Cryptocurrency coins and tokens are popular in South Africa. In fact, South Africa is the top country for cryptocurrency ownership in the world. Over 10% of South Africans that use the internet use cryptocurrency.
With that information in mind, this article will cover the most valuable cryptocurrency coins in South Africa.
South African Cryptocurrency Coin Value List
Here are the most valuable cryptocurrencies in South Africa and their value.
Bitcoin is the most popular and valuable cryptocurrency in South Africa. This makes sense as it’s the original cryptocurrency and most used cryptocurrency in the world.
Lowered trust in the South African rand has certainly contributed to the increasing popularity of Bitcoin in South Africa.
At the time of writing, 1 BTC is worth approximately 186,200 South African rand.
Ethereum is also another popular cryptocurrency in South Africa. Mostly because many South Africans use the cryptocurrency to invest in Initial Coin Offerings (ICOs) of cryptocurrencies built on the platform.
Ethereum has taken a hit in price over the past few years, as have all cryptocurrencies, but the price has recovered slightly. 1 ETH is worth approximately 6,100 South African rand at the time of writing.
Ripple is a cryptocurrency built specifically for international banking transactions and other asset transfers. Think of Ripple as a replacement for SWIFT.
The interesting part about Ripple, however, is that it is not mined. It’s actually a premined coin with all coins released by the Ripple company.
Anyway, 1 XRP is worth approximately 4.19 South African rand at the time of writing.
Bitcoin Cash (BCH)
Bitcoin is practically identical to Bitcoin from a technical perspective with one major difference – it has bigger blocks than Bitcoin, which means it can process more transactions in the same amount of time.
This means that Bitcoin Cash offers faster and slightly cheaper transfers than Bitcoin. Bitcoin Cash has become increasingly popular because Bitcoin has sometimes experienced slow transfer speeds depending on the amount of miners on the blockchain.
Anyway, Bitcoin Cash is worth approximately 3,951.32 South African Rand at the time of writing.
Binance Coin (BNB)
Binance Coin is a utility coin for the Binance cryptocurrency exchange. As you may already know, Binance is the most popular cryptocurrency exchange in the world because of the large amount of altcoins they offer on the platform.
Binance Coin in particular is so popular because Binance offers a fairly large discount if using it for transactions.
Litecoin is another popular cryptocurrency in South Africa. For those that don’t know about it, it’s quite similar to Bitcoin, but much faster with slightly less fees. It does have some minor security concerns, but there have been no security issues with Litecoin.
Litecoin is worth approximately 791 South African Rand at the time of writing. Learn how to buy Litecoin in South Arica.
Monero is popular because it’s a privacy focused cryptocurrency. Transferring Monero from one wallet to another is effectively the same as tumbling Bitcoin, but without the extra fees.
This makes Monero extremely popular for anyone that cares about their privacy.
Monero is worth approximately 1600 South African Rand at the time of writing.
Is cryptocurrency legal in South Africa?
Yes, cryptocurrency is legal to buy, sell, and mine in South Africa. You will have to pay taxes on all earnings, though.
Where to buy cryptocurrency in South Africa?
You basically have two options when it comes to purchasing cryptocurrency in South Africa with the South African Rand. Both of them are excellent exchanges.
Luno accepts deposits from South African banks, but you do have to list Luno as a beneficiary to make the deposit.
Anyway, Luno has no deposit or withdrawal fees. In fact, the only fee that Luno charges is a small taker fee.
Even better, Luno has a BTC/ZAR trading pair, which makes purchasing Bitcoin easy.
ICE3X is a South African based cryptocurrency exchange. It only accepts deposits in two fiat currencies – Nigerian Naira and South African Rand.
It is a South African based company, so deposits and withdrawals obviously work for all South Africans. However, the fees on the exchange are a little high at 0.50% for almost all trades.
The security on the exchange is top notch, though. It’s a cold storage facility with staff that must manually approve any suspicious transactions. Two factor authentication is also available for added security.
Does South Africa have Bitcoin ATMs?
Yes, South Africa has about 20 Bitcoin ATMs in the country. The fees are a little high and safety at an ATM can sometimes be a concern in South Africa.
We don’t recommend purchasing cryptocurrency at a Bitcoin ATM because of the high fees. If you don’t have a bank account, then a Bitcoin ATM is an excellent place to purchase cryptocurrency.
How to purchase altcoins in South Africa?
Purchasing altcoins in South Africa involves an extra step. You simply purchase bitcoin or Ethereum on one of the above exchanges, transfer the bitcoin to Binance, and purchase any altcoin you want on Binance.
That’s it for the different values of popular cryptocurrencies in South Africa. As you probably noticed, our list mostly focused on popular cryptocurrencies.
That’s because while South Africa does have a popular cryptocurrency; it still mostly skews towards the popular coins.
However, it’s still easy to purchase Bitcoin in South Africa, which makes purchasing the less popular altcoins a somewhat simple process.