With interest in cryptocurrency booming as the surge of both Bitcoin and Ethereum earlier this year gathered new investor interest, new investors find themselves clueless on how to actually physically purchase cryptocurrency with cash. Ethereum is gaining momentum due to its wider range of applications, however new investors are unsure on how to secure it especially in countries that are unable to use mainstream exchange services where cryptocurrencies can be bought directly for cash.
Here is a Guide on how to Purchase Ethereum in South Africa
South Africa currently does not have any active platforms where one can buy ethereum for cash, thus it needs to be done indirectly through bitcoin.
A platform such as Luno is an easy place to do this, you can send funds electronically to your Luno account then exchange for bitcoin.
Okay now that you have bitcoin you need an Ethereum Wallet to hold your Ethereum, for beginners I recommend Exodus Wallet as it is easy to use, one should always remember to keep your password and recovery phrase secure as it is the only way to have access to your crypto-assets. If users have experience I recommend using myetherwallet to generate a wallet, this is as myetherwallet is able to hold a variety of ether based coins in the case you would like to participate in ICO's. The Exodus Wallet however holds a small variety of only the most popular cryptocurrencies .
Now that you have a Wallet, you have to send your bitcoin to your bitcoin wallet in Exodus, this is a simple process as within Exodus simply click on wallet on the left hand side list, then click bitcoin, then recieve. You should then click the copy to clipboard icon as this will copy your bitcoin address making it easy to use without a mistake, remember transactions are irreversible on the blockchain thus make sure the address is correct.
Enter luno, locate send bitcoin and enter the amount you would like to send.
On the 'To' prompt paste the exodus bitcoin wallet address and send.
Once the transaction is verified on the blockchain it will appear in your Exodus bitcoin wallet, this can take a few hours as the Bitcoin chain can be congested.
Exodus is compatible with Shapeshift, a feature that allows you to switch between crypto-currencies.
Click exchange on the left list, choose bitcoin to Ethereum and enter the amount to transfer, click exchange and DONE!
You Now Own Ethereum.
This process is however costly through transaction fees as the send from Luno requires a higher mining fee as it is sent quicker, and some losses are incurred through the exchange between Bitcoin and Ethereum. Thus I recommend it for long term investors as there is no way to easily buy and flip Ethereum currently in South Africa. This endevour however is profitable as when prices soar they soar greatly.
By the time R2000 is sent through the process, you could have between R1600-1800 worth of Ethereum in your account, I know the bite hurts but its the price we have to pay here in SA if we want to get in early with the Ethereum age.
Thank you for reading! Appreciate the Support!