Payment via Bitcoin?

NeonNinja

NeonNinja

Neon Resident
Joined
Nov 22, 2009
Messages
26,354
Reaction score
4,358
Location
Neon World
I need to be paid, and they're insisting on this currency.

I'm very new to Bitcoin, no acc even.

Can I get money transferred via Bitcoin to my bank account?

How long would the process take?
 
You can register with payfast they will sell thr btc and give you zar directly. You issue an invoice via payfast to them.
 
Bond said:
I need to be paid, and they're insisting on this currency.

I'm very new to Bitcoin, no acc even.

Can I get money transferred via Bitcoin to my bank account?

How long would the process take?
Click to expand...

First get yourself a luno account since you will want to get the money into zar correct?

If not, ideally if you do not need the funds, let them pay you in BTC and then you sit on the coins for a few years.

Open a Bitcoin wallet with either JAXX or Blockchain.info (No FICA required)
 
Thor said:
First get yourself a luno account since you will want to get the money into zar correct?
Click to expand...
This.

1.) Get an account on Luno (you need id to get verified).
2.) Get bitcoin paid into your Luno account.
3.) Exchange your bitcoin for ZAR
4.) Transfer the ZAR from luno to your bank account.

Bear in mind transaction fees on luno for converting to ZAR and also getting the funds sent to your bank account. Bitcoin also fluctuates quite a bit so be careful of being paid and exhanging for ZAR when the bitcoin value goes down.
 
Last edited:
Bond said:
I need to be paid, and they're insisting on this currency.

I'm very new to Bitcoin, no acc even.

Can I get money transferred via Bitcoin to my bank account?

How long would the process take?
Click to expand...
Take Arthur's offer.

  • Get a Bitcoin wallet
  • Give the address to the employer
  • Ask Arthur for his address
  • Transfer the BTC to Arthur


Or, and since Arthur is a prominent (trustworthy) member of this community, give the employer Arthur's address instead of creating and giving them your own. It saves you on time and fees. Arthur can then EFT the agreed upon amount to your bank account once the transaction has been verified.
 
saor said:
This.

1.) Get an account on Luno (you need id to get verified).
2.) Get bitcoin paid into your Luno account.
3.) Exchange your bitcoin for ZAR
4.) Transfer the ZAR from luno to your bank account.

Bear in mind transaction fees on luno for converting to ZAR and also getting the funds sent to your bank account. Bitcoin also fluctuates quite a bit so be careful of being paid and exhanging for ZAR when the bitcoin value goes down.
Click to expand...

Also Tax is applicable when you convert to ZAR in this case I would guess it will be income tax.
 
Arthur said:
I'll take your bitcoin and pay you out in ZAR. Not for silly small amount, of course. PM me if you're interested.
Click to expand...

Woah thanks man. Range is R5000 - R20,000.00. That silly? :p

Gtx Gaming said:
You can register with payfast they will sell thr btc and give you zar directly. You issue an invoice via payfast to them.
Click to expand...

Interesting. Might do bit later.

Thor said:
First get yourself a luno account since you will want to get the money into zar correct?

If not, ideally if you do not need the funds, let them pay you in BTC and then you sit on the coins for a few years.

Open a Bitcoin wallet with either JAXX or Blockchain.info (No FICA required)
Click to expand...

TA.

Must open acc ASAP...

saor said:
This.

1.) Get an account on Luno (you need id to get verified).
2.) Get bitcoin paid into your Luno account.
3.) Exchange your bitcoin for ZAR
4.) Transfer the ZAR from luno to your bank account.

Bear in mind transaction fees on luno for converting to ZAR and also getting the funds sent to your bank account. Bitcoin also fluctuates quite a bit so be careful of being paid and exhanging for ZAR when the bitcoin value goes down.
Click to expand...

TA. Thanks for the advice

YingYang said:
Take Arthur's offer.

  • Get a Bitcoin wallet
  • Give the address to the employer
  • Ask Arthur for his address
  • Transfer the BTC to Arthur

Or, and since Arthur is a prominent (trustworthy) member of this community, give the employer Arthur's address instead of creating and giving them your own. It saves you on time and fees. Arthur can then EFT the agreed upon amount to your bank account once the transaction has been verified.
Click to expand...

I think Arthur, easiest, quickest. Without the initial headache.
 
If you can find a reputable middle man (such as Athur) take that route as you will avoid extra fees
 
Bond said:
But why wouldn't someone append "extra fees"?
Click to expand...
What you're owed minus fees are what Arthur will receive.

The fees are needed to be paid to verify the payment he receives on your behalf is legitimate.

That's where the miners come in, they do the verification by doing complex computations based on the algorithm used by Bitcoin. So those miners (myself, Thor, etc) then get a couple of cents for the computing power used to verify the transaction and rubberstamp it as a legal payment.

If you had to do two transactions then you would have to pay fees TWICE, hence our suggestion to take Arthur up on his offer :)

Geddit?
 
An easy answer to the OP's question by someone who has done it dozens of times - Download the Luno App, register and off you go. On small amounts there are no fees
 
Is this the same Arthur from systemshock days? If you don't know who that is then please ignore. ;)
 
Okeh said:
Is this the same Arthur from systemshock days? If you don't know who that is then please ignore. ;)
Click to expand...
That's where I know him from (back then I used a different moniker). Very nice fella, hence my recommendation to Bond :)
 
Well well, small world. Jumba here. Glad to see you're still active.
 
Good grief, Jumba! It's been many moons. Small world indeed. :)

And YinYang - didn't know we know each other. Glad I could help Bond. :)

In them thar days we were into extreme overclocking. Chilled the CPU to minus 42 degrees.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X