Let’s be honest, buying Bitcoin is general can be a bit of a time consuming effort. It’s even harder to buy Bitcoin in South Africa – even if you know what you’re looking for. This is where Luno comes in, they’re new guys on the block – and proudly local!
While the likes of MtGOX, BitStamp and the rest of the larger Bitcoin exchanges trade the biggest transactions both in size and client base – Luno is something unique to the South African market. First and foremost, Luno makes it simple. They trade Bitcoin with Rands, so no more having to look at Rand to US Dollar exchange rates, waiting for days for an international bank transfer to clear and then deciding not to buy for a few more days.. it can get tedious! I’ve been a big supporter of Bitcoin for a good while now.
I mine for them and I’ve purchased some via BitStamp.Luno looks really promising, so I decided to catch up with the team for a quick Q&A. Timothy, one of the Directors at Luno, answered some questions via email for an exclusive on TechSocial.
Q: Hi guys! Buying Bitcoin in South Africa has been tough, is this a big reason for you opening Luno?
We started the site because we think there is a lot of potential for Bitcoin but there was no easy way for people to buy or sell it in South Africa before.
Q: Do you think not previously having a local Bitcoin exchange in SA was limiting adoption?
Q: How many trades did Luno run last month?
There was a total of 243 trades in June, totalling 131 BTC or R160 000.
Q: That’s awesome! What was the Rand value of these exchanges?
The price ranged from 1044 ZAR/BTC (minimum) up to 1215 ZAR/BTC (maximum) with a volume-weighted average of 1215 ZAR/BTC.
Q: What’s your record day of trading so far?
Last week, there were some large price swings leading to a record of 19 BTC traded on a single day.
Q: Lastly, what’s the uptake been like on Luno?
Hundreds of people have traded through Luno in the last couple of months.
Thanks to Timothy and the team over at Luno for answering the questions and providing us with some awesome stats! It defintely looks like buying Bitcoin in South Africa has become just that little bit less of a pain to come by. I’ll definitely be running some trades with Luno in the near future.
To make things even easier, Luno also have a very comprehensive help section on their site.
Buy Bitcoin in South Africa with Luno:
2 Install a Bitcoin wallet on your computer.
Do you use Bitcoin? Drop us a line in the comments!