in South Africa
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How to buy Bitcoin Cash in South Africa
Is BCH a good investment in South Africa?
Bitcoin Cash crypto (known as BCH) was released in 2017 with an initial price of $440. At the very beginning, BCH surprised everyone with its price rise to $621 in only a few months. Surprisingly, BCH set a record for the all-time highest price of $2,940 in December of the same year. It was shocking for BCH owners because, in less than a year, their investment had delivered almost 6 times the profit. However, 2018 wasn’t that good for people who decided to invest in BCH at the end of 2017, because every month the price dropped until it reached $81 per token in December of 2018. The next year wasn’t so fluctuating for BCH and almost passed with a stable price between $300 to $400. The same happened in 2020. In 2021, the BCH price again climbed and reached $1,454 per coin, and became a highly profitable investment for its owners.
BCH had ups and downs, like any other cryptocurrency. It had shown many times that it could be a profitable investment. However, no one knows what may happen to its future. Therefore, when you want to purchase this coin, you may wonder if it will be a good investment. To answer this question, you need to check several things to understand if BCH might be on growth or may fall. One of them is BCH price predictions. Crypto analysts and experts analyze the performance of crypto and other factors to forecast its future. Most analysts believe BCH's price might reach $2000 by 2030, which means it may be a good long-term investment.
What is Bitcoin Cash ?
Bitcoin Cash was released in 2017 as a hard fork of Bitcoin, which means it was split from the original protocol to solve the problems regarding scalability, low speed, and high fees that Bitcoin had. Bitcoin Cash is technically and structurally similar to Bitcoin, but it can pack 4 to 8 times larger data into each block. It can also process 116 transactions per second, which means blocks are bigger, and yet the speed is higher compared to Bitcoin. Furthermore, due to its fees, Bitcoin wasn’t suitable for everyday purchases anymore. Thus, Bitcoin Cash was created as an alternative to Bitcoin for everyday use.
Inform about the latest updates on Bitcoin Cash official website.
Is Bitcoin Cash legal to buy in South Africa?
Yes, it is legal to buy cryptocurrencies in South Africa. A position paper on crypto assets’
regulation necessity was published by the Intergovernmental Fintech Working Group (IFWG)
with the supervision of the South African Reserve Bank. The position paper's objective is to
offer detailed advice on how to create a regulatory framework for digital assets, along with
recommendations on how to carry out the necessary regulatory changes. According to the same
paper mentioned above, “A crypto asset is a digital representation of value that is not issued by
a central bank, but is capable of being traded, transferred or stored electronically by regular
individuals and legal persons for the purpose of payment, investment and other forms of utility;
applies cryptographic techniques and uses distributed ledger technology.” The proposed
regulations and a policy on the practices associated with crypto assets are also being
developed further, using that same position paper as inspiration.
Is Bitcoin Cash taxed in South Africa
Yes. According to the Explanatory Memorandum on the Taxation Laws Amendment Bill
provided by the South African Revenue Service (SARS), based on the taxation of
cryptocurrencies in countries such as the United States and India, South Africa appears to tax
cryptocurrencies in line with internationals trends. According to the above-mentioned
Amendment Bill, the treatment of capital gains from investment assets, such as property or
cryptocurrency. If an individual derives a gain or loss from the sale of a property held for
investment purposes, the gain or loss will be taxed as part of the individual's taxable income.
Similarly, if an individual disposes of a cryptocurrency, any gain arising from the disposal will be
subject to tax under the provisions of capital gains tax.
Moreover, in accordance with the same mentioned Bill, if a taxpayer is found to be frequently
engaged in cryptocurrency transactions, they could be considered a cryptocurrency trader. In
such a case, the income generated from the cryptocurrency trade will be included in the
taxpayer's taxable income and will be subject to taxation. This means that all the profits made
from buying and selling cryptocurrencies will be considered taxable income and the taxpayer will
be responsible for paying taxes on it.
After you've bought Bitcoin Cash in South Africa
BCH is a transactional coin, which means it can be used to purchase goods, as payment, exchange, or anything you use the money for. Therefore, BCH is somehow equal to your cash, but in your e-wallet. Furthermore, Bitcoin Cash supports smart contracts. Hence, people can use BCH to create smart contracts on this network.
Like other cryptocurrencies, BCH can be used as an investment. In the past, BCH has shown that it could be a profitable investment for its holders. However, nothing is guaranteed for the future. If you want to keep BCH as an investment, it is recommended to check different things, read its white paper, check the news about the cryptocurrency world, or follow top investors on social media to know their opinion. In the end, remember that anything might affect the future of crypto. Therefore, check new regulations and BCH price of the day to have a better perspective on the future of this coin.
Who can buy Bitcoin Cash in South Africa?
In South Africa, there is no restriction on who can buy cryptocurrency. Any individual or entity,
regardless of their age, residency, or nationality, can purchase cryptocurrencies as long as they
have access to the necessary technology and financial resources. It is advisable for crypto
buyers to purchase their desired cryptocurrency assets through exchanges. On this note, our
exchange is a reliable and secure option for individuals looking to purchase cryptocurrencies in
South Africa. Our platform is fully compliant with the law and provides a range of payment
methods for customers to choose from, including Apple Pay, Google Pay, credit card, debit
card, bank transfer, and PayPal. Importantly, our exchange does not charge any transaction
fees for buying or selling cryptocurrencies, making it an affordable and accessible option for
those looking to invest in this asset class. Whether you're a seasoned crypto investor or just
starting out, our exchange provides a convenient and secure way to buy and sell
cryptocurrencies in South Africa.
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Frequently asked questions
Most investors still prefer BTC over BCH because Bitcoin is more popular and known by people. Furthermore, for people who want to spend their coins, more markets are accepting BTC. Therefore, most people might think that buying Bitcoin is better than Bitcoin Cash. However, if you want to keep your coins as an investment, it is better to compare the price and news about both to find out which one to invest in.
According to the Explanatory Memorandum on the Taxation Laws Amendment Bill provided by
the SARS, a calculation of income tax or capital gains tax (CGT) with respect to cryptocurrency
transactions will be the same as for any other revenue or CGT calculation because
cryptocurrency transactions are subject to the general principles of South African tax law,
depending on whether the cryptocurrency is held on a revenue or capital account. Also,
according to SARS, a taxpayer may deduct costs related to cryptocurrencies (such as bitcoin
trading tax) so long as they comply with all of the act’s requirements.
Yes, you can sell cryptocurrency in South Africa. The quickest and most secure method to sell
your crypto assets in South Africa would be through cryptocurrency exchanges. Our exchange
helps you with this matter in a fast, convenient and cost-effective way as it is user-friendly and
charges no fees for buying and trading your cryptocurrency.
No one can tell you if a coin will be profitable in the future. It depends on many considerations. However, since Bitcoin Cash is a fork of Bitcoin, and even has better performance, it will probably be more usable in the future. Therefore, as long as cryptocurrency exists, Bitcoin Cash will be there.
The number of people in South Africa who own cryptocurrency is difficult to determine with
certainty. However, it is estimated that around 4-5% of the population owns some form of
cryptocurrency. This number is expected to grow as awareness and adoption of
cryptocurrencies increases in the country.
Many exchanges support Bitcoin Cash and let you purchase via debit or master card. One of them is BlockTrade, an exchange regulated in the EU that accepts many coins. You can do trading without any fee on this exchange. Thus, it will be the cheapest exchange you can find to buy BCH.