When store owners in South Africa asked their customers what they knew about cryptocurrency, 53% of them said they didn't know much or anything about it. It's interesting that more than half of the people who took the survey said they would be more likely to try digital assets if they had a local bank. To get a fair idea on bitcoin trading Visit this Trading Software.
A Johannesburg company called Merchants found that only 14% of South Africans knew much about the bitcoin market. Only 23% of the people who filled out the survey had an opinion on the subject, and 53% said they didn't know much or anything about it.
Younger people know more about digital assets than older people, which shouldn't be a surprise. People between the ages of 18 and 24 know more than anyone else.
South Africa has the second most cryptocurrency users in Africa.
A recent survey by the United Nations found that about 4.2 million people in the country are HODLers. This is 7.1% of all the people living in the country. So, South Africa moved up to second place on the African continent, just behind Kenya, which has a higher adoption rate of cryptocurrencies at 8.5%.
Kuben Naidoo, who is the Deputy Governor of the country's central bank, said at the beginning of this month that digital assets, especially bitcoin, may have a number of benefits for how money works. Even so, he said the industry is full of hype and pushed for the right rules to be put in place.
Minimum Bitcoin Investment
LocalBitcoins is a great platform because it doesn't work like the big cryptocurrency exchanges. Instead of a central account where people can put money, LocalBitcoins has made a peer-to-peer platform. Using the Bitcoins someone gave you, you can send money straight to their bank account.
How much money should at least be put into Bitcoin by 2021?
You can buy bitcoins on the LocalBitcoins market for as little as one penny of regular currency. So, you can send one penny to a seller's bank account and get the same amount of bitcoins back. But there are a few things you should keep in mind as you search the market for trustworthy sellers.
Make sure the vendor is reliable and has a good name, and that they are willing to take at least $0 or whatever currency is used in the area.
More standing room
Each platform has its own rules that are different from the others. There is no set minimum amount you have to buy when you use Coinbase Pro, but the site will charge you up to $10 for wire transfers. If you want to deposit Euros, however, you will have to pay 0.15 Euros in fees if you use a SEPA transfer. If you want to save money, don't buy Bitcoins with a bank transfer.
When you use a Wire transfer, you can only put at least $50 into your Bitstamp account. A $7.50 transaction fee must also be paid. But if you pay in Euros, you have to pay a lot less in fees. Because of this, Euros are a great and cheap way to buy Bitcoin and other cryptocurrencies on Bitstamp. Because of the fees, it might not be possible to send money abroad by wire.
Risk Tolerance
Even though the cryptocurrency market is very volatile, Bitcoin is still a good asset to invest in if you want to make money by betting on it. So, when thinking about how to get started with Bitcoin, you should think about how much money you are willing to lose and how much you are comfortable investing.
Think about how you'd feel if you couldn't save money for the future. Does having a lot of money make a big difference? If the answer is yes, you should lower the amount you want to invest in bitcoin until you reach the lowest amount that won't make you too upset if you lose.
There are times when it may be best to sell an asset at a loss, but this is only true if the decision was made logically and not based on how you feel. So, you shouldn't put so much money into an investment that you can't think straight.
On some exchanges, you can start investing with as little as one penny. But experts in the field say you should invest at least $50 so you can cover the costs of the transaction and still make money on the investment.
It depends on how the market is doing right now, how comfortable you are taking risks, and how much money you are willing and able to lose.