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How To Buy Bitcoin With Standard Bank

Standard Bank In South Africa Is Running An Internal Bitcoin Pilot With Switchless.com, In-bank Wallet - Bitcoin

Standard Bank In South Africa Is Running An Internal Bitcoin Pilot With Switchless.com, In-bank Wallet - Bitcoin

Standard Bank in South Africa is running an internal Bitcoin pilot with switchless.com, in-bank wallet Guys, this is HUUUUUGE. Standard Bank is actually owned by China. Google "ICBC Standard Bank 80%". ICBC is literally the largest bank in the world. I don't think they aim at bank2bank. My guess is they aim at unbanked African people. Further more, Standard Bank has outposts in many African countries (18 or so, right?). Market potential is huge. Big majority of Africans don't have bank accounts, but they do have smartphones. Think about that. sorry, I'm out of the loop here how does a bank become involved with btc? when really it's not needed at all? why wld one use a bank2bank system using btc when btc operates by itself. Btc to me is a simple system, until i hear the word bank? I wonder if banks could save themselves some serious dough by utilizing bitcoin for bank to bank transfers? How in the hell did they buy 1btc for the same price as 0.1btc? Ninja edit: perhaps it's just an example screen shot and I'm an Asshole You're not an asshole. You're just wrong. ok, help me get this - how can a bank benefit from adopting bitcoin? Use Bitcoin as the medium for wire transfers between other banks. Extremely cheap, fast, and reliable. :D yeah because i'm sure banks don't already have a cheap fast reliable way to transfer money between each other. It might shock you but they really don't. It's functioning is hidden under layers away from public scrutiny, can take weeks to clear, and regularly get rejected for unspecified reasons, has hidden and unexpected fees (it is impossible to be assured wiring 100 USD will get you 100 USD the other end), and the fees are substantial. Just from the wiki "US wire transfers are costly, for example, as of November 2011 the Bank Of America ch Continue reading >>

Bitcoin A No-go For Standard Bank | Itweb

Bitcoin A No-go For Standard Bank | Itweb

Standard Bank, one of SA's big four banks, has completed an internal Bitcoin pilot project, but says it has no plans to launch. Standard Bank, one of SA's big four banks, has completed an internal Bitcoin pilot project, but says it has no plans to launch. The group says the trial was in line with its "ongoing focus to offer customers innovative financial solutions" and was embarked upon "several" months ago. The pilot formed part of Standard Bank's research into activities around Internet-based financial services and solution offerings with the objective to assess Bitcoin, its systems, offerings, challenges and risks. It was instituted exclusively within the bank, and participation was limited to eight selected members of staff. No customers participated in the pilot. "Standard Bank runs such pilots to constantly improve the way it does banking in order to remain relevant to its customers and cater for their ever-changing needs," it says. Bitcoin, an alternative to physical currency, launched in January 2009 and was created by Satoshi Nakamoto, although there are doubts as to whether this is his real name. The virtual currency allows users to send payments within a decentralised, peer-to-peer network without the need for a clearing house. However, unlike banks, Bitcoin third-party accounts are not regulated. The supply of Bitcoins cannot exceed 21 million and, currently, there are more than 12.4 million units in circulation, according to Bitcoincharts , a Web site that tracks activity across exchanges. Continue reading >>

Major Multinational Bank Trials Integration With Bitcoin

Major Multinational Bank Trials Integration With Bitcoin

Major Multinational Bank Trials Integration with Bitcoin Feb 12, 2014 at 14:00 UTC|UpdatedJul 24, 2014 at 11:37 UTC Update (13th February, 14:40 GMT): Representatives from Standard Bank say that it has finished testing the Switchless bitcoin trading platform, and that it will not be made available to customers. The bank said the test is part of wider research on "Internet-based financial services", and that eight internal Standard Bank employees participated in the completed pilot. A company called Switchless says it has developed a "fully operational and integrated bitcoin portal system for a large multinational bank", currently being run as an internal pilot. The news leaked out after the system was showcased at Finovate Europe 2014, which was held from 11th - 12th February in London. The software is reportedly being trialled by South Africa's Standard Bank , the largest in Africa. Announced at #finovate . Standard Bank running internal bitcoin pilot powered by @goswitchless pic.twitter.com/kM8NPc16E3 -- Jim Bruene (@netbanker) February 11, 2014 This is first time a major bank has trialled a bitcoin integration system, and Switchless says it is pleased with the results so far. All that is required for full deployment at this stage is a regulators' approval, which the companies are hoping to receive in the coming weeks. This news will come as a surprise to many. Not only have most major banks and money transfer businesses avoided involvement with bitcoin, some have been downright hostile by closing accounts with any discernible link to cryptocurrencies. Official trading platforms and exchanges operated by big banks would give bitcoin mainstream legitimacy like no startup could, and they could easily out-compete smaller independent exchanges for customers. There might 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 >>

How To Buy Bitcoin In South Africa

How To Buy Bitcoin In South Africa

Looking to buy Bitcoin in South Africa? Heres a quick walk through to get on board with the worlds fastest-growing cryptocurrency! Bitcoin has not only cemented a reputation as the worlds foremost cryptocurrency, but has further amassed both an exponential value in net worth and a spike in worldwide interest in recent months. Whereas Bitcoin first broke the $1,000 USD barrier in January this year, a single unit presently is worth some $4600 USD marking a massive uptick in value that has set investors tongues wagging. As international investors have placed their buts on the cryptocurrency, South Africans at home and abroad have turned their attention on how they can buy Bitcoin with Rand. Fortunately, the process is an easy one thanks to the recent debut of South African trading platforms. In this article, well get to grips with how to buy Bitcoin with Rand. 1) How to buy Bitcoin in South Africa through Coindirect: To buy Bitcoin and digital currencies online in South Africa, investors can make use of Coindirect A South African exchange that offers easy access to not only Bitcoin but further Ethereum, Dash, Litecoin, and many other popular cryptocurrencies. Users can create their own Coindirect account by signing up with their email address and can then create a password traders looking to transact in amounts in excess of R15,000 ZAR will need to unlock a trading limit, wherein users will need to fill in their personal details and can verify themselves by uploading a copy of their ID or Passport, a selfie holding both items, or a Proof of Address. Users can then make use of secure instant EFT to purchase their coins within a 90-minute payment window, users can dictate how much Bitcoin in BTC or Rand value they wish to purchase, and can EFT the required funds directly to Continue reading >>

Major Banks Ban Buying Bitcoin With Your Credit Card

Major Banks Ban Buying Bitcoin With Your Credit Card

Major Banks Ban Buying Bitcoin With Your Credit Card Most major U.S. credit card issuers have now banned the use of their cards to buy Bitcoin or other digital currencies, in a move intended to decrease both financial and legal risk. Bank of America began blocking cryptocurrency purchases on Friday, according to Bloomberg . JPMorgan did the same on Saturday. Citigroup also says it is halting cryptocurrency purchases on credit, and Capital One and Discover had already enacted their own bans. That means all of the top five credit card issuers have announced or implemented bans. The moves are above all in the banks self-interest. As Fortune previously reported, the mania surrounding cryptocurrency late last year appears to have motivated many retail investors to use credit cards as leveraging tools, buying more cryptocurrency than they could afford. With Bitcoin down roughly 50% from December highs, many of those investors are likely underwater right now, and may not be able to pay off their initial Bitcoin purchases soon, if ever. Continue reading >>

Standard Bank Bitcoin Pilot Wont Launch

Standard Bank Bitcoin Pilot Wont Launch

The pilot is now complete and Standard Bank has no plans to launch. Jan Vermeulen - MyBroadband/13 February 201415:00 The pilot Bitcoin trading platform that was being tested at Standard Bank will not be launched to customers, a spokesperson for the bank has told MyBroadband. This follows earlier reports that the bank had been running a Bitcoin trial using technology from Switchless, a company headquartered in Singapore with offices in Stellenbosch, South Africa. Standard Bank said that it had embarked on the internal Bitcoin pilot project several months ago in-line with its ongoing focus to offer customers innovative financial solutions. The pilot formed part of its research into activities around Internet-based financial services and solutions offerings with the objective to assess Bitcoin, its systems, offerings, challenges and risks, Standard Bank said. This pilot was instituted exclusively within the bank and participation was limited to 8 selected members of staff, Standard Bank said. No customers participated in the pilot, the bank added. According to the spokesperson, Standard Bank runs such pilots constantly to improve the way it does banking and remain relevant to its customers. The pilot is now complete and Standard Bank has no plans to launch, the spokesperson said. Continue reading >>

How Do I Buy Bitcoins With South African Rands?

How Do I Buy Bitcoins With South African Rands?

Have you tried exchanging ZAR for dollars, euros, or pounds? Nick ODell Apr 11 '13 at 16:22 Whats the easiest way to convert Rands to USD, GBP or EUR? Jake Apr 12 '13 at 7:26 @Jake, I'm South African too, how much profit have you made on your investment thus far? pythonian29033 Jun 30 '16 at 11:20 If you want to buy bitcoins with ZAR try trading face to face with some SA locals who have bitcoins. Check out the facebook.com/bitcoinzar page to find other locals who are into bitcoins. You can also try localbitcoins.com where locals trade coins. You could also sell something for bitcoins to get bitcoins, use bitpay for that. Check out www.bitcoinzar.co.za too for some SA businesses that accept bitcoins, maybe they will trade some with you. This is actually an excellent answer. Bitcoinzar is a South African site. They actually link to localbitcoins.com, on which I easily found three people willing to sell Bitcoin for ZAR just by searching for "South Africa." Dane Jun 14 '13 at 14:16 ICE3X is a new and improved site for South Africans. Buy and Sell: Bitcoin (BTC) / Litecoin (LTC) / Rand (ZAR). Links directly to your South Africa bank account. Fast and Direct EFT transfers to our Bank Account, currency storage and quick trading. I will list some methods I have used to purchase Bitcoins as a South African resident: 1) Peer to peer exchanges- LocalBitcoins, Paxful.com- Purchase Bitcoins directly from peers using these platforms. Use one of the many payment methods offered by local traders, this includes- EFT, Cash Deposit, eWallet, eBucks, Cash in person, Neteller, Paypal, Skrill and many more. Beware of potential scams and trade with traders with reputable score and only with non reversible payment methods. 2) Centralized exchanges- BitX.co & ice3x- The most popular centralize Continue reading >>

How To Buy Bitcoin, Ethereum And Litecoin In South Africa On Ice Cubed Exchange

How To Buy Bitcoin, Ethereum And Litecoin In South Africa On Ice Cubed Exchange

To use the Ice Cubed exchange, the first step is to register on the exchange by signing up for a new account. Follow this link ( ) to register, or click the banner below. Sign up for an account on Ice Cubed exchange Once you visit the Ice Cubed website, click on the Register button at the top right of the website to sign up for an account. On the next screen you will need to put in your email address, and choose a password of at least six characters to begin. Complete this step, then immediately check your email for the confirmation email that they send you. In your email that you receive from Ice Cubed exchange, click the Activate link, or simply copy the URL they give you and paste it into your browser address bar. When you click the activate button, or go to the URL, you will get to the home screen, and you will now be able to login on the exchange. Click the login button on the home page. On the login screen, use the email address and password you just used to register with, and click the login button to continue. Once you have logged into the website, you need to go to the Account page, so that you can complete your profile, and also so that you can deposit some money to fund your account, and buy cryptocurrency. When the Account screen opens, click the red Verification button to complete your profile. If your profile is not completed you will still be able to deposit and trade, but you will not be able to withdraw funds until verified, so best to get that done as soon as possible. On the Verification screen, you can complete your personal profile, and also add your bank account details. Once you have added your details, you will get an email that you can reply to, that you can attach your proof of address and a photo / scan of your ID book. If you would like to s Continue reading >>

Standard Bank In Bitcoin Trading Pilot

Standard Bank In Bitcoin Trading Pilot

Twitter Facebook Google+ LinkedIn WhatsApp Reddit It appears that Standard Bank is developing a Bitcoin trading portal of some kind. A discussion forum on Reddit suggests that a company called Switchless developed a full operational and integrated Bitcoin portal system for the South African-headquartered multinational banking group. Screenshots of the internal pilot system were reportedly showcased at the Finovate Europe 2014 conference that took place in London on 11 and 12 February. If true, it makes Standard Bank the first major financial institution worldwide to pilot the Bitcoin system. According to Coindesk.com, the system is awaiting approval from regulators. A Standard Bank spokesman wasnt immediately able to comment, but has promised feedback later today. Bitcoin is a digital currency introduced in 2009. The cryptocurrency, as it is called, uses cryptography for the creation and transferring of money. Bitcoins are generated through a mining process, which involves adding transaction records to Bitcoins public ledger. The ledger of all past transactions is called a block chain, which is a digital footprint of every single Bitcoin and every transaction associated with it. This process is used to distinguish legitimate Bitcoin transactions so the same bitcoins cannot be re-spent. Bitcoins can be obtained through mining or in exchange for products and services, including other currencies. Switchless, which is based in Stellenbosch, owns BitX, a local Bitcoin exchange. Co-founders Marcus Swanepoel and Timothy Stranex took to the stage at the Finovate event to demonstrate what theyve done so far for Standard Bank creating a system that allows the banks customers to buy, sell, receive and spend Bitcoins. Standard Banks Bitcoin portal demonstrated at Finovate Europe 2 Continue reading >>

How Do I Buy Bitcoins With South African Rands?

How Do I Buy Bitcoins With South African Rands?

How do I buy bitcoins with South African Rands? I have South African Rands that I would like to purchase bitcoins with. No Websites I know of accept Rands (ZAR). How do I get around this? Have you tried exchanging ZAR for dollars, euros, or pounds? Nick ODell Apr 11 '13 at 16:22 Whats the easiest way to convert Rands to USD, GBP or EUR? Jake Apr 12 '13 at 7:26 @Jake, I'm South African too, how much profit have you made on your investment thus far? pythonian29033 Jun 30 '16 at 11:20 If you want to buy bitcoins with ZAR try trading face to face with some SA locals who have bitcoins. Check out the facebook.com/bitcoinzar page to find other locals who are into bitcoins. You can also try localbitcoins.com where locals trade coins. You could also sell something for bitcoins to get bitcoins, use bitpay for that. Check out www.bitcoinzar.co.za too for some SA businesses that accept bitcoins, maybe they will trade some with you. This is actually an excellent answer. Bitcoinzar is a South African site. They actually link to localbitcoins.com, on which I easily found three people willing to sell Bitcoin for ZAR just by searching for "South Africa." Dane Jun 14 '13 at 14:16 ICE3X is a new and improved site for South Africans. Buy and Sell: Bitcoin (BTC) / Litecoin (LTC) / Rand (ZAR). Links directly to your South Africa bank account. Fast and Direct EFT transfers to our Bank Account, currency storage and quick trading. I will list some methods I have used to purchase Bitcoins as a South African resident: 1) Peer to peer exchanges- LocalBitcoins, Paxful.com- Purchase Bitcoins directly from peers using these platforms. Use one of the many payment methods offered by local traders, this includes- EFT, Cash Deposit, eWallet, eBucks, Cash in person, Neteller, Paypal, Skrill and many more Continue reading >>

Buy Bitcoin In South Africa With Zar - Trade On Trusted Bitcoin Exchanges

Buy Bitcoin In South Africa With Zar - Trade On Trusted Bitcoin Exchanges

You can Buy Bitcoin in South Africa using a variety of methods and payment options. The easiest way is to use a Bitcoin Exchange, which can be used to trade Bitcoins fast and securely with South African Rands (ZAR). Purchase Bitcoin at current market rates instantly with any of the following major South African banks- Standard Bank, ABSA, FNB, Capitec, Nedbank and many more payment methods available. You can pay with Cash Deposit, EFT, or Cash using Rands. Here is our select list of Bitcoin exchanges to buy/sell BTC in South Africa using Rands. South Africa currently has two established Bitcoin Exchanges that you can use to purchase Bitcoin easily using your local bank account. Buy & Sell Bitcoin instantly at current market rates. Sign up and start trading today. 0.8% Trading fees/ 0.5% Deposit & Withdrawal Fees FIAT funding with FNB / ABSA and Standard Bank Trade multiple cryptocurrencies: BTC, LTC, BCH, BTG, NMC, XRP, ETH, DASH, ZEC Where to buy Bitcoins from Individuals using Cash/EFT or Cash Deposit in South Africa? Localbitcoins is a peer to peer style bitcoin exchange platform, it provides and an easy and secure way for people to buy and sell Bitcoin using escrow. Unless you know the person from whom you are buying, you should always use a trusted third party or escrow service to ensure that the transaction goes smoothly. To buy Bitcoins easily and with near instant EFT transfers to your South African bank account. We would recommend LocalBitcoins. It has a large selection of Bitcoin traders nearby you that are selling Bitcoin and they use an escrow system to ensure that you receive your Bitcoin. It is quite safe to use LocalBitcoins to purchase or sell BTC/ZAR if you follow the best practices. Gift Cards / Online Payments / Cash / Debit/Credit Cards Buy & sell i Continue reading >>

Standard Bank Launches Bitcoin Pilot

Standard Bank Launches Bitcoin Pilot

News has emerged from the FinovateEurope conference in London on 11 February 2014 that Standard Bank is running an internal Bitcoin trading platform trial using technology from Switchless. Bitcoin is a digital currency known as a cryptocurrency, which is a digital medium of exchange that is typically defined as specifications for the use and distribution of the currency they create. These digital coins are created mainly from mining using algorithms and PC processing power to solve cyptographic problems. In photographs posted to Twitter and the Finovate blog of a presentation by the Switchless co-founders, the Standard Bank Bitcoin platform was shown to include features to buy, sell, store, and spend Bitcoin. Switchless South Africa was asked to confirm the reports based on their presentation, but declined to comment. Standard Bank was asked for details about its trial, and a spokesperson for the bank has confirmed in the meantime that they are testing a Bitcoin trading platform internally. Standard Bank internal Bitcoin pilot with Switchless Finovate Europe 2014 Continue reading >>

Standard Bank Bitcoin Pilot Project In Sa

Standard Bank Bitcoin Pilot Project In Sa

Standard Bank Bitcoin pilot project in SA News emerged from the FinovateEurope conference in London on 11 February 2014 that Standard Bank is running an internal Bitcoin trading platform trial using technology from Switchless. Bitcoin is a digital currency known as a cryptocurrency, a digital medium of exchange that is typically defined as specifications for the use and distribution of the currency they create. These digital coins are created mainly from mining using algorithms and PC processing power to solve cyptographic problems. In photographs posted to Twitter and the Finovate blog of a presentation by the Switchless co-founders, the Standard Bank Bitcoin platform was shown to include features to buy, sell, store, and spend Bitcoin. Switchless South Africa was asked to confirm the reports based on their presentation, but declined to comment. Standard Bank was asked for details about its trial, and a spokesperson for the bank has confirmed in the meantime that they are testing a Bitcoin trading platform internally. Standard Bank internal Bitcoin pilot with Switchless, FinovateEurope 2014 Continue reading >>

How To Buy Bitcoin For Cheap

How To Buy Bitcoin For Cheap

December 7, 2017 Francois Harris Articles , Opinions Do you wish you could go back in time, and buy bitcoin when it was priced at $1 (approx R10) each? Do you think that since bitcoin is expensive now, you have missed out on your chance to buy it when it was cheap? Did you know, that you dont have to buy an entire bitcoin at a time? If you would like to buy an ounce of gold, you are not forced to buy a 2kg bar of gold, you are allowed to buy an ounce. The same concept is true for bitcoin. You do not have to buy a whole bitcoin. Since bitcoin has 8 decimal places, you can buy bitcoin in very small amounts, that are cheap and wont break the bank. At iceCUBED exchange we have a minimum deposit at our Standard Bank account of R250 to fund your account on the exchange. Once you have made a Rand deposit, you can use your Rand balance on the exchange to buy a minimum of 0.00000010 Bitcoin. That means that at todays price, you can buy bitcoin for R0.02 if you want. It does not seem so expensive now does it? So you can actually buy bitcoin for the same amount of fiat currency that you would have spent in the early days of bitcoin, you just get less bitcoin than you would have got back then. You do not need to buy a whole bitcoin. You can buy bitcoin to the value of how much you would like to spend, even if you only want to spend R250. Bitcoin is therefore actually quite affordable to anyone who wants to get involved. It is not expensive to buy bitcoin, it is only expensive to buy a whole bitcoin unit. If the price goes up or down a few percent, that change in price will affect you weather you have 10 bitcoin or a 10th of a bitcoin. The easiest way to accumulate bitcoin safely is to buy a small amount each month like a savings plan. You will only be risking a small amount each m Continue reading >>

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