Bitcoin for beginners: the how-to guide
With the recent surge in Bitcoin’s price and the overall interest in the crypto-currency industry growing, we thought it was time to recap how South Africans can go about investing in Bitcoin and other altcoins.
Buying your first Bitcoin is easy. All you need to do is register with one of the crypto-currency exchanges available in South Africa.
In this piece, we’ll cover how to register, purchase Bitcoin and how to buy altcoins with your Bitcoin via OVEX crypto-currency exchange.
How to buy Bitcoin in SA:
The first step you would need to take is to register with a reputable crypto-exchange such as OVEX.
Simply visit www.ovex.io and sign up. You’ll receive an e-mail with a verification link. Simply click confirm. Login to OVEX using your details and head to the Instant/Buy Sell tab. Select Bitcoin and select buying using ZAR.
Voila, you’ve purchased your first BTC. It’s that simple.
How to purchase altcoins in SA:
Now that you’ve purchased Bitcoin, you’ll be able to use it to buy other altcoins. The above process can also be used to buy Ethereum (ETH), which you can also use to purchase to alternative crypto-currencies (altcoins).
Whether you’ve purchased BTC or ETH, just visit OVEX, login, select Instant/Buy Sell once again. Select the altcoin you’re interested in purchasing. Finally, choose Buy using either ETH or BTC.
Congratulations, you’ve just invested in your first altcoin. For additional help, visit the OVEX site here and complete the help form. One of OVEX’s support agents will contact you to guide you through the process.
- Feel comfortable with the amount of money you want to invest.
- Have a clear goal of what you would like to invest your money in and what you would like to achieve.
- Keep a vigilant eye on your investment as the price of Bitcoin is constantly fluctuating.
- Carefully research the wallet where you will store your crypto-currency. When you own Bitcoin, you are taking possession of what’s called a private key. The private key looks like a complicated password, made up of a long string of numbers and letters. These keys are stored in specially designed digital wallets.
- Crypto-currency is technology-based, which leaves this investment open to cyber attacks and hacking.
- Lastly, never share your wallet key with anyone and don't forget the number to your wallet key.