Lets say Bitcoin is trading at 100 USD on a foreign exchange and the South African bank says that you need R10 to get 1 USD, it means that, with all other things being equal, the price of one Bitcoin should be R1000 in South. Fact 1: The currency of South Africa is the South African Rand. Since each Bitcoin exchange operates independently, the market force of buyers and sellers will set the price independently on that exchange. With banks being banks, the exchanges receiving bank will charge an international receiving fee.50, the trader, left with only.50, will then proceed to buy Bitcoin. She can in theory keep increasing the price until the point at which the buyer says, Hey, this is too expensive, Im not interested in buying anymore. Date, exchange Rate 22 Oct 18 1 BTC 94,108.5443 ZAR 21 Oct 18 1 BTC 94,280.7557 ZAR 20 Oct 18 1 BTC 93,671.0414 ZAR 19 Oct 18 1 BTC 94,284.3145 ZAR 18 Oct 18 1 BTC 94,479.2414 ZAR 17 Oct 18 1 BTC 93,843.7901 ZAR.
Calculator to convert money in Bitcoin (BTC) to and from South African Rand ( ZAR) using up to date exchange rates.
Convert Bitcoins to South African Rands with a conversion calculator, or Bitcoins to Rands conversion tables.
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Convert live South African Rands to Bitcoins (ZAR/BTC) exchange rates.
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The price of bitcoin is highly volatile, varying in price on bitcoin exchanges aro und the world.
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But, why then does it trade at R1090 per Bitcoin? This process of buying on one market and selling on another is called arbitrage. A simple example, imagine we live in a world with only one type of apple and that they for this demo, all of the same quality. Fact 3: The Rand was introduced in 1961, the same year that South Africa became a Republic. If Sally charges less than what the buyer is willing to pay, shell make an instant sale. . Ill highlight fees in bold: The trader would take R1000 to their bank to buy dollar. Since the price of 1 BTC 100 USD, he ends up with.925 BTC. It's code is ZAR its symbol. If a trader wanted to buy one Bitcoin on an international exchange (listed at 100) and sell it on a South African exchange, the following would happen.
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