Exchanging Bitcoin for Rands or buy Bitcoin for Rands at Cape Town Bitcoin
It’s easy and similar to go to a currency exchange office and convert Rands to a foreign currency like US dollar or Euros. But, it is not so easy to do that with bitcoin. The difference is that bitcoin need a software wallet in order to store the currency. If you are not familiar with a bitcoin wallet please check all information about wallets on the homepage. You can choose the wallet that best fits your needs and install it for free. Alternatively, if it looks too complicated you can fix an appointment with one of our staff members and ask to setup a wallet for you (for a fee)
At Cape Town Bitcoin, our preferred wallet is Coinomi. This wallet can be set on a smart phone with Android or iOS. Our setup price plus 20 minutes of training and questions is R350. Now you have an empty bitcoin wallet ready to by filled with bitcoin currency.
How does the exchange work? We have a Bitcoin ATM available during full working hours, of which you can make use at any time of the day (no appointment needed) for a fast and easy transaction. Or you can make an appointment to be sure that one of our trained staff is available for you during the operation that can take few minutes to 1 or 2 hours depending on the type of transaction you want to do. Come to Cape Town Bitcoin at our location on 38 Wale Street, First Floor, Cape Town and you will be accommodated in a private and secure environment where you will comfortably sit in sound and bullet proof room. With ample security in our offices, where the transaction can happen in privacy, only then you will disclose the amount of Rands or bitcoin you like to exchange. Please note that for transaction of R25 000 or over you will need your ID book and proof of residence (FICA). The bitcoin price is volatile and the price has to be fix at the moment of the transaction. Like any other currency, there is a buying price and a selling price related to the market price of the bitcoin, that includes commission and transfer fees.
If the price is agreed the transaction or exchange of currency can take place. The seller will transfer the bitcoin (or portion of the bitcoin) to the buyer electronic wallet and the buyer will pay the seller the price. For the transaction to be valid and irreversible, six confirmations of the bitcoin network must appear in the wallet. At that stage, it’s only a question of time to have full confirmation and you can be the happy owner of the bitcoin. (Please note that 2 confirmations can be enough for small portion of a Bitcoin)
Please read more on this website for more information or send us an email at firstname.lastname@example.org or WhatsApp us on 073 530 1188.
Frequently Asked Questions
- Cape Town Bitcoin accept payment and or pay out in Cash?
Yes. We pay out Cash and accept Cash.
- Is any cash handling fees for cash?
No. Bitcoin is currency and Rand is currency but no cash handling fee are require because is not a third party involved. Third party meaning Banks, Credit cards, or financial institutions.
- Can I pay for the Bitcoin with Credit Card?
Yes, but the payment will attract 3.5 % Credit Card fees.
- Can pay with EFT (Electronic Funds Transfer)?
Unfortunately, Cape Town Bitcoin cannot accept this payment at this stage, due to volatility of the price of the Bitcoin.
- If I am not happy with the price, can I recede from buying or selling?
Yes, transaction happen only if the two party agree on the price.
- Is it safe is to trade with Cape Town Bitcoin?
The premises it is shared with Gold n’ Stones Trading and Cape Diamond Supply, well known companies for more than 25 years in Cape Town, dedicated to exchange valuable with private citizen as well diamond and gold dealers offering the maximum of security and privacy.
- I have just installed an electronic wallet and I am new in the Bitcoin environment, does the staff of Cape Town Bitcoin will help me with the transaction?
Yes. It will be a pleasure help you to come on board and make sure that the transaction will be done in the best way it’s possible. Free of charge.