Now that the lockdown is in full swing, the average South African has an abundance of time on their hands to evaluate the local economy.
Coupled with the recent downgrade of South Africa’s credit rating by Moody’s to junk status, people are seeking alternative ways to hedge their poor-performing South African Rand.
AltCoinTrader, South Africa’s premium Bitcoin exchange, has observed an increase in user activity on their platform, coupled with a positive inflow of funds and new registrations indicating that South African’s are looking to broaden their portfolios in this time of uncertainty.
Bitcoin has outperformed all other asset classes over the past five years without any bailouts.
As heads are turned towards the stock markets and the COVID-19 virus, many crypto enthusiasts will be snapping up as much Bitcoin as possible in the coming months and will be looking towards the Bitcoin halving.
What is Bitcoin halving?
A halving is an event where the reward for mining new transaction blocks is halved, meaning miners receive 50% fewer bitcoins for verifying transactions on the Bitcoin network.
Bitcoin halving takes place roughly every four years and has been built into the Bitcoin protocols as a deflationary measure.
The next halving is estimated to take place on the 18th of May 2020 and could most likely be the catalyst that triggers the next price boom.
AltCoinTrader launched in 2015 and lived through the second halving event that took place in July 2016.
The exchange witnessed similar patterns in 2016 that are taking place now with regards to new registrations and inflows of funds. Prices began to rise dramatically a few months after the halving.
In anticipation of the influx of new registrations, AltCoinTrader has streamlined its processes and created the ability for buyers to acquire Bitcoin and other crypto assets within a few minutes.
AltCoinTrader has become a trusted brand in the cryptocurrency industry and is 100% proudly South African.
The company has more than twenty ZAR crypto trading pairs, and the exchange even facilitates the trading of physical Gold and Silver Krugerrands.
Bitcoin and all other assets can be purchased on AltCoinTrader’s platform in less than five minutes. Accounts can be funded by Bank EFT Deposit or credit card.
How can I buy Bitcoin in South Africa?
The account registration process is straightforward and can be completed within a minute.
Once registered and logged in, navigate to the deposit tab and select ZAR South African Rand or ZAPPER Credit Card. Deposit details can be found on the corresponding pages.
Standard Bank to Standard Bank, as well as ZAPPER Credit Card deposits, will reflect immediately in your AltCoinTrader account ready for your Bitcoin purchase.
Naturally, the platform has enhanced security and also caters for 2-factor authentication to secure your wallet. Additional resources and educational material are obtainable on the company’s website.
Cryptocurrency exchanges like AltCoinTrader are distinguished from conventional institutions in that they operate 24/7. The proudly South African Company will be fully operational during the COVID-19 crisis.
AltCoinTrader and its representatives do not consider any opinions and ideas mentioned as financial advice, and people should carefully research their own financial investment risks.
This article was published in partnership with AltcoinTrader.