at a much economical rate. It has grown by 29,400% in 2017 and is expected to boom further in 2018.

  1. Cardano

Cardano stands out from the rest in the list since it is a decentralized public blockchain and cryptocurrency project, developed solely on academic research. It is undeniably a bright option for those investors who can foresee its worth.

  1. TRON

TRON is another capable platform for building and storing applications and executing the smart contracts founded on its blockchain. The worth of TRON is increasing persistently and has big headroom for profits in future.

  1. IOTA

IOTA is a ground-breaking cryptocurrency, formed explicitly for the concept of the Internet of Things. It is the best time for making investments in this emerging platform, since it is capable of becoming the leading cryptocurrency in the years to come.

They say “do not put all eggs in one basket”, so here we have offered 10 promising baskets! Have a prosperous year ahead.

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BitcoinProspers – ultimate top 10 list of mining pools

The rise in the cryptocurrency market allows us the insight into the most the immense potential as it holds for a profitable venture. Thus, it would be ignorant to not delve deep into this market available to us.

One of the most profitable activities available in the cryptocurrency realm is none other than mining. You can either decide to go solo on this journey or else you can also decide to go with the team. Basically, the team is known as a mining pool – a mining pool is when a group of miners agree upon working together across the internet and pooling their resources in performing complex calculations in order to generate blocks of data. In return, the ‘mining reward’ is split proportionally which is on the basis of the hash power that they have helped each other out with.

Given, henceforth, is a list of mining pools that you could make use of:

  1. Slush:

This is the first ever mining pool that we came across. It started out in the year 2010 and currently, it’s the oldest active mining pool. It was initially known as Bitcoin Pooled Mining Server and then it rebranded itself.

At present, it is the fourth largest mining pool constituting 11.4% hash power overall. It has servers in UK, USA Europe, China and Singapore.

 

  1. BTC.TOP

BTC.TOP is amongst the largest mining pools that you are going to witness. It mines around 13% of all the Bitcoin that are available. The hash rate of this pool is around 3100 PH/s.

 

  1. BTC.com

This one is the most popular brand in the world of cryptocurrency with the domain names BTC.com and Bitcoin.com. It currently serves 20% of total global hash power. It currently supports mining of Bitcoin and Bitcoin cash only. The servers of this pool are located in EU and China.

 

  1. ViaBTC

ViaBTC is amongst the most diversified mining pools given the number of alt coins it allows to mine along with the bitcoin. The mining pool has a hash rate of 2.772 EH/s and has generated about 11.5% of the total bitcoin blocks.

 

  1. AntPool

It is the largest mining pool, representing just over a quarter of hash power worldwide. It has servers all around the world, however, it is owned and operated by a China-based firm, Bitmain. This pool uses an innovative peer-to-peer mining protocol that links the device with the nearest device during setup, thereby ensuring faster connection.

 

  1. F2Pool

F2Pool is operating since 2013 and it is again a China-based mining pool. It represents around 5.5% of the Bitcoin mining pool. It is one of the most diverse pools that supports a number of altcoins. It has several servers in China, Hong Kong and the US.

 

  1. BTCC

BTCC is a China-based mining pool which has contributed to around 4% of the bitcoin blocks that are available. Its hash rate is around 600 PH/s.

 

  1. Bitfury

This mining pool is a private one and is not open to the public. However, it sure is a successful one – since it has contributed 3% of the bitcoin blocks. Its  hash rate is around 750 PH/s.

 

  1. BW Pool

The pool is one of the lesser known pools but is one of the best that is available. Its hash rate is around 700 PH/s. The pool is generating about 2% of the bitcoin blocks.

 

  1. ViaBTC

The hash rate of this pool is generating about 10% of the total bitcoin blocks. The hash rate of this particular mining pool hovers around 2300 PH/s.

 

You can go solo if you wish but the prospects of profit are blurring doing so unless you have a colossal amount of hash power. Furthermore, mining in pools are highly recommended as the risk that you are taking is bigger due to your hash rate not being as high as mined in pools and chances of being awarded a bloc dramatically increases plus getting a steady payout is always good to know you have especially if you are looking to attain your ROI sooner.

 

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Crypto currency mining to rise in 2018

Trends help analyse any given sample of data. Using trends of the last few years, we can analyse the crypto currency market in 2018. This will help us decide what the future of currencies are in 2018, and what you should mine. Let’s see the predictions one by one

Ethereum

Bitcoin’s market share in the crypto currency economy just dipped below 33 percent for the first time in history. 2018 is looking like it’s going to be the “Year of the Altcoins.” Ethereum is now contesting with Litecoin for the title of the top “altcoin” this year. We’ve already seen the ether price surge early on, and this might be par for the course for what’s to come. Ether co-founder is extremely bullish about his currency. He believes this might be the year where Ether flips Bitcoin to become the most mined and most valuable currency. If you’re going to mine something, get a GPU and mine for Ethereum

Bitcoin

Originally, the dominant Bitcoin price prediction was that Bitcoin would reach the $14,000 mark by mid-2018. Optimists are hoping that Bitcoin will break through the $100,000 barrier within the next year now. In fact, some people, including CNBC’s Jim Cramer, predict that Bitcoin will go as far as shatter the million dollar threshold one day.

As far-fetched as these forecasts may seem when you first hear them, they aren’t completely impossible. Seeing as Bitcoin’s price has been doing the impossible for the past few months, anything can happen.

Additionally, upon taking a closer look, you will come to realize that these optimistic Bitcoin price predictions for 2018 may have some ground. For one thing, the growth of the amount of daily transactions using Bitcoin has grown 100 times faster than the price of the currency. Considering the value has increased by about 20 times over the past year, the amount of trades have increased about 2000 times. This means that the current price hike might be just the start.

While Bitcoin mining is now harder than at any point, mining pools means that it is still possible. A profit is there to be made, it just needs to be done with more effort now

Litecoin

Litecoin will likely remains stable among this turmoil. With more people switching to Ethereum, and Bitcoins being the most popular crypto currency, there is no real chance of a great hike. However, mining Litecoins might be easier in the next year than Ether and Bitcoin because of the reduced interest. If people do return to Litecoins in the future, this could be a great investment

Conclusion

Mining is here to stay and is as bright as ever. There’s no need to panic about the future of Crypto Currency, as it looks as bright as it ever has. 2018 might be the year where mining and its profit rises faster than in any preceding year.

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Mining or Trading in 2018?

In 2018, the major decision that many people will have to make is whether to mine Bitcoins or to trade them. Both mining and trading have their advantages and disadvantages, and we’ve already covered them in an article. However, this article is about just one thing. In this year, which of the two will be the best route to success?

Mining

Let’s recap what mining really is. Mining is a process of validating cryptocurrency transactions. This creates new currency that is added to the record, and this is what creates the wealth you later own

Trading

Trading is buying one currency, then switching to another at the right time to get maximum profit.

Pros and Cons of Each

To be a miner, one must have a mining rig. This is a  GPU set-up that is powerful enough to solve blocks using a mining software. To solve a block, several miners work together have to crack hash values and the first one to do so would get coins as reward. This means that mining requires a starting investment and also requires a lot of patience and hard work.

Trading is performed on an online exchange site where other traders purchase coins of their interest. You will want to buy coins that will rise in value. However,  the more favored a token gets, the more it is susceptible to market vulnerability.

Mining versus Trading

Mining is proven to be best when investing in long-term. The average mining rig costs around 40000 Rand and can generate a few thousand Rand a month, depending on which network it is mining from. In most cases, miners will gather up with their mining rigs to do pool mining. This is where they combine their computing power to solve blocks. Miners are then rewarded based on what they have agreed upon. This means that the rewards are distributed but they are also gained a lot, lot faster.

On the flip-side, trading is much more cheaper. Opening a crypto wallet won’t be as difficult and as expensive as building a mining rig. There is also more support material and help dedicated to crypto trading. Joining online communities on Bitcointalk, Reddit, and Cryptocurrencytalk can help teach someone who likes to start trading. Nevertheless, investing in cryptocurrency through trading would require a lot of guts. Cryptocoin prices fluctuate like crazy, making it very difficult to predict, so timing is very crucial in this one.

Conclusion

The issue comes down to knowledge. Even the most seasoned traders can not always accurately predict the rise and fall of a currency. In mining, you rely on creation of new coins for your wealth, and the steady increase in value of the currency is just an added bonus. In trading, you can lose a lot just by buying the wrong currency.

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Crypto Currency success stories

We’ve talked about Mining and how money can be made of it. Now let’s talk about those who have already earned success. Today, we’ll bring you the stories of miners from South Africa who’ve made their money out of Ether.

Miners from Pools

We’ve looked a few miners from Pools. Pools are a group of miners who work together to earn money. Estimated earnings per day are calculated based on average block time, average difficulty, difficulty change tendency, and the average hash rate of the miner. We entered this into our crypto Currency calculator to find out the earnings.

Earnings are shown in Ethereum per day, which were converted to rand using the price of Ethereum.

The hash rates, pools, number of workers, and estimated earnings per day of the top miners are shown below.

Pool NanoPool

This particular person contributed  a combined Hash rate of 239.0GH/s to this pool to mine Ethereum. That’s a ridiculously high Hash Rate. The estimated earnings per day of this miner would be around R156,841. We got this data from his own wallet information.

Another person has contributed  a combined Hash rate of 233.8GH/s to this pool to mine Ethereum. That’s a great Hash Rate. The estimated earnings per day of this miner would be around R155,266. We got this data from his own wallet information.

Pool Ethermine

This particular person contributed  a combined Hash rate of 154.3GH/s to this pool to mine Ethereum. That’s a ridiculously high Hash Rate, especially if you consider it comes from only 8 worker systems. The estimated earnings per day of this miner would be around R95,357We got this data from his own wallet information.

Another person has contributed  a combined Hash rate of 113 GH/s to this pool to mine Ethereum. He’s earned around 82,000 Rand

Individual Miners

Here’s one person’s report of how he earns around 50,000 Rand every month from Crypto Currency.

Mr. Gareth says:

This year I decided to initially buy a Baikal 1.2 Gh Dash mine (price is now $2 200 but it previously cost $5 800). Cryptocurrency Dash was at $94 and the Rand exchange rate $13. Dash hit $300 in the last week so my 6 month projected Return on Investment (RoI) is now considerably shorter. At 300 watts the electricity is less than R300 pm for this Baikal processor. In a world where a share with a PE of 14 and dividend yield of 4% is good this RoI seems too good to be true. Last week I also took delivery of 5 Antminer L3+ mines. Again the projected payouts are beating projections and these should earn me $3,780 this month (R50,000). My costs are R5,250 pm. I’m earning in $ and paying costs in Rands.

Summary

Crypto Currency is still a very profitable venture and people should look to invest in it. There’s still time to make money mining, and to get into this currency.