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Thread: Why South Africans do not buy Bitcoin

  1. #1

    Default Why South Africans do not buy Bitcoin

    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.

  2. #2

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    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.
    Last edited by Sabre Wulf; 04-10-2017 at 03:53 PM.

  3. #3
    Super Grandmaster eg2505's Avatar
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    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

  4. #4

  5. #5

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    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.

  6. #6

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    Quote Originally Posted by zork View Post
    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.

  7. #7

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    Quote Originally Posted by zork View Post
    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?

  8. #8

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    Surprised this topic doesnt have more posts - usually any topic with 'bitcoin' mentioned gains alot of attention.
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  9. #9
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    Quote Originally Posted by ToAsTeD View Post
    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.

  10. #10

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    Quote Originally Posted by ToAsTeD View Post
    Surprised this topic doesnt have more posts - usually any topic with 'bitcoin' mentioned gains alot of attention.
    I think most people read 'biltong' and couldn't take it seriously after that.

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