Bitcoin is a cryptocurrency that has no regulatory framework.
There are many Bitcoin traders with Bitcoin, which are either mined or have been purchased in the past. They trade on a Bitcoin exchange.
Bitcoin is passed between two parties digitally and can be traded on exchanges for real-world currencies.
Bitcoin is set on Bitcoin exchanges all over the world by consumers buying and selling it. Each Bitcoin exchange operates independently, so the market force of buyers and sellers will set the price independently on that exchange.
There is also healthy competition and a fair market-derived exchange rate.
If you are looking to convert Bitcoin to Rand, you are probably better off buying from a local Bitcoin exchange. Its value fluctuates according to user demand.
Bitcoin has experienced experiential growth in recent months. The cryptocurrency is becoming more popular as consumers find easier ways to send and receive it in fast, simple and cheap ways.
As a form of digital currency, using Bitcoin offers faster transactions with anonymity and reduced costs.
Increased acceptance makes it quite popular. Increased popularity is expected to drive the cost of Bitcoin up in the near future. Trading bitcoin is often based on supply and demand, so as demand increases, and supply expected to drop, it makes sense that investing in Bitcoin is a good idea.
The price of Bitcoin varies based on supply and demand and once production is capped once the target of 21 million is reached, there will be a limited supply, driving prices up.
Experts predict that Bitcoin will be a good investment in the long term as it will be used in transactions more frequently.
Bitcoin is available on an open-source and it’s easy to trade. Transactions may be anonymous and they won’t compromise your financial security.
At the time of writing one Bitcoin equalled R24 684,89. Users can make use of convenient Bitcoin exchange sites to convert Bitcoin to Rand.