South Africa has been one of the top countries for crypto adoption and ownership, as per a survey by Global Survey by HootSuite, one of the top Social Media Management organizations in a report titled “The Global Digital Report 2019” (Crypto Revolution South Africa). The survey found that 10.7% of South African internet users own cryptocurrency. After that comes Thailand, with 9.9% of the mobile users owning crypto, followed by Indonesia with 9.5%. The report also includes Kenya and Ghana amongst the top 45 nations in the world where a large chunk of the masses owned Bitcoin (Bitcoin South Africa News). The survey was done on users aged between 16 to 64 years from April 2018 to September 2018. Not only that, there’s an emerging generation of the African subcontinent, who are buying digital currencies as an investment vehicle than just as a source of profit, with an average monthly transaction totaling $64.5 million.
As we all know, Bitcoin is the most traded and popular cryptocurrency across the world, including South Africa, where Bitcoin is owned by a large amount in people in nations like Kenya and Ghana. BTC is considered as one of the best crypto trading options. The best part is that the South African traders can directly buy Bitcoin in ZAR, instead of USD, which makes it even more popular and reachable to the masses. You can check Bitcoin price, South Africa, here.
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When it comes to popularity, Ethereum follows Bitcoin and is preferred by some as it is faster than Bitcoin when it comes to transaction confirmation, and that too at a reduced cost. The South African traders have been observing and following Ether as they understand its potential and has already attracted a lot of investment from over 2000 companies like Deloitte and MasterCard. They can even buy purchase with ZAR.
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Litecoin is also one of the top 5 cryptocurrencies, which has got a lot of exposure due to the active community and lots of partnerships and integrations. Litecoin can finish the transaction four times faster than Bitcoin,i.e., 2.5 minutes. This factor makes Litecoin a viable choice for most of the traders. For the traders from South Africa, they prefer Litecoin as it has fairly low coin market cap, and find it good for investment. Most of the experts claimed Litecoin to have high growth potential.
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EOS is also one of the popular and fast-growing cryptocurrencies because of its quick transaction speed and its leading technology and network. EOS is appealing to the traders as they can save on the transaction costs. EOS is also in the limelight for positive reasons, which shows a lot of growth opportunities. The South African traders see a lot of potential in EOS, hence considers it as one of the promising cryptocurrencies.
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Monero is one of the fast-growing privacy coins that has been gaining a lot of popularity and acceptance these days because of its anonymous nature. South African traders might find it promising when it comes to investing, as its price is relatively lower than the biggies like Bitcoin and Ethereum. Monero is known to help emerging markets grow, hence driving financial inclusion.
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Yes, Bitcoin is legal in South Africa.
The above-mentioned cryptocurrencies are most widely used in South Africa.
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