How to: spend bitcoin

Date:30 October 2019 Author: Leila Stein Tags:

Bitcoin has been rallying of late as China gets in on the cryptocurrency action. But while most people have given up on the virtual currency and others like it as a hot commodity, South Africa has some options for people to use the cryptocurrency as it was intended to be used – as a way to pay for things.

Here is how to spend bitcoin in South Africa:

Get a wallet

One easy way to spend the cryptocurrency you’ve bought is from a wallet. These are hosted by an online provider and are downloadable as apps.

Major South African exchange, Luno, has a wallet for their users which is where crypto bought on their exchange is deposited. From within these wallets you can make transactions on a blockchain.

South Africans have access to some other wallets that are not controlled by an exchange as well, these include Bitcoin wallets like GreenAddress or Samurai Wallet. Some of these are only available on Android, so be sure to check.

Know where to shop

South Africa has a growing base of mostly online shops that allow you to buy using Bitcoin, mostly through the PayFast service which has partnered with Luno. These include major retailers like Takealot, Superbalist and BidorBuy. There are also smaller retailers that let you use bitcoin to pay as well, they will usually let you know either on receipts or with a little bitcoin sign.

Image: Pixabay


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