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Why South Africans do not buy Bitcoin

Jack Marlow

Honorary Master
Joined
Jul 18, 2008
Messages
26,479
#2
Same all over the world. I suspect the developing world deals more in crypto than the developed world if you take into account the average internet connected population with means. I'm not talking about big business, I'm talking about ordinary citizens. And right now the main reasons for anyone to have any involvement is to invest or launder money.
 
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eg2505

Honorary Master
Joined
Mar 12, 2008
Messages
12,103
#3
TBH, crypto is kind of a niche subject right now,

most people dont know what crypto really is, same as when PC's first came out,

and the internet and torrenting.

if you a geek you will know who Elon musk is, but most people dont know or care much for crypto
or better ways of dealing with money, or Elon or anything science related

most people are interested in the kardashians or soccer, true fact.....
but conversely, we forumites might not know the shoe size of Bennie McCarthy....

so it balances out in a way...

give it time, they will eventually buy a version of crypto,
by then it will be heavily regulated and taxed,
but we will probably buy a "darker" less legal version of crypto
 

zork

New Member
Joined
Jun 19, 2007
Messages
7
#5
We don't buy because it is a bubble (aka pyramid scheme) that will burst. The bubble will burst either when it runs out of suckers or later as soon as it gets too big in any one of the major countries in the world and the authorities decide to step in to collect taxes and prevent money laundering.
 

netcruiser

Well-Known Member
Joined
Sep 21, 2012
Messages
156
#6
We don't buy because it is a bubble (aka pyramid scheme) that will burst. The bubble will burst either when it runs out of suckers or later as soon as it gets too big in any one of the major countries in the world and the authorities decide to step in to collect taxes and prevent money laundering.

Countries already require you to pay taxes and all the major exchanges do AML and KYC, so this already happens.
 

Jack Marlow

Honorary Master
Joined
Jul 18, 2008
Messages
26,479
#7
We don't buy because it is a bubble (aka pyramid scheme) that will burst. The bubble will burst either when it runs out of suckers or later as soon as it gets too big in any one of the major countries in the world and the authorities decide to step in to collect taxes and prevent money laundering.
Why would they not be collecting taxes again?
 

ToAsTeD

Expert Member
Joined
Oct 11, 2005
Messages
2,047
#8
Surprised this topic doesnt have more posts - usually any topic with 'bitcoin' mentioned gains alot of attention.
 

SaiyanZ

Executive Member
Joined
Jun 5, 2008
Messages
6,183
#9
Surprised this topic doesnt have more posts - usually any topic with 'bitcoin' mentioned gains alot of attention.
The price is down month on month. If it does shoot up again, the fanatics will come out in droves. People usually don't say much when they're losing money.
 

WikiSEO

New Member
Joined
Oct 2, 2013
Messages
9
#11
Why South Africans do not buy Bitcoin

The main reasons South Africans do not buy cryptocurrency is that they do not know which ones to buy, or how to buy them.
I agree, Many prospective investors don't simply buy bitcoin at the moment. ( Keep in mind: it is now a bearish market in crypto) - but.... there is a huge community, mining vast amounts of cryptocurrency as it it is now relatively cheap including bitcoin either through cloud mining or cryto mining hosting solutions like the company Netsev

This type of services takes the fuss out of crypto mining..

Final thought
- Crypto do have a place in your long-term portfolio holding. - HODL:)
 

saor

Honorary Master
Joined
Feb 3, 2012
Messages
16,771
#12
Why South Africans don't buy stocks:
They do not know which ones to buy, or how to buy them.

The people interested in buying stocks will be eventually figure it out.
The people interested in buying crypto will eventually figure it out.

Crypto is the future
Thought you'd changed your spots, guess not.
 
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Lupus

Honorary Master
Joined
Apr 25, 2006
Messages
10,894
#13
Why South Africans don't buy stocks:
They do not know which ones to buy, or how to buy them.

The people interested in buying stocks will be eventually figure it out.
The people interested in buying crypto will eventually figure it out.

Thought you'd changed your spots, guess not.
You're replying to a year old thread.
 

R4ziel

Senior Member
Joined
Apr 16, 2015
Messages
726
#16
Why don't I buy Bitcoins? Because I'm too freaking poor and I don't particularly like losing money
 
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