What can I buy with Bitcoin?

Tanaka Chamisa

Jun 5, 2020 • 5 min read

It's crazy just how this one coin has so many uses and purposes. I mean, you probably have coins lying loose in your wallet. Can anyone of those coins buy a car? Nope. I doubt it ?

In this article we're gonna answer one of the questions on the forefront of a dozen people's minds; "what can Bitcoin buy?". But before that we're gonna highlight a few important points.

You need Bitcoin

Yep, you need Bitcoin. Before you lose your mind completely and say "I don't need Bitcoin", hear us out... So, Bitcoin is a digital currency as we all know. Did you know that cryptocurrencies are actually software? Yes, code.

You’re probably wondering why you should trust or believe in money that’s coded and not actually tangible. Let alone need it. I mean, why should someone sitting by some random computer somewhere in the world have access to my transactions? ? Easy. Security, freedom and transparency ?

1) Security

As with anything valuable, hackers, thieves, and scammers will all be after your assets, so securing your Bitcoins is necessary.

Bitcoin in itself, is safe. Who you decide to invest your money with in order to obtain Bitcoins however, is everyone’s own responsibility. Hackers, thieves and scammers (as with anything valuable) will always be after your assets. So securing your Bitcoins is important.

Bitcoin makes use of the Blockchain. The whole point of using a blockchain is to let people share valuable data in a secure, tamper-proof way. That’s because blockchains store data using sophisticated math and innovative software rules that are extremely difficult for attackers to manipulate. So yes, Bitcoin is quite secure.

If you’re serious about investing in Bitcoin and see yourself buying a significant amount, make sure the Exchange you register with has security measures in place.

2) Freedom

Bitcoin makes cross border payments possible, and also provides an easy way for people to escape failed government monetary policy. If you understand the potential impact of Bitcoin, it won’t be hard to understand why investing in Bitcoin is a good idea.

Bitcoin is not regulated or linked to any central bank or authority. The supply of the cryptocurrency is limited and can only be increased by a process known as “mining”. Bitcoin is not governed by a central authority or any organization. Bitcoin fees are relatively low compared to fiat currencies.

It is possible to send and receive your Bitcoins anywhere in the world at any time. No bank holidays. No borders. No bureaucracy. Bitcoin allows you to be in full control of your money.

3) Transparency

The code for almost all Cryptocurrencies is public, so anyone can check how coins are created. Blockchain encryption prevents sensitive information from getting into the wrong hands, and being misused or forged.

It’s possible to see when new Bitcoins are created or how many Bitcoins are in circulation. Bitcoins can be sent from anywhere in the world to anywhere else in the world. No bank can block payments or close your account.

Okay, let's get to the point...

What can Bitcoin buy??

That's a fairly easy answer. Anything. Bitcoin can buy you anything.

Yes, anything. Now, before you get excited and invest all your money in Bitcoin, take a breather and hear us out.

Bitcoin is a cryptocurrency. Crypto can be converted to fiat currencies such as South African Rand (ZAR). At this time of writing, one Bitcoin is worth 164 715,36 ZAR. That means if you by some chance have one BTC, you have over R100k in your account.

Also, the number of companies accepting Bitcoin payments have increased over the last few years. Microsoft, for example, takes Bitcoin, and sites like bidorbuy and takealot.

How do I get myself some Bitcoin??

So you've read this article and have finally decided to get involved in crypto and Bitcoin. There's a number of ways to get involved in Crypto. We're gonna show you three ways.

1) Buy Bitcoin

You can buy Bitcoin using a digital asset exchange like ChainEX. Buying Bitcoin means your virtual money will be stored in your digital wallet. You can withdraw your money from your digital wallet anytime and into your local South African Bank account.

2) Trade Bitcoin

Trading is the buying and selling of a currency pair based on your analysis and certain market conditions being met. Exchanges like ChainEX allow you to place multiple and different types of orders on currency pairs so you can profit.

3) Refer your friends

Because we at ChainEX not only want you to succeed. But also want you to impact those around you and potentially build your own crypto trading business, we’ve built the platform to allow you to invite and refer your friends and family to the platform and earn when they trade! For a complete guide on how the system works, read our article on it.

So, you wanna get started? Well firstly, find an honest, reliable, and safe cryptocurrency exchange. But we took care of that hassle for you and found one. ChainEX.

ChainEX is a South African digital asset exchange that provides a platform for South Africans to buy, sell or trade a variety of different digital assets using the South African rand as the default fiat-buying currency.

ChainEX provides you with a secure, online platform from which you can purchase and trade with different digital assets. Not only do we provide a platform for you to trade, but we also reward you for the people you refer!

Get to know ChainEX