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Views - Sa Bitcoin Prices Up To 35% More Expensive

Views - Sa Bitcoin Prices Up To 35% More Expensive

SA Bitcoin Prices Up To 35% More Expensive 23 August 2017 | SA Views | Dwaine van Vuuren Many people often ask why the LUNO price we provide for Bitcoin in ZAR on our crypto page , our spots on our mobile app and our spots page does not translate to the $ price when converted using the prevailing R/$ exchange rate. This is because the ZAR price, taken from LUNO is reflective of the supply/demand situation in South Africa. Buyers of Bitcoin on LUNO have to purchase from local sellers on LUNO and vice versa. The global supply of Bitcoins is limited, with only 1,800 new Bitcoins minted per day. When the local demand outstrips local supply, the local price has to rise to coax holders to part with their Bitcoins. And as we have shown previously, South Africans dont want to part with their Bitcoin. Thus, the local price of Bitcoin in ZAR can trade up to a 35% premium to the global Dollar average taken from all major exchanges. This price deviation is called an arbitrage ("arb" for short) as shown below This high arbitrage phenomenon is prevalent in many emerging economies with limited choice of high-liquidity Bitcoin exchanges, stricter exchange controls or where access to international bank accounts is limited. Since the local supply is restricted, the arbitrage is much more sensitive to or reflective of investor euphoria which makes arbitrage a great measure of sentiment. This can provide for some great arbitrage trading opportunities, where one has dollars on an exchange offshore and Bitcoin on LUNO, one can buy the cheap Bitcoin in dollars offshore and sell them on Luno for a higher price and guaranteed profit. We normally pencil in at least 5% "friction" on the trade to cover slippage, transaction costs etc, which means arbitration needs to be at least above 10% to make Continue reading >>

Luno Review - Is Luno.com Scam Or Good Cryptocurrency Exchange?

Luno Review - Is Luno.com Scam Or Good Cryptocurrency Exchange?

On the Malaysian platform I have now been waiting for a withdrawal of my wallet funds for 3 months + few days. The response on tickets and on the Facebook page, we can access, there are continuous soft promises and excuses, ranging from the IRB to the Bank to the officials that are on holiday, always external blame but never themselves Every update of the feedback has a different level of promise and excuse - such as, even blaming holidays (2-3 days) for a delay of weeks, when dealing with a bank! There is also the suspicion that they might be using "tradingbots" on their trading platform to keep their trading price at a level from between 20% to 50% above general market value on Btc. (at the time of writing Coindesk indication $7700-Luno Malaysia indication MYR45500/$11375) This ensure that you cannot withdraw your wallet balances through Btc transfer, without forfeiting a lot of your value (that is now assessed in Fiat). Their various platforms are also efficiently isolated between countries. You cannot access any other platform, but the county's one you are in. I suspect the same happening with their Facebook accounts. This ensure that you have a focused isolated view then thinking they are this huge international transparent trading platform My view is to stay well away from them - there are no ethics here!! they sell much higher than other markets and buy low for u but over all the exchange is about 1000 rinngit higher than international exchange last nite when eyher crashed I saw an opportunity to buy at its lowest but NO it doesn work blame on market volatile to give fair price to customer my ass initially I poved luno but now things come to light their true nature form and indefinately suspended?!?? by irb cannot suspend your business for over 1 week max unless Continue reading >>

Understanding Bitcoin With Luno

Understanding Bitcoin With Luno

Hey guys! Another Quintessential Finance for you guys. Would love to get your feedback on this. Some food for thought whilst the Bitcoin price skyrockets. Hey James & Quintus, thanks for starting the thread :-) I'll be sure to get some more Luno Community Team members to subscribe here (and to other Bitcoin threads). In the meanwhile, if there are any Luno-specific questions, I'd be happy to help out! Hey James & Quintus, thanks for starting the thread :-) I'll be sure to get some more Luno Community Team members to subscribe here (and to other Bitcoin threads). In the meanwhile, if there are any Luno-specific questions, I'd be happy to help out! Why does Luno take 15-20% of my money when I covert ZAR to BTC? Hey James & Quintus, thanks for starting the thread :-) I'll be sure to get some more Luno Community Team members to subscribe here (and to other Bitcoin threads). In the meanwhile, if there are any Luno-specific questions, I'd be happy to help out! Why does Luno take 15-20% of my money when I covert ZAR to BTC? Hey Purply, that's a common misconception, allow me to explain: Luno doesn't set the price of Bitcoin. The market (of buyers and sellers; demand and supply) sets it. Luno is just the platform that allows buyers and sellers to transact. We domake money when you convert ZAR to BTC (and vice versa), but it ranges between 0% and 1%, depending on the type of transaction you make. Here's an article I wrote to clarify in more detail: So, when the price is above the "Google price" (of what Bitcoin appearsto be in USD), it might seem that there's a positive premium. If you want to buy Bitcoin on a different/offshore exchange, you can do so and sell it on Luno and pocket the difference, but as explained in that blog post, you'll soon see that the actual rate (and ti Continue reading >>

How Not To Make Money With Bitcoin As A South African - Imod

How Not To Make Money With Bitcoin As A South African - Imod

HOW NOT TO MAKE MONEY WITH BITCOIN AS A SOUTH AFRICAN Let me warn you, this is going to be a bit of a rant and if youre not in the mood for one rather scroll down a little to where I want to offer some tips. Whilst the rest of the world made an absolute killing on Bitcoin yesterday thanks to China , most of us South Africans sat and watched with envy. See, China went ahead and does what China often does .. moaned about something Internet related. This time it was about Bitcoin and guess what happened? The price of Bitcoin plunged from $1200 odd down to around $560 over night. Of course, the price drop was caused through the fear of the general public, but those who do a bit of trading on any form of stock market will know that this is often a really good time to quickly snap up stock and thats exactly what we should have been doing. Ive learnt a fair bit about trading and one thing I try to do is predict what the general uninformed public will do and try to trade in and around them to my benefit. Anyway, China isnt the be all and end all, what they say isnt the last word and with the US releasing various statements about Bitcoin being a major player for eCommerce (amongst plenty of other things) is was blindingly obvious that the price would rise again as the dust settled. So, based on the reading Ive done and my understanding of Bitcoin and various market places I figured the price would move up from $560 to around half way between $560 and $1200 fairly quickly. When a stock is so volatile and large corporations are publishing all sorts of speculative information, the price is going to rise and fall a few times in the case of Bitcoin, because its unregulated, theres more chance of this rather than a stock which could do a huge drop and not recover so quickly. Being fa Continue reading >>

Why You Pay Up To 35% More For Bitcoin In South Africa

Why You Pay Up To 35% More For Bitcoin In South Africa

Why you pay up to 35% more for Bitcoin in South Africa South Africans are beginning to ask why the price of Bitcoin on local exchanges does not translate to the dollar price when converted using current exchange rates. This is because the ZAR price, taken from local exchange Luno, is reflective of the supply/demand situation in South Africa, saysfinance analyst and CEO of PowerStocks Research , Dwaine van Vuuren. Buyers of Bitcoin on Luno have to purchase from local sellers on Luno and vice versa, he said. The global supply of Bitcoin is limited, with only 1,800 new Bitcoin minted per day. When the local demand outstrips local supply, the local price has to rise to coax holders to part with their Bitcoin. As a result, the local price of Bitcoin in ZAR can trade up to a 35% premium to the global dollar average taken from all major exchanges, he said. In an interview with MyBroadband in June, Lunos Werner van Rooyen said that the main driver ofthe local Bitcoin price was the South African market, not the exchange. Although it is easy to speculate about the causes for the Bitcoin premium seen from time to time, it is important to realise that you are not trading directly with Luno, said van Rooyen. We merely provide the platform on which buyers and sellers interact. The forces of supply and demand ultimately determine the price, he said. This price deviation between local and foreign exchanges is called an arbitrage. This high arbitrage phenomenon is prevalent in many emerging economies with limited choice of high-liquidity Bitcoin exchanges, stricter exchange controls or where access to international bank accounts is limited, saidvan Vuuren Since the local supply is restricted, the arbitrage is much more sensitive to, or reflective of investor euphoria which makes arbitr Continue reading >>

Bitcoin: Africa's First Exchange Aims For 1 Billion Users - Feb. 14, 2018

Bitcoin: Africa's First Exchange Aims For 1 Billion Users - Feb. 14, 2018

The company, backed by some big investors including Naspers, was created by a small group of people with backgrounds in tech and finance who, like Swanepoel wanted to give up their corporate jobs. The atmosphere in Luno's Cape Town offices is casual -- some of the staff walk around barefoot. But the relaxed approach ends when it comes to protecting Luno against hackers who have made off with bitcoin worth millions from other exchanges. "We take security as seriously as big banks do but when we're at the office we're about working together and creating a collaborative environment," Swanepoel said. The firm has developed substantially over the last five years. It began building systems for banks before switching its focus to consumers. "We realized the banks were going to take too long to embrace the technology, and they were getting confused about what the technology can do," the CEO said. His team has developed a mobile wallet, exchange and merchant integration services for bitcoin and one of its biggest rivals, ethereum. Related: Cryptocurrency regulation is inevitable, says IMF chief Luno is now headquartered in Singapore , partly because of the importance of markets in southeast Asia. But the company attributes much of its early success to its South African roots and experience in countries like Nigeria where most internet users are mobile. "Unlike other companies, because we set up in Africa originally, we built truly mobile-first products," Swanepoel said. He believes that has given Luno an edge, particularly over European competitors. CNNMoney (Cape Town, South Africa) First published February 14, 2018: 6:03 AM ET Continue reading >>

Luno Exchange Review

Luno Exchange Review

Luno (formerly known as BitX) is one of the first established Bitcoin exchanges in the world. The company was founded in 2013 and has since built a generally high industry reputation, receiving generally favorable reviews. In spite of its popularity with the bitcoin community, their market cap remains pretty small according to CoinMarketCap, trading rarely exceeding half a million dollars. This may be due to the fact that Luno, unlike most trading platforms, mostly dealt with bitcoins. As of November 9th of 2017, Luno offers services for Ethereum, customers now being able to buy, sell and hold ETH. Luno has integrated many platforms which facilitates smooth cross-platform interactions for users. The web platform can be accessed through the main web page which does not require any additional software to be downloaded and installed. Mobile users have an app which can be found at Google Play Store , that was designed to ensure a safe, seamless and efficient trading experience for mobile devices. WebSocket and API platforms can also be used to access the exchange system. The bitcoin Wallet application for mobile devices lets users purchase bitcoins by using credit cards. The trading platform is said to offer real time market information, advanced charts, API access for automated trades, CSV export, trade history & reporting, depth liquidity indicators, fast bank deposits & withdrawals and market maker incentives. Luno has received very few negative reviews from its customers. The mobile app is quite a popular exchange app for Android users, with a score of 4.4 from its reviewers, making it one of the best rated bitcoin wallet apps for Android. The wallet application has received complaints on the Google Play website, some users saying they have been scammed. So far, Luno h Continue reading >>

I Just Bought My First Bitcoin. Heres What I Learned

I Just Bought My First Bitcoin. Heres What I Learned

I just bought my first bitcoin. Heres what I learned When it comes to Bitcoin, Ive always been an outsider looking in. Living in China, government crackdowns have made the cryptocurrency largely inaccessible, so Ive been content to sit on the sidelines and observe. Eventually, however, my curiosity got the best of me, and I decided to take the plunge. I am a Bitcoin believer, and I want to walk the talk. After some thorough research, I bought US$100 worth. So, in the interest of spreading the word, heres some first-hand advice for first-time bitcoin buyers. Where to buy bitcoins choose the right exchange The first question I had was where to buy bitcoins from? With dozens upon dozens of exchanges in the world, I chose US-based Coinbase . Originally, I wanted to try out one of the many exchanges in Asia that Ive written about in the past, but ultimately went with Coinbase because its in the same country as my primary bank account. I highly recommend you filter your search by finding exchanges in your home country or ones that explicitly state they accept transfers from your bank, otherwise you will risk unnecessary bureaucracy headaches and transfer fees. I also wouldnt suggest buying from individuals on your first attempt. Heres a brief (and by no means exhaustive) list of exchanges in Asian countries: So what should you be looking for? The number one priority should be security. This is real currency were talking about (despite what some governments might think), but rules and regulations are not yet up to the same standard as real banks and other financial institutions. If an exchange goes down, all of its customers assets can go down with it (see: Mt. Gox ). Do some background research on each of the available exchanges in your country. Have they been around awhile? Continue reading >>

Luno Review - Buy, Store & Learn About Bitcoin Cryptocurrency Wallet?

Luno Review - Buy, Store & Learn About Bitcoin Cryptocurrency Wallet?

Luno is a bitcoin exchange and wallet available over your web browser, iPhone, or Android. Its particularly popular in Indonesia, Malaysia, South Africa, and Nigeria. Find out everything you need to know about Luno today in our review. Luno, found online at Luno.com, is a bitcoin exchange platform that promises to make it safe and easy to exchange fiat currencies for bitcoin. To start using Luno, you sign up for a free Luno Bitcoin wallet through your web browser, or through the free iOS/Android app. Then, you transfer money through a local bank transfer or credit card purchase. Finally, you use that money to buy bitcoin. Luno keeps your bitcoins in its wallet , although you can transfer them to whatever storage solution you like. In short, Luno works just like every other bitcoin exchange in the world today. What makes Luno different? Luno is particularly popular with markets under-served by other bitcoin exchanges. Its one of the few exchanges where you can trade the South African Rand for Bitcoin, for example. It also provides instant buy/sell support in Indonesia, Malaysia, Nigeria, and South Africa, with more countries being added in the future. In fact, global customers are only able to access Lunos wallet at this time. The exchange is only open to residents of Indonesia, Malaysia, Nigeria, and South Africa (although residents of the Netherlands can access the instant buy/sell feature, and people around the world can use Lunos wallet). Lets take a look at some of the platforms key features. Luno isnt some flash in the pan startup. The company has been around since 2013 which is eons in the world of bitcoin. Over the years, Luno has successfully processed hundreds of millions of dollars in transactions for customers in 40 countries around the world. Luno promises Continue reading >>

Malaysian Taxman Gives Luno The Cold Shoulder

Malaysian Taxman Gives Luno The Cold Shoulder

Malaysian Taxman Gives Luno the Cold Shoulder Nikita Blows January 16, 2018 11:30 pm Tax authorities in Malaysia have indefinitely frozen Lunos local account used in the country, BitX Malaysia, while they investigate possible tax concerns. London-based cryptocurrency exchange, Luno , has had its Malaysian account frozen pending an investigation by the countrys tax authority, the Inland Revenue Board (IRB). In a statement sent to The Edge Markets , the exchange said: As part of this, IRB has requested that we provide them with information on all our Malaysian customers: identification, deposits/withdrawals, and transactions. We are working closely with the IRB to limit the parameters of this broad request. As set out in our privacy policy, we value your (Luno customers) privacy and strive to protect your personal information. We will only provide personal information where we are legally required to do so and are working with our local advisers to ensure that any disclosure is consistent with our obligations to you, our customers. Luno called on its Malaysian clients to respect and follow the countrys financial requirements: Bitcoin and digital currencies are a new area of development for everyone including regulators, financial institutions, tax authorities, and many others. Navigating this requires everyone to work together to figure out optimal solutions to ensure the industry is safe and conducive to business. We are supportive of the recent measures by Bank Negara Malaysia (BNM) to come up with reporting requirements for digital currency exchanges. In a similar manner, we are working closely with our banks and the IRB to come to a swift conclusion with regard to this investigation. Even though the exchange does not know when the account, locally trading as BitX Mal Continue reading >>

Luno Trading And Luno Bitcoin Wallet | Luno Exchange Review | Coinpedia

Luno Trading And Luno Bitcoin Wallet | Luno Exchange Review | Coinpedia

Luno is one of the worlds leading cryptocurrency exchange that is based in three locations i.e. Cape Town, Singapore, and London. The company has the vision to revolutionize the currency system by bringing Bitcoins in the system. This makes the currency free from any authorities and the users can avail all the benefits from a decentralized system. Luno has a team of almost 40 people who come from different backgrounds such as engineering, financing etc. which brings diversification and more experience. The team aims to increase the accessibility of Bitcoins among the users. Luno has some of the very powerful investors such as Naspers, Digital currency group, and Ventura. Thus, the company is empowered by renowned ventures in the industry. The user has several payment options to fund their accounts in different geographical regions. Single Euro Payments Area (SEPA), bank transfers, Electronic Fund Transfer (EFT), Interbank GIRO (IBG) are some of the widely used platforms on Luno for payment processing. Luno Mobile application Luno Bitcoin Wallet Luno has a mobile application apart from the website. This makes the technology even handier. The application is compatible with both Android and iOS. The application has all the features same as websites such as easy deposits and withdrawals, adding funds to the account. The market analysis tools are also available on mobile application. Features such as real time pricing of different crypto markets and charts for competitive pricing in different timelines work on the application too. Thus, a user can have a better trading experience. Luno follows stringent policies along with advanced technology when it comes to security. The currency is stored in deep freeze storage, which keeps it offline. The wallet works on multi-sig techn Continue reading >>

Why Bitcoin Is Often More Expensive In South Africa

Why Bitcoin Is Often More Expensive In South Africa

Why Bitcoin is often more expensive in South Africa Bitcoin pricing on local exchanges can vary greatly from the average exchange rate on international platforms. The price users pay for a Bitcoin can be influenced by numerous factors, including trade volume and market size. Many South Africans have also noticed that the price of Bitcoin on local exchanges is different to that shown by Googles exchange rate. At the time of writing, a single Bitcoin cost R37,000 on South Africas biggest Bitcoin exchange, Luno. However, searching for the Bitcoin price using Google delivered a value of only R33,000 . Google Finances disclaimer states that its current Bitcoin price is calculated using data from Coinbase, a popular international exchange. This amounts to a difference of R4,000 between international and local Bitcoin pricing an issue Luno addressed in a recent blog post . The exchange said there is no standard or global Bitcoin price, and its local price is determined primarily by supply and demand. Luno also pointed out that the Bitcoin price listed by Google is an average of recent trade values on Coinbase, and excludes transfer fees and other costs involved in purchasing Bitcoin with fiat currency. This means that the Bitcoin-to-rand exchange rate shown by Google is the US dollar value converted to rand, and is not representative of local markets. Luno said its Bitcoin price was more expensive than international exchanges due to the supply and demand of the South African market. An exchange is a platform which allows users to sell Bitcoin to buyers, and the amount of sellers relative to the amount of buyers determines the Bitcoin price for that particular exchange. The price of Bitcoin can vary greatly from one exchange to the next,depending on the individual markets of t Continue reading >>

Bitcoin Bull Run: Why Youll Pay A 35% Premium On Sa Exchanges

Bitcoin Bull Run: Why Youll Pay A 35% Premium On Sa Exchanges

Bitcoin bull run: Why youll pay a 35% premium on SA exchanges JOHANNESBURG Expert trader Dwaine van Vuuren has identified an important reason why local cryptocurrency exchanges in South Africa sell the likes of Bitcoin for prices higher than the global average. South Africa currently has two prominent Bitcoin exchanges, Luno and ICE3X. Van Vureen, in this piece then, unpacks why prices on LUNO are much higher than the global average owing to the arbitrage phenomenon(arb for short). As van Vuuren outlines, arbitrage gives incentives to sellers of crypto in a small market like South Africa to make higher-than-average returns. The high arbitrage also ties into South Africasstricter exchange controls. A fascinating read for those looking to snap up crypto in South Africa. Gareth van Zyl Many people often ask why the LUNO price we provide for Bitcoin in ZAR on our crypto page , our spots on our mobile app and our spots page does not translate to the $ price when converted using the prevailing R/$ exchange rate. This is because the ZAR price, taken from LUNO is reflective of the supply/demand situation in South Africa. Buyers of Bitcoin on LUNO have to purchase from local sellers on LUNO and vice versa. The global supply of Bitcoins is limited, with only 1,800 new Bitcoins minted per day. When the local demand outstrips local supply, the local price has to rise to coax holders to part with their Bitcoins. Thus, the local price of Bitcoin in ZAR can trade up to a 35% premium to the global Dollar average taken from all major exchanges. This price deviation is called an arbitrage (arb for short) as shown below This high arbitrage phenomenon is prevalent in many emerging economies with limited choice of high-liquidity Bitcoin exchanges, stricter exchange controls or where access Continue reading >>

Bitcoin To Zar - Live Bitcoin To Rand Price - South Africa Bitcoin Price & Info

Bitcoin To Zar - Live Bitcoin To Rand Price - South Africa Bitcoin Price & Info

South Africa, a country home for some of the most innovative startups in the world, is set for the next fintech and blockchain revolution. According to Disrupt Africa , a leading startup news platform, most of the innovations in the year 2017 will be focused on mobile payments, digital banking, Bitcoin, SME financing, data analytics, real estate and automation solutions. Interestingly, all these areas present an opportunity for the implementation of blockchain technology. [TOC] Blockchain could be the most significant social and political innovation to impact Africa in 100 years. Arian Lewis, Head of Open Innovation at Barclays. Its no secret, in South Africa and Nigeria, banks are wanting to be phone companies and in Kenya, one phone company is already the bank it is called MPesa . African banks have been a bit late to the fintech party, but since mobile phones have made such a huge impact on the financial industry in the African countries, banks are looking at this continent to test out new technologies like Bitcoin and Blockchain. To give you some perspective, MPesa, a peer-to-peer mobile money platform, owned by Kenyas Safaricom and heavily funded by Silicon Valley giants has forever changed the way people do money transactions in East Africa. They provide merchants in Kenya to accept payments through mobile phones. This has lead three-quarters of Kenyas adult population to register as MPesa users and nearly one third of the countrys GDP is now transacted through MPesa. Increasing penetration of smartphones in all of Africa is only going to further benefit MPesa and the likes in future. Interestingly, MPesa was founded by three Americans, who came up with the idea on a whiteboard in a Seattle basement, before bringing it to Kenya. African technology companies absol Continue reading >>

Btc Zar Live Chart | Bitcoin To South African Rand Live Price

Btc Zar Live Chart | Bitcoin To South African Rand Live Price

Bitcoin Live Chart Bitcoin Price in South Africa (BTC ZAR) BTC / ZAR Bitcoin to South African Rand Price Live Chart BTC to ZAR (Bitcoin / South African Rand) Exchange Rate Live BTC / ZAR combination is one of the popular virtual currency pair in the cryptocurrency world. Get all information on the Bitcoin to South African Rand Exchange Rate including Charts, News and Realtime Price. Stockmaster.in provides the latest and most accurate Line, Candlestick and OHLC live chart and bitcoin price using an average from the worlds leading exchanges like Bitfinex, GDAX, Bitsamp, Gemini, Poloniex, Coinbase, LocalBitcoins, MonetaGo and BitSquare. In this page, you will get detailed information about BTC/ZAR currency pair. Such as live quotes / prices and real-time Daily, Weekly, Monthly, 3 Months, Yearly and historical BTC to ZAR chart. Disclaimer Stockmaster.in does not involve in trading (Buy/Sell) of Bitcoins or alternative cryptocurrencies in any manner. Cryptocurrency trading also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or qualified professional advice. The Information on this website(like live price and chart) is provided for education and informational purposes only. Continue reading >>

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