Bitcoin was introduced in early 2009 and is credited as the first decentralised digital currency to use blockchain technology. It was invented by Satoshi Nakamoto, but has since been released as open-source software, which means ongoing improvements can be made to the system when needed.
It saw a dramatic increase in value in 2017, with 1 bitcoin going for less than 1,000 USD at the beginning of the year, and peaking at over 19,000 USD by mid December.
One often wonders what determines the price of Bitcoin. Common factors that increase the value of BTC include strong momentum caused by growing interest, Bitcoin regulations that can affect its legality, hard forks like Bitcoin Cash and Bitcoin price predictions by analysts.
The fluctuations in supply and demand of BTC creates a good trading environment due to the coin price movements. With BTC being limited to a fixed supply of 21-million coins, an increased demand for Bitcoin will force BTC price surges.
Bitcoin can be bought directly on our marketplace, or converted from supported fiat or other digital currencies on our cryptocurrency conversion service. This means you can buy BTC with ZAR, EUR, NGN, GBP, AUD and many more. Supporting 25 countries, BTC can be bought using the most convenient local payment method; including bank transfers, PayPal, TransferWise, supported fiat deposits, direct deposits and M-Pesa. Credit card payments are coming soon.
Bitcoin can be sold for fiat currency or cryptocurrency. However, your options to sell BTC depend on the country you are based in. If you are in South Africa or have a South African bank account, you can sell BTC instantly and directly into your account using your Coindirect ZAR Wallet. If you are located in one of our other 24 supported countries, you can instantly sell your BTC by selecting the best buy offer from vendors in your country or you can set up a sell offer on our marketplace. Bitcoin can also be traded in real time against other digital currencies on our cryptocurrency exchange.