SA Reserve Bank open to blockchain technology

Ockie

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/buys maor bitcoins
I registered for BitX thinking it is R8.40 a bitcoin .... when I tried to buy a few to see how it works it turns out it is R8400.00 a bitcoin rofl! hahahaha.
 

Thor

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I registered for BitX thinking it is R8.40 a bitcoin .... when I tried to buy a few to see how it works it turns out it is R8400.00 a bitcoin rofl! hahahaha.
Lawl! :D
 

BitXC

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Carel here from BitX and long time mybroadband lurker under a different account. I remember when we first started working on a Bitcoin exchange and people couldn't understand what was so special about this new cryptocurrency fad. Today we've got the Reserve Bank commenting on it, expressing a mature and forward thinking view. I believe cryptocurrencies are here to stay and in fact represent massive potential for innovation in several different industries. I do not believe we'll see the kind of large-scale disruption that the media enjoys reporting on - these reporters and people making up sensationalist headlines don't have a holistic view of cryptocurrencies in my view. Instead I see adoption grow organically and spread into new and clever, niche use cases until it's available everywhere online.
 

Thor

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Carel here from BitX and long time mybroadband lurker under a different account. I remember when we first started working on a Bitcoin exchange and people couldn't understand what was so special about this new cryptocurrency fad. Today we've got the Reserve Bank commenting on it, expressing a mature and forward thinking view. I believe cryptocurrencies are here to stay and in fact represent massive potential for innovation in several different industries. I do not believe we'll see the kind of large-scale disruption that the media enjoys reporting on - these reporters and people making up sensationalist headlines don't have a holistic view of cryptocurrencies in my view. Instead I see adoption grow organically and spread into new and clever, niche use cases until it's available everywhere online.
Well i'll be damned, I love BitX !
 

BitXC

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Well i'll be damned, I love BitX !
Thank you! I'm really glad you find it useful. I know we still have a way to go, the amount of interest we see keeps exceeding our expectations and we're working flat out to provide top class customer support. Check out the app if you haven't already, it's really cool and full-featured. By the way, a large part of our support crew and engineering team is based in Cape Town. If you are interested in being part of a startup in the crypto space and enjoy helping people, let me know. Or if you are a decent coder that would enjoy working with Google Go then BitX is a good place to be, the engineering team is really strong and personally I've grown a lot being able to learn from some of the top minds in the local (and global!) software development industry.
 

Ockie

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Carel here from BitX and long time mybroadband lurker under a different account. I remember when we first started working on a Bitcoin exchange and people couldn't understand what was so special about this new cryptocurrency fad. Today we've got the Reserve Bank commenting on it, expressing a mature and forward thinking view. I believe cryptocurrencies are here to stay and in fact represent massive potential for innovation in several different industries. I do not believe we'll see the kind of large-scale disruption that the media enjoys reporting on - these reporters and people making up sensationalist headlines don't have a holistic view of cryptocurrencies in my view. Instead I see adoption grow organically and spread into new and clever, niche use cases until it's available everywhere online.
How is Bitcoins to be used though when 1 single Bitcoin is worth R8 400.00? How can you pay for something that is worth R400.00 for example online? Can one Bitcoin be split into smaller pieces like Rand and cents for example? If not, then I dont see how Bitcoin can be used in everyday life really. Hell, I cant even afford one Bitcoin lol. Eish. :(
 

BitXC

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How is Bitcoins to be used though when 1 single Bitcoin is worth R8 400.00? How can you pay for something that is worth R400.00 for example online? Can one Bitcoin be split into smaller pieces like Rand and cents for example? If not, then I dont see how Bitcoin can be used in everyday life really. Hell, I cant even afford one Bitcoin lol. Eish. :(
You can split one Bitcoin up into 100000000 pieces. In other words the smallest unit of Bitcoin is 0,0084c.
You can think of one Bitcoin as one R200 note - just because it's worth R200 doesn't mean you cannot break it up into smaller change.

You can already buy anything on Takealot using Bitcoin. Just select "instant EFT" as payment method and you'll end up on a screen where you can select Bitcoin as payment option. Same for any other site that shows "instant EFT". I would just recommend you use a wallet that supports the Bitcoin Payment Protocol (all BitX wallets supports it).
 

Ockie

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You can split one Bitcoin up into 100000000 pieces. In other words the smallest unit of Bitcoin is 0,0084c.
You can think of one Bitcoin as one R200 note - just because it's worth R200 doesn't mean you cannot break it up into smaller change.

You can already buy anything on Takealot using Bitcoin. Just select "instant EFT" as payment method and you'll end up on a screen where you can select Bitcoin as payment option. Same for any other site that shows "instant EFT". I would just recommend you use a wallet that supports the Bitcoin Payment Protocol (all BitX wallets supports it).
Ah ok. I see. And can I buy for example just R400.00 or even a R1000.00 of broken up Bitcoins on BitX? Sorry, I only opened my BitX account this weekend so I am really a complete noob when it comes to this kind of thing, but I wanted to see how it works.
 

BitXC

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Oh yeah, I forgot to mention, BidOrBuy also supports Bitcoin payments.
 

BitXC

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Ah ok. I see. And can I buy for example just R400.00 or even a R1000.00 of broken up Bitcoins on BitX? Sorry, I only opened my BitX account this weekend so I am really a complete noob when it comes to this kind of thing, but I wanted to see how it works.
Yeah that's right. I think the minimum amount you can buy at a time is R10.
 

Ockie

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Yeah that's right. I think the minimum amount you can buy at a time is R10.
Ah ok cool. Thank you BitX. I will play around a bit more on the website and start buying as I can :)

Any idea or input of people using Bitcoin as a way to save? So instead of putting money into a savings account for a rainy day, would people be perhaps start turning to something like BitX and put money in and buying Bitcoin as a means to save? Is that perhaps something you guys would look at to promote?
 

BitXC

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Ah ok cool. Thank you BitX. I will play around a bit more on the website and start buying as I can :)

Any idea or input of people using Bitcoin as a way to save? So instead of putting money into a savings account for a rainy day, would people be perhaps start turning to something like BitX and put money in and buying Bitcoin as a means to save? Is that perhaps something you guys would look at to promote?
My personal opinion (note: I'm not providing financial advice!) is that Bitcoin is a bad savings vehicle. In my view savings should be low-risk and Bitcoin's exchange rate is still highly volatile, in other words it's risky. That said, many people use it as a means of investing / speculating and in fact we're seeing big players approach us because their clients demand some exposure to Bitcoin in their investment portfolios. It may be high risk but there is often also high reward.

Take some time to look at the exchange graph and decide whether you're comfortable with the trend of price movements before you put too much money into it, I know lots of people that got burned.

Personally I prefer using it to pay for stuff - it's way simpler (and more fun!) to use direct peer-to-peer money to buy my electronics on Takealot than having to enter credit card details...
 

Ockie

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My personal opinion (note: I'm not providing financial advice!) is that Bitcoin is a bad savings vehicle. In my view savings should be low-risk and Bitcoin's exchange rate is still highly volatile, in other words it's risky. That said, many people use it as a means of investing / speculating and in fact we're seeing big players approach us because their clients demand some exposure to Bitcoin in their investment portfolios. It may be high risk but there is often also high reward.

Take some time to look at the exchange graph and decide whether you're comfortable with the trend of price movements before you put too much money into it, I know lots of people that got burned.

Personally I prefer using it to pay for stuff - it's way simpler (and more fun!) to use direct peer-to-peer money to buy my electronics on Takealot than having to enter credit card details...
Cool beans. Thank you for the honest advice and warning.

Just out of interest, take Takealot for example. I assume they have live links to the current Bitcoin exhange rates, and the price will update automatically for their items to convert the price into bitcoin with the current exchange rate?
 

BitXC

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Cool beans. Thank you for the honest advice and warning.

Just out of interest, take Takealot for example. I assume they have live links to the current Bitcoin exhange rates, and the price will update automatically for their items to convert the price into bitcoin with the current exchange rate?
They don't worry about Bitcoin at all. They price everything in Rands and at the point you pay you will see an equivalent Bitcoin amount (based on the current exchange rate) for your order total. The Bitcoin is converted to Rands instantly as soon as you pay. In other words, they receive a Rand amount at the end of the day, they never even see the Bitcoin. PayFast takes care of the Bitcoin -> Rand conversion for them.
 

Thor

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Thank you! I'm really glad you find it useful. I know we still have a way to go, the amount of interest we see keeps exceeding our expectations and we're working flat out to provide top class customer support. Check out the app if you haven't already, it's really cool and full-featured. By the way, a large part of our support crew and engineering team is based in Cape Town. If you are interested in being part of a startup in the crypto space and enjoy helping people, let me know. Or if you are a decent coder that would enjoy working with Google Go then BitX is a good place to be, the engineering team is really strong and personally I've grown a lot being able to learn from some of the top minds in the local (and global!) software development industry.
PM incoming
 
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