What Are The Most Popular Cryptocurrencies In South Africa?
What do South Africans think about cryptocurrency?
Global cryptocurrency exchange Luno estimates that 15% of South Africans have cryptocurrency. This marks the second-highest percentage globally, said Nowosenetz.
“According to our data and a recent survey completed on the topic – among our panel of South African adults – numbers are higher, with 25% saying that they have cryptocurrency worth between R100 and R1,000.
“While this percentage is high, the amount invested is low. This indicates that the bulk of South African crypto investors are experimenting and dabbling without making a significant financial commitment
|Percentages for more serious investors: |
13% have crypto of R1,001 – R10,000 in value
6% have crypto of R10,0001 – R50,000 in value
3% have crypto of more than R50,000 in value
Where does ‘crypto-curiosity’ stem from?
Curiosity stems from the perception that crypto offers a quick gain for those investing - without needing deep knowledge or much understanding of the category.
The main appeal and advantage of crypto is the perception that there is an opportunity to make considerable gains on your investment in the short-term, with 43% stating this as their main reason for interest in crypto.
|Other reasons for being interested in crypto: |
It allows you to diversify your investments/portfolio (20%).
It’s easy and accessible - everyone can do it, you just need a smartphone, a bank account and some money (16%).
It’s an exciting currency to invest in (8%).
You can send it to people in other countries (4%).
It’s not regulated (4%).
You are cool, trendy and able to talk about having it with your friends and family (3%).
However, despite being willing to invest and having an interest in making considerable gains in the short-term, many don’t seem to understand the details, workings and value of crypto, with 44% citing their main concern about the digital currency is that they don’t understand some element of how it works.
So, we see a certain investor mindset arise in this space: a consumer willing to take a risk to make a quick buck, despite lacking in knowledge or understanding of how it works.
What’s holding people back?
Despite many being “crypto-curious”, 17% state that they don’t have any cryptocurrency and are not planning on acquiring any.
When we asked what’s stopping people from investing in crypto or investing more in crypto, just over a third felt that they prefer to invest (or invest more) in formal/regulated financial products or with formal/regulated financial service providers.
Just under a quarter felt they don’t know or understand enough to invest or invest more in crypto, so we see that lack of knowledge makes these people pull back from the category or from investing much more than their R100 to R1,000.
|Other reasons that prevent people from investing or investing more: |
It’s too risky - the bubble could burst at any time and you may lose too much money (11%).
Don’t trust cryptocurrency (10%).
Does South Africa have its coin?
AFCOIN, Africa’s first Proof of Work (POW) coin that launched exclusively to South African buyers in 2018, is going global with its listing on HotBit, one of the world’s leading cryptocurrency trading platforms.
The list date is scheduled for Wednesday 22 September, with SAF Deposits commencing at 6:00am and Live Trading commencing at 8:00am (UTC).
As the first local cryptocurrency to be offered to the global market – and with only 10 million coins available and 8.7 million already circulating – the HotBit listing gives international investors the opportunity to own a native African cryptocurrency that’s driven by a core purpose: to make investing in crypto easy, accessible, and understandable for everyone in Africa.
SAFCOIN CEO Neil Ferreira says: “SAFCOIN really is Africa’s pride. It’s been amazing to watch our vision come to life, and it keeps growing from strength to strength, connecting and empowering more Africans across the continent every day.”
He says they never intended SAFCOIN to be ‘just another cryptocurrency’ but wanted to demystify crypto for the man on the street and provide him with tools and resources to participate in the digital currency revolution. The ultimate goal was to see SAFCOIN become a widely and globally accepted form of payment that in turn boosts African trade and simplifies cross-border payment processes. With the HotBit listing, it seems nothing can stop SAFCOIN’s growth and impact.
“There’s a lot more to cryptocurrencies than just profiting from it,” says Ferreira. “Individuals can be empowered, marketplaces can be opened, cross-border trade can be supported, and social and economic growth can be stimulated. This is why SAFCOIN was created: to help people while also empowering them to help themselves.”
|About SAFCOIN |
We’re a family. Literally.
The SAFCOIN project, first launched in 2018 by founders Neil and Michela Ferreira, together with Tony Ferreira, is a pioneering venture tailored to the increased need for broad-based digitisation on the African frontier. SAFCOIN in itself is more than just a cryptocurrency and boasts within it an extensive network of functions united under the SAFCOIN umbrella.
Over and above its accolade as the first Proof-of-Work cryptocurrency on the continent, the SAFCOIN eco-system has been developed to accelerate Africa’s small -to medium businesses and freelance participation in a global economy.
Total Supply: 10,000,000
|Journey to the global stage |
SAFCOIN has achieved many firsts for the South African crypto market in three years.
Blockchain company FHM (Pty) Ltd issues an Initial Coin Offering (ICO) for 500,000 SAFCOIN tokens. The ICO was only open exclusively to South Africans
Launches bespoke, decentralised blockchain mainnet, built using a Scrypt algorithm; the centralised SAFCOIN Exchange; and SAFCOIN Wallets on Android and iOS.
On 12 December, the SAFCOIN blockchain went live.
Launched SA’s first “plug-and-play” SAFCOIN mining opportunity, allowing new, small, and start-up miners to earn a passive monthly income by mining SAFCOIN.
Launched SAFPay, a secure crypto ecommerce payment gateway.
Western Cape Government invited SAFCOIN to discuss the regulatory framework for cryptocurrency and exchanges in South Africa.
Expands into Nigeria and Uganda.
Launches MobiJobs, Africa’s first blockchain-powered micro jobs platform that connects businesses and gig economy workers across Africa.
Launches SAFCOIN pool mining programme.
Launches Cryptovalley, an e-commerce platform powered by SAFCOIN and SAFPAY that allows small businesses to sell and pay for products with crypto.
First locally founded digital currency to list internationally with HotBit debut.
Where to buy SAFCOIN
Catex and P2Pb2B
READ MORE: 10 Most Valuable Cryptocurrency In The World
What are the most popular cryptocurrencies in South Africa?
Bitcoin remains the most traded and popular cryptocurrency worldwide, it also remains the highest valued crypto coin on the market. In South Africa, it remains the most owned cryptocurrency coin with some traders buying it for either investment or personal purposes. It reached its 10th-anniversary last year and there is still much speculation about whether the price will continue to rise past its peak price of $20,000 in December 2017 after a particularly volatile year in 2018.
Yet the fact that Bitcoin is considered to be the best cryptocurrency trading option. The fact that it's also possible for South African traders to also directly buy Bitcoin in ZAR instead of USD continues to make it a popular cryptocurrency choice in South Africa.
In terms of market capitalisation, Ethereum's Ether coin remains the 2nd most popular cryptocurrency globally. Although Bitcoin is the most valuable coin currently and is the best coin to store value on compared to Ethereum. Ether is generally a better coin for transactions. This is because Ethereum has faster transactions than Bitcoin as well as lower transaction fees which makes it more attractive for exchanges.
For South African traders Ethereum is a cryptocurrency to watch, especially as its blockchain technology has attracted a lot of investment from over 150 major companies such as MasterCard and Deloitte who are interested in using the blockchain technology. This investment and adoption is likely to affect the Ethereum value. Again it is also possible for South African traders to purchase Ether directly with ZAR.
Litecoin was launched back in 2011, with its founder aiming to create a 'lighter form' of Bitcoin. This means that Litecoin can complete a transaction in roughly 2.5 minutes, which is much faster than Bitcoin's 10 minutes. This makes it a good choice for traders looking to complete fast transactions. Globally it's the 6th most traded cryptocurrency in terms of market capitalisation.
For South African traders it remains potentially a good investment coin due to the fact that it has a fairly low market cap. Coins with a fairly low market cap are considered good for investment as they have a reasonably high potential for coin value growth in the market.
EOS is becoming one of the most popular cryptocurrencies to invest in as it has become well known for its super quick transaction speeds and its leading blockchain technology. In order to access the EOS blockchain, a trader must own EOS coins. One of the main objectives of EOS is to remove all user fees for transactions and merchants, which makes it appealing to traders looking to save on transaction costs.
For South African traders EOS is a tempting cryptocurrency to invest in because it shows promising price growth for 2019, especially as it was announced that there will be a big news announcement regarding EOS given this June which is likely to cause market prices to rise.
How to invest in cryptocurrency in South Africa
If you want to diversify into cryptocurrency, OVEX is the best option for South Africans – both for institutional investors and those investing in their personal capacity.
OVEX makes investing in cryptocurrency simple thanks to its intuitive and user-friendly platform. It is also preferred by South African investors due to its low fees, tight spreads and fast settlements.
OVEX offers various valuable investment products, too, each of which provides unique value to its clients. These include:
Buy and sell: This tool lets you request a quote for buying or selling cryptocurrency, which you can then accept. This is the easiest way to either trade or hold cryptocurrency and is perfect for both novice and seasoned cryptocurrency investors. OVEX offers 15 different trading pairs. This deep asset support is great for investors looking to build a diverse portfolio.
Over-the-counter desk: This is a high-volume trading desk that offers 24/7 trading for institutions and high-net-worth individuals. It offers ultra-deep liquidity, low fees, full asset support and post-trade settlement.
Interest accounts: These function similarly to traditional savings accounts. You put your money into the account and earn up to 20% interest per annum.
Arbitrage: This service involves buying cryptocurrency on markets where it is cheaper and selling it on markets where it is more expensive. You earn the difference between these two prices.
| What Is The Most Popular Cryptocurrency in Australia - Top 10 |
What is the most popular cryptocurrency in Australia? What cryptocurrency laws have been changed in Australia?
| What Are The Most Popular Cryptocurrencies In India - Top 10 |
India is believed to have one of the biggest crypto markets in the world. What cryptocurrencies are the most popular in India now?
| What Are the Most Popular Cryptocurrencies In The US |
What are the most popular cryptocurrencies in the USA? We will provide the top 10 most popular cryptos and how you can trade cryptocurrency in ...