It’s easy and similar to go to a currency exchange office and convert Rands to a foreign currency like US dollar or Euros. It’s just easy to do that with Bitcoin. The difference is that Bitcoin needs a software wallet in order to store the currency. If you are not familiar with a bitcoin wallet please check all information about wallets right here. You can choose the wallet that best fits your needs and install it for free. Alternatively, if it looks too complicated you can fix an appointment with one of our staff members and ask to setup a wallet for you (for a fee).
At Cape Town Bitcoin, our preferred wallet is Coinomi. This wallet can be set on a smart phone with Android or iOS. Our setup price plus 20 minutes of training and questions is R350. Now you have an empty Bitcoin wallet ready to by filled with Bitcoin currency.
What Can You Exchange?
At Cape Town Bitcoin Physical Exchange, we offer several ways of exchanging Bitcoin.
1. Bitcoin for Cash
2. Cash for Bitcoin
3. Gold for Bitcoin
4. Bitcoin for Gold
5. EFT for Bitcoin
Note that cash can be in any currency, this means eg. Dollars, Euro’s, Pounds and many more. We also accept Gold Bars, Kruger Rands and Jewelry.
How Does The Exchange Work?
We have a Bitcoin ATM available during full working hours, of which you can make use at any time of the day during our working hours (no appointment needed) for a fast and easy transaction. Or you can make an appointment to be sure that one of our trained staff is available for you during the operation that can take few minutes to 1 or 2 hours depending on the type of transaction you want to do. Visit Cape Town Bitcoin on our location in Cape Town and you will be accommodated in a private and secure environment where you will comfortably sit in sound and bullet proof room. With ample security in our offices, where the transaction can happen in privacy, only then you will disclose the amount of Cash, Gold or Bitcoin you like to exchange. Please note that for transaction of R25 000 or over you will need your ID book and proof of residence (FICA). The Bitcoin price is volatile and the price has to be fix at the moment of the transaction. Like any other currency, there is a buying price and a selling price related to the market price of the Bitcoin, that includes commission and transfer fees.
If the price is agreed the transaction or exchange of currency can take place. The seller will transfer the Bitcoin (or portion of the Bitcoin) to the buyer’s electronic wallet and the buyer will pay the seller the price. For the transaction to be valid and irreversible, six confirmations of the bitcoin network must appear in the wallet. At that stage, it’s only a question of time to have full confirmation and you can be the happy owner of the Bitcoin. (Please note that two confirmations can be enough for small portion of a Bitcoin)
You Can Whatsapp Us For Easy Bitcoin Transfers
Looking to exchange your EFT money into Bitcoin? You can download the following PDF on your phone, tablet or computer. Just follow the exact instructions and you’ll be able to receive Bitcoin directly to your wallet. Cape Town Bitcoin – EFT Transfer to Bitcoin