Bitcoin just got bigger in SA

Up to 30,000 online merchants in South Africa can now accept digital currency Bitcoin, through a partnership between local Bitcoin exchange BitX and payment gateway, Payfast.
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SA has 30 000+ online merchants. Wow...

The payment company noted that sellers are not required to own a Bitcoin wallet, or even understand how the digital currency works, as payments are converted to rands.
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Nice ...because I don't understand how Bitcoins are generated in the first place let alone how they are actually worth anything :o
 
My question is how is SARS going to react to this?

VAT will need to be charged, but what other fees and the international currency controls they lose with bitcoin?
 
Bern said:
My question is how is SARS going to react to this?

VAT will need to be charged, but what other fees and the international currency controls they lose with bitcoin?
Click to expand...

They will probably do amendments to the current digital tax legalisation, but will contend with the current challenges as with the collection method as only the “smallest” minority agreed to abide.

In our opinion, BTC is too volatile, to do active trading, especially with providing solutions, the currency can put enormous pressure on service levels.
 
:wtf: R6,900 for a BitCoin..
Wasn't like +-R800...

Think I gota start mining some :D

But I guess it's hard to actually earn a coin now than it was 5months ago...?
 
I've done a ton of bitcoin faucets and found that I earn the most from FreeBitCo
Basically, I earn as much from FreeBitCo as I did from all other faucets put together.
I now only use FreeBitCo, and let me bitcoins dribble in slowly.
If I had the money to spend on hardware, I'd get into mining with one of the Fury chips.
 
riverdusty said:
What is wrong with a referral url?
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In my honest opinion, it is a marketing tool, to gain in return, thus you are being company representative and to been seen as such. Kickbacks are okay, but then you need to contend with the service and by this I mean using it actively on a regular basis /or be able to provide minimal support.
 
riverdusty said:
What is wrong with a referral url?
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It makes you a company representative, and biased in your opinion.

Also you hid it, which is just not on really in my opinion. Post your referral link, but make sure it is open for everyone to see.
 
Keegan said:
:wtf: R6,900 for a BitCoin..
Wasn't like +-R800...

Think I gota start mining some :D

But I guess it's hard to actually earn a coin now than it was 5months ago...?
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you need about 250 GH to be able to mine 0.01BTC a day in a pool
 
Boy am I glad I bough 5 Bitcoins when they were like R79 each. :)
 
Would love to get into BC but its just to volatile. A long term strategy of buying in might aleviate that but what is the longterm future of BC.... To many uncertainties for me personally.
 
Bern said:
My question is how is SARS going to react to this?

VAT will need to be charged, but what other fees and the international currency controls they lose with bitcoin?
Click to expand...
Fulcrum29 said:
They will probably do amendments to the current digital tax legalisation, but will contend with the current challenges as with the collection method as only the “smallest” minority agreed to abide.

In our opinion, BTC is too volatile, to do active trading, especially with providing solutions, the currency can put enormous pressure on service levels.
Click to expand...
Unless you exchange your BitCoin for actual currency, SARS can't touch it. As long as you exchange your BitCoin for goods and services, no tax implications whatsoever. This is, for now, one of the beauts of crypto-currency.
 
ToxicBunny said:
It makes you a company representative, and biased in your opinion.

Also you hid it, which is just not on really in my opinion. Post your referral link, but make sure it is open for everyone to see.
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As you can see by the fury url, I am within the habbit of typing a text, highlighting it, and clicking the 'link' button. It was not my intention to hide the fact it was a referral url. I shall make this clear if I ever post a referral url again

I am also more than willing to help with and represent the site. They've offered me good service and easy to use system. I'm well antiquated with it and can offer some limited aid and support for it.

Also, I roll between 5 and 10 times a day, depending on how busy my day is.
 
My only problem is I have sucky internet at home and the offline wallet can take FOREVER to update.
Its also HUGE in terms of disk space...

on my mac ...

localhost:Bitcoin Gareth$ du -h
42M ./blocks/index
22G ./blocks
449M ./chainstate
22G .
localhost:Bitcoin Gareth$
 
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