Crypto-currency players in South Africa witnessed a renewed interest in cryptocurrencies such as Bitcoin. Most believe the ongoing lockdown reignited interest across the Bitcoin and other crypto exchanges. For most, Bitcoin investment could be a way to protect themselves from the falling rand, which could be the reason why the iCE3X exchange reported an increase in trading and traffic.
The COO of the iCE3X the local crypto exchange, Eugene Etsebeth points out that there is a renewed interest by a lot of dormant users who started buying crypto again. He also shared that a lot of users show interest in an alternative investment that could protect their asset value.
South Africa Local Crypto Exchanges Reports Hype in Cryptocurrency Gambling
Online gambling taking a huge share from land-based casinos, one of the main reasons are the growing number in crypto sports betting and online crypto gambling. Cryptocurrencies provide upsides for players and online casinos alike. One of the most important is the security and speed of transactions.
Money transfers with cryptocurrencies such as Bitcoins are cheaper and faster than traditional banking services. Most banks in South Africa block transfers and deposits to online casinos, which further favours the use of crypto. BTC transactions on the other hand are not censorable, and the service is available to all.
The extended lockdown changed the South African lifestyle in many ways, more people work from home than ever before. Thousands investigated and started using online shopping for food, clothes, and everything else. Discovering the benefits and ease of online shopping inspired most to explore other online services and entertainment. Local entertainment came to a standstill as restaurants, movies, casinos, coffee shops and bars couldn’t operate.
International casinos reported a huge increase in registering new accounts. The benefits to new members include huge welcome packages consisting of 100% bonuses and in most cases a bundle of free spins.
Crypto-Currencies Protection Against Falling South African Rand
South Africans demand protection against the falling of the rand value, which is another reason for the renewed interest in cryptocurrencies. The lockdown crisis forces businesses to revaluate how they operate and more and more consider blockchain benefits.
One of the cryptocurrencies that are flourishing in countries such as India, Venezuela, Greece, and Zimbabwe are Bitcoin, where political instability lowers local fiat values. For businesses, blockchain solutions provide easier international customer reach, an escape from the limitations of a cash-strapped local environment.