Luno Bitcoin exchange makes it easy for South Africans to convert their cryptocurreny to cash.
Trading bitcoin through a bitcoin exchange like the Luno Bitcoin Exchange is one thing, but what about spending it? While you can purchase an increasing number of goods online with bitcoin, you can’t buy everything, and you can’t walk into a shop in South Africa and buy goods with bitcoin or any other cryptocurrency. So, what’s the use? That’s a question many people in emerging markets might ask. South Africans need to be able to convert their bitcoin to cash quickly and easily, until the day comes that you can use bitcoin the same way you use Rands.
Luckily converting bitcoin to cash in South Africa has never been easier. Luno bitcoin exchange is geared toward the operational and customer needs of emerging markets such as South Africa, and the Luno Bitcoin Wallet – used to trade bitcoin, save bitcoin and also cash bitcoin into any currency, into your bank account – makes it as simple as any other currency transaction. Once your cryptocurrency has been transferred it is up to the individual to declare the tax on any transactions.
When you buy bitcoin through the Luno Exchange, it gets stored in your Luno bitcoin wallet as Bitcoin Cash (BHC) – a new blockchain that stores the same value of ‘coins’: 10 000 BTC = 10 000 BHC with the same exchange value with the Rand. This BHC can then be withdrawn into your bank account and converted to Rands instantly.
When you sign up with Luno, you will be set up with the right apps for you and your device(s). One of the steps will be linking your bank account with your local currency wallet in your ‘Luno Bitcoin Wallet’.
You can then use your Luno wallet to buy bitcoin through the Luno Exchange, and when you wish to withdraw, you’ll use the Luno Exchange Currency Wallet in Rands (ZAR) – one of the currency wallets in your Luno Bitcoin Wallet page, in your Luno app.