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Thread: Why South Africans do not buy Bitcoin

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    MyBroadband Newsfeed
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    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.

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    Super Grandmaster JetsetWilly's Avatar
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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.

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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
    Bitcoin,Bitcoin, on the wall,

    who's the wildest of them all?

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    Crypto is the future

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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.

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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.

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    Super Grandmaster JetsetWilly's Avatar
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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?

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    Surprised this topic doesnt have more posts - usually any topic with 'bitcoin' mentioned gains alot of attention.
    Design, Develop, Web & Reseller Hosting, Domains, SEO, Server Management and Maintenance .
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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.

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    Super Grandmaster JetsetWilly's Avatar
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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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    Quote Originally Posted by Newsfeed View Post
    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

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    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.

    Quote Originally Posted by Thor View Post
    Crypto is the future
    Thought you'd changed your spots, guess not.
    Last edited by saor; 11-04-2018 at 10:12 PM.

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    Quote Originally Posted by saor View Post
    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.
    I've been around for a long, long year

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    Super Grandmaster saor's Avatar
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    Quote Originally Posted by Lupus View Post
    You're replying to a year old thread.
    Ah bollocks.
    Sorry @Thor.

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    Super Grandmaster Thor's Avatar
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    Quote Originally Posted by saor View Post
    Ah bollocks.
    Sorry @Thor.
    All good, valid answer, still relevant.

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