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Business idea in South Africa

Wed Mar 09, 2016 12:55 am

I have been working with BitCoin in South Africa for about a year now and have come across an issue that I think I have a possibile solution.

Main issue in South Africa is the lack of ability to spend bitcoin like cash or swiping a card. Merchants have to accept bitcoin and the lack of understanding is preventing this growth.

My solution is such: Have a website where you can pay any national bank account in a country with BitCoin but gets converted to South African Rands instantly.

I need to pay the telephone company. I have BitCoins. I visit the site, enter the telephone company bank details with reference numbers, amounts etc... I click pay. A QR code pops up, use my phone to pay in bitcoin. After confirmation th coins are converted to Rand's automatically and deposited into the telephone company's bank account.

I think this is awesome. I want to do it! I am not a coder, or developer, but I don't need to be. I just need to find guys who knows how to do certain aspects of it and bring them together.

This idea or system will be incredible in a country like South Africa. If the poor could adopt bitcoin easily and effortlessly, it will grow 100 fold.

This will bridge the gap between traditional banking and bitcoin. Personally, I want to close all my bank accounts and just use bitcoin. This was a stumbling block but I believe the solution is the solution.

Would love to know your thoughts on this.
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Re: Business idea in South Africa

Wed Mar 09, 2016 1:44 am

And how it is with mobile phones/tablets there ? Are they common enough?
ALso how it is with internet.

Never been there, so just shooting blank questions.

I know one guy who builds schools there if this idea is to be taken for real i can email him.
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Re: Business idea in South Africa

Wed Mar 09, 2016 4:50 am

Hi Kingscrown.

The mobile market is huge in South Africa. Everyone has a mobile device, more so than desktop or laptop.

Internet is 'ok'. There is a wide mobile network coverage operated by Vodacom, Mtn, and Cell-c (mobile telecoms companies).
Broadband internet it also growing with old copper cables being replaced by fibre in most areas. We are going to soon be having speeds upto 150mb +... If I had to venture the average ADSL speed, it would probably be 2mb/s, which is awful, however, it is improving.

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Last edited by SpartanZA on Wed Mar 09, 2016 10:19 am, edited 1 time in total.
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Re: Business idea in South Africa

Wed Mar 09, 2016 5:02 am

With regards to the banks, there are 5 major banks. They are:
First National Bank
Absa bank (member of Barclay's)
Standard Bank
Nedbank
Capitec Bank

They all have online banking systems with apps on your mobile phone, as well as websites that allow online banking.

I was even thinking of setting up with this business/website manually. Receiving BitCoins and doing manual conversion and manual payment just to start.
That was done with an online store when the internet took off here. A company called Netflorist has an online payment system however it was all manual when they started. A user entered their credit card information and there were people in the back end literally entering the credit card numbers into credit card machines to process the transaction.

I will try contact a few friends of mine who work (technically) in the south African banking industry and see what their thoughts are about this. I really do think it will take off as it bridges the gap and answers the tired old question, "but what can I buy with BitCoin"... This would give an answer.... " everything"

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Re: Business idea in South Africa

Wed Mar 09, 2016 5:16 am

With regards to the banks, there are 5 major banks. They are:
First National Bank
Absa bank (member of Barclay's)
Standard Bank
Nedbank
Capitec Bank

They all have online banking systems with apps on your mobile phone, as well as websites that allow online banking.

I was even thinking of setting up with this business/website manually. Receiving BitCoins and doing manual conversion and manual payment just to start.
That was done with an online store when the internet took off here. A company called Netflorist has an online payment system however it was all manual when they started. A user entered their credit card information and there were people in the back end literally entering the credit card numbers into credit card machines to process the transaction.

I will try contact a few friends of mine who work (technically) in the south African banking industry and see what their thoughts are about this. I really do think it will take off as it bridges the gap and answers the tired old question, "but what can I buy with BitCoin"... This would give an answer.... " everything"

Sent from my SM-N910F using Tapatalk
SpartanZA,

Excellent to hear infrastructure is needed!

It has been long days for myself and those involved in our venture - we are opening 32 BTM's in South Africa by September. Cities are: Cape Town, Buffalo City, Ekurhuleni, ethekwini, Johannesburg, Mangaung, Nelson Mandela Bay and Tshwane.

If you can suggest alternative locations and or post any relevant information you think people like me may need to successfully build in your country, please publish this information. + I will make sure you and your friends are sent free cards and anything else free that can give you from BTM :)
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Re: RE: Re: Business idea in South Africa

Wed Mar 09, 2016 5:23 am

With regards to the banks, there are 5 major banks. They are:
First National Bank
Absa bank (member of Barclay's)
Standard Bank
Nedbank
Capitec Bank

They all have online banking systems with apps on your mobile phone, as well as websites that allow online banking.

I was even thinking of setting up with this business/website manually. Receiving BitCoins and doing manual conversion and manual payment just to start.
That was done with an online store when the internet took off here. A company called Netflorist has an online payment system however it was all manual when they started. A user entered their credit card information and there were people in the back end literally entering the credit card numbers into credit card machines to process the transaction.

I will try contact a few friends of mine who work (technically) in the south African banking industry and see what their thoughts are about this. I really do think it will take off as it bridges the gap and answers the tired old question, "but what can I buy with BitCoin"... This would give an answer.... " everything"

Sent from my SM-N910F using Tapatalk
SpartanZA,

Excellent to hear infrastructure is needed!

It has been long days for myself and those involved in our venture - we are opening 32 BTM's in South Africa by September. Cities are: Cape Town, Buffalo City, Ekurhuleni, ethekwini, Johannesburg, Mangaung, Nelson Mandela Bay and Tshwane.

If you can suggest alternative locations and or post any relevant information you think people like me may need to successfully build in your country, please publish this information. + I will make sure you and your friends are sent free cards and anything else free that can give you from BTM :)
Wow. Great. Thank you.

I would place the machines in and around tourist spots. Cape Town is great, but I would locate it in the V&A Waterfront.

Johannesburg, I would put one outside the Gautrain Sandton Station, and one in Nelson Mandela Square.

These two spots are key because of the fact that bitcoin isn't huge yet, you will be placing them in popular spots where there is a lot of tourist action.

I would also place the machines near the major airports. For example, in Johannesburg, we have OR Tambo international, and a few malls close to it, such as East Rand Mall and EastGate Mall.

Johannesburg CBD is also a great spot. I would put one in Newtown in the Johannesburg CBD.

Durban I would place them here:
uShaka International Airport
Umhlanga
Balito
Durban CBD (close the stadiums)
And maybe Morningside as this is a popular entertainment spot.

Id love to know the physical spots where you are putting them, and I could give feedback. The areas you mentioned are rather big, with multiple possible locations in each.
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Re: RE: Re: Business idea in South Africa

Wed Mar 09, 2016 5:48 am

With regards to the banks, there are 5 major banks. They are:
First National Bank
Absa bank (member of Barclay's)
Standard Bank
Nedbank
Capitec Bank

They all have online banking systems with apps on your mobile phone, as well as websites that allow online banking.

I was even thinking of setting up with this business/website manually. Receiving BitCoins and doing manual conversion and manual payment just to start.
That was done with an online store when the internet took off here. A company called Netflorist has an online payment system however it was all manual when they started. A user entered their credit card information and there were people in the back end literally entering the credit card numbers into credit card machines to process the transaction.

I will try contact a few friends of mine who work (technically) in the south African banking industry and see what their thoughts are about this. I really do think it will take off as it bridges the gap and answers the tired old question, "but what can I buy with BitCoin"... This would give an answer.... " everything"

Sent from my SM-N910F using Tapatalk
SpartanZA,

Excellent to hear infrastructure is needed!

It has been long days for myself and those involved in our venture - we are opening 32 BTM's in South Africa by September. Cities are: Cape Town, Buffalo City, Ekurhuleni, ethekwini, Johannesburg, Mangaung, Nelson Mandela Bay and Tshwane.

If you can suggest alternative locations and or post any relevant information you think people like me may need to successfully build in your country, please publish this information. + I will make sure you and your friends are sent free cards and anything else free that can give you from BTM :)
Wow. Great. Thank you.

I would place the machines in and around tourist spots. Cape Town is great, but I would locate it in the V&A Waterfront.

Johannesburg, I would put one outside the Gautrain Sandton Station, and one in Nelson Mandela Square.

These two spots are key because of the fact that bitcoin isn't huge yet, you will be placing them in popular spots where there is a lot of tourist action.

I would also place the machines near the major airports. For example, in Johannesburg, we have OR Tambo international, and a few malls close to it, such as East Rand Mall and EastGate Mall.

Johannesburg CBD is also a great spot. I would put one in Newtown in the Johannesburg CBD.

Durban I would place them here:
uShaka International Airport
Umhlanga
Balito
Durban CBD (close the stadiums)
And maybe Morningside as this is a popular entertainment spot.

Id love to know the physical spots where you are putting them, and I could give feedback. The areas you mentioned are rather big, with multiple possible locations in each.
Excellent, thank you!

Your suggestions are golden and align with our existing data, we shall run the stats and see :)

We will definitely use your help and will compensate you, I have sent you a PM.

South African's have always been some of the nicest people!!!!
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Re: RE: Re: RE: Re: Business idea in South Africa

Wed Mar 09, 2016 5:49 am


SpartanZA,

Excellent to hear infrastructure is needed!

It has been long days for myself and those involved in our venture - we are opening 32 BTM's in South Africa by September. Cities are: Cape Town, Buffalo City, Ekurhuleni, ethekwini, Johannesburg, Mangaung, Nelson Mandela Bay and Tshwane.

If you can suggest alternative locations and or post any relevant information you think people like me may need to successfully build in your country, please publish this information. + I will make sure you and your friends are sent free cards and anything else free that can give you from BTM :)
Wow. Great. Thank you.

I would place the machines in and around tourist spots. Cape Town is great, but I would locate it in the V&A Waterfront.

Johannesburg, I would put one outside the Gautrain Sandton Station, and one in Nelson Mandela Square.

These two spots are key because of the fact that bitcoin isn't huge yet, you will be placing them in popular spots where there is a lot of tourist action.

I would also place the machines near the major airports. For example, in Johannesburg, we have OR Tambo international, and a few malls close to it, such as East Rand Mall and EastGate Mall.

Johannesburg CBD is also a great spot. I would put one in Newtown in the Johannesburg CBD.

Durban I would place them here:
uShaka International Airport
Umhlanga
Balito
Durban CBD (close the stadiums)
And maybe Morningside as this is a popular entertainment spot.

Id love to know the physical spots where you are putting them, and I could give feedback. The areas you mentioned are rather big, with multiple possible locations in each.
Excellent, thank you!

Your suggestions are golden and align with our existing data, we shall run the stats and see :)

We will definitely use your help and will compensate you, I have sent you a PM.

South African's have always been some of the nicest people!!!!
That's very kind of you, thank you. Will check the PM and reply.

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Re: Business idea in South Africa

Wed Mar 09, 2016 6:55 am

I've arranged a meeting with two friends of mine who work in the banking sector. Meeting them later today. I'll report back as to what they have to say about this idea.

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Re: Business idea in South Africa

Wed Mar 09, 2016 12:51 pm

Bitwa.la does this in Germany and I use it all the time. It's a great way to pay rent, bills and even parking fines!
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Re: RE: Re: Business idea in South Africa

Wed Mar 09, 2016 1:10 pm

Bitwa.la does this in Germany and I use it all the time. It's a great way to pay rent, bills and even parking fines!
Fantastic! Thank you for the share!
I'll check this out asap.

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Re: RE: Re: RE: Re: Business idea in South Africa

Wed Mar 09, 2016 10:09 pm

Wow. Great. Thank you.

I would place the machines in and around tourist spots. Cape Town is great, but I would locate it in the V&A Waterfront.

Johannesburg, I would put one outside the Gautrain Sandton Station, and one in Nelson Mandela Square.

These two spots are key because of the fact that bitcoin isn't huge yet, you will be placing them in popular spots where there is a lot of tourist action.

I would also place the machines near the major airports. For example, in Johannesburg, we have OR Tambo international, and a few malls close to it, such as East Rand Mall and EastGate Mall.

Johannesburg CBD is also a great spot. I would put one in Newtown in the Johannesburg CBD.

Durban I would place them here:
uShaka International Airport
Umhlanga
Balito
Durban CBD (close the stadiums)
And maybe Morningside as this is a popular entertainment spot.

Id love to know the physical spots where you are putting them, and I could give feedback. The areas you mentioned are rather big, with multiple possible locations in each.
Excellent, thank you!

Your suggestions are golden and align with our existing data, we shall run the stats and see :)

We will definitely use your help and will compensate you, I have sent you a PM.

South African's have always been some of the nicest people!!!!
That's very kind of you, thank you. Will check the PM and reply.

Sent from my SM-N910F using Tapatalk
I have sent you the draft business plan as well, if you did not get it - please let me know and I will re-send, thank you thank you!!!!!!!!!!!!!!!!
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Re: Business idea in South Africa

Thu Mar 10, 2016 3:27 pm

Bitwa.la does this in Germany and I use it all the time. It's a great way to pay rent, bills and even parking fines!
This is great, and precisily what I am looking for or to do in South Africa.

I think the idea I am interested in is solely focused on South Africa.

Generally speaking, I am assuming I need to setup the following systems:

1. Gateway to the banks - I am not sure about this because in the theory, I could do this manually. I could receive BitCoins, and pay using an exisiting bank account to transfer funds to any bank account in the country. So what I am saying is that I don't think I need permission from the banks if it can be done manually? Of course, to have an automated system, there may be a chance where I need some sort of buy-in from the banks.

2. Server/Website/Platform - As mentioned before, I am not in coding or major development. The most "technical" thing I have done is created an online store and had a bunch of components and scripts talk to one another, without coding, so I assume I would need a standalone server at least, secured of course.

2.2. Serious development with regards to wallets, blockchain interaction, QR Code generation, live on-the-fly currency exchange, and I am sure more.

3. Lots of South African fiat currency - This is a no brainer. What is nice about this is that I do not need a single BitCoin to start, or to run. The idea is BitCoin converted to Rands into a local bank account.

Only 3.1 items, easy peasey. Haha.

If anyone can add any more insight to these points, that would be great. I am learning here you know!
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Re: Business idea in South Africa

Thu Mar 10, 2016 4:08 pm

It seems that BitX is doing what I am talking about. By the looks of it, you can pay South African bank accounts with BitCoin and it converts the funds automatically. Checking it out more.
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Re: Business idea in South Africa

Thu Mar 10, 2016 8:11 pm

Bitwa.la does this in Germany and I use it all the time. It's a great way to pay rent, bills and even parking fines!
This is great, and precisily what I am looking for or to do in South Africa.

I think the idea I am interested in is solely focused on South Africa.

Generally speaking, I am assuming I need to setup the following systems:

1. Gateway to the banks - I am not sure about this because in the theory, I could do this manually. I could receive BitCoins, and pay using an exisiting bank account to transfer funds to any bank account in the country. So what I am saying is that I don't think I need permission from the banks if it can be done manually? Of course, to have an automated system, there may be a chance where I need some sort of buy-in from the banks.

2. Server/Website/Platform - As mentioned before, I am not in coding or major development. The most "technical" thing I have done is created an online store and had a bunch of components and scripts talk to one another, without coding, so I assume I would need a standalone server at least, secured of course.

2.2. Serious development with regards to wallets, blockchain interaction, QR Code generation, live on-the-fly currency exchange, and I am sure more.

3. Lots of South African fiat currency - This is a no brainer. What is nice about this is that I do not need a single BitCoin to start, or to run. The idea is BitCoin converted to Rands into a local bank account.

Only 3.1 items, easy peasey. Haha.

If anyone can add any more insight to these points, that would be great. I am learning here you know!
You have a lot of work ahead of you!!!!

Oh the fun long days ;)
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Re: Business idea in South Africa

Thu Mar 10, 2016 8:57 pm

@Roger, thanks for the post.

Man what a fun project this could be. I wish I had some free time to jump in!! Please keep us updated!!!

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Re: Business idea in South Africa

Wed Mar 23, 2016 9:51 am

Thanks @ronnieb

I am excited running it. In the process of finalising a business plan and working on presentation.
Also looking for developers and all that jazz, but coming along well. ANY advice or assistance on this will be greatly appreciated!

On the subject, if there are any developers looking to get involved please PM. I dont mind working with great folk that are on the forum. I would love to in fact.
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Re: Business idea in South Africa

Wed Mar 23, 2016 10:09 am

Hello SpartanZA !

Excited to see your project alive soon :)

Please have a look at Paybill.io , its a similar service running in Pakistan.

Drop me a message with your contact details , and i will forward them for Middle East's Bitcoin Golden Boy in Bitcoin programming and developing
Mostafa Ferghali. I am sure he can help and recommend developers and talent needed.

All the best , and you have the community's support :)
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Re: Business idea in South Africa

Wed Mar 23, 2016 10:45 am

Hello SpartanZA !

Excited to see your project alive soon :)

Please have a look at Paybill.io , its a similar service running in Pakistan.

Drop me a message with your contact details , and i will forward them for Middle East's Bitcoin Golden Boy in Bitcoin programming and developing
Mostafa Ferghali. I am sure he can help and recommend developers and talent needed.

All the best , and you have the community's support :)
PM Sent. Thank you again for the assistance!
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Re: RE: Re: Business idea in South Africa

Wed Mar 23, 2016 10:59 am

With regards to the banks, there are 5 major banks. They are:
First National Bank
Absa bank (member of Barclay's)
Standard Bank
Nedbank
Capitec Bank

They all have online banking systems with apps on your mobile phone, as well as websites that allow online banking.

I was even thinking of setting up with this business/website manually. Receiving BitCoins and doing manual conversion and manual payment just to start.
That was done with an online store when the internet took off here. A company called Netflorist has an online payment system however it was all manual when they started. A user entered their credit card information and there were people in the back end literally entering the credit card numbers into credit card machines to process the transaction.

I will try contact a few friends of mine who work (technically) in the south African banking industry and see what their thoughts are about this. I really do think it will take off as it bridges the gap and answers the tired old question, "but what can I buy with BitCoin"... This would give an answer.... " everything"

Sent from my SM-N910F using Tapatalk
SpartanZA,

Excellent to hear infrastructure is needed!

It has been long days for myself and those involved in our venture - we are opening 32 BTM's in South Africa by September. Cities are: Cape Town, Buffalo City, Ekurhuleni, ethekwini, Johannesburg, Mangaung, Nelson Mandela Bay and Tshwane.

If you can suggest alternative locations and or post any relevant information you think people like me may need to successfully build in your country, please publish this information. + I will make sure you and your friends are sent free cards and anything else free that can give you from BTM :)
Wow. Great. Thank you.

I would place the machines in and around tourist spots. Cape Town is great, but I would locate it in the V&A Waterfront.

Johannesburg, I would put one outside the Gautrain Sandton Station, and one in Nelson Mandela Square.

These two spots are key because of the fact that bitcoin isn't huge yet, you will be placing them in popular spots where there is a lot of tourist action.

I would also place the machines near the major airports. For example, in Johannesburg, we have OR Tambo international, and a few malls close to it, such as East Rand Mall and EastGate Mall.

Johannesburg CBD is also a great spot. I would put one in Newtown in the Johannesburg CBD.

Durban I would place them here:
uShaka International Airport
Umhlanga
Balito
Durban CBD (close the stadiums)
And maybe Morningside as this is a popular entertainment spot.

Id love to know the physical spots where you are putting them, and I could give feedback. The areas you mentioned are rather big, with multiple possible locations in each.
You must also that remember that some people put a large amount of bills in bitcoin ATM's so they don't need or want a lot of people around them while doing this.

ATM security is also a big issue when running these machines, especially something like the Lamassu & BitX machines, they are light and need to be emptied daily to prevent overnight theft.
I am currently looking into how we can fit die bomb to the cash boxes inside the ATM, of course if we can get them fitted them we need to get the cash insured.
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Re: Business idea in South Africa

Wed Mar 23, 2016 11:04 am

In South Africa, in my opinion, malls and high feet traffic areas are best for ATM machines.
We have had issues with ATM bombings and theft, but the security in South Africa with ATMs has adapted rather well.

I agree though. Security of the cash is a big one but there are many services in South Africa that collect your Cash for you with armed security and armoured vehicles. I think they even guarantee the cash as they probably insure it.

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Re: Business idea in South Africa

Wed Mar 23, 2016 11:14 am

In South Africa, in my opinion, malls and high feet traffic areas are best for ATM machines.
We have had issues with ATM bombings and theft, but the security in South Africa with ATMs has adapted rather well.

I agree though. Security of the cash is a big one but there are many services in South Africa that collect your Cash for you with armed security and armoured vehicles. I think they even guarantee the cash as they probably insure it.

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You need bitcoin ATM's in locations that are public for user adoption and also a couple of small private shops for the traders who spend big at these.

The bank ATM security has evolved well over the last 5 year with gas detection and bomb proof cases just to mention a couple but bitcoin ATM are not the same unless you look at something like the Robocoin machine but don't even consider using them until they relax their self imposed KYC and AML rules or not many people will want to use it.
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Re: Business idea in South Africa

Wed Mar 23, 2016 2:25 pm

There is indeed a lot of work to be done but it's hardly work when we have insight such as what we find on the forum

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Re: Business idea in South Africa

Wed Mar 23, 2016 8:20 pm

Armored car service is the only way to go!
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Re: Business idea in South Africa

Wed Jun 21, 2017 1:44 pm

Thrive Int. is a Crypto advertising and eCommerce business that launched in Feb 2017 with this goal in mind. They are helping major companies accept bitcoin and they are busy building a major network around the world with the vision in mind of connecting members with businesses to trade in bitcoin.

Thrive also allows the public to invest in adshares to create an income in bitcoin and advertise business opportunities to the growing community.

You are welcome to PM me if you want to know how it works.

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Re: Business idea in South Africa

Sat Jul 22, 2017 4:32 pm

Hello fellow South Africans!!

This is a great idea..

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Re: Business idea in South Africa

Thu Dec 07, 2017 9:33 pm

Hi All. Thanks for the active work and ideas to help bitcoin users in South Africa.

Can you update on progress of the bitcoin ATM's projects, and where they're installed in SA?

Secondly, anyone know of a bitcoin debit card that can be used in SA?

Lastly, Anyone know which exchange supports buying of bitcoin cash in the region?

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Re: Business idea in South Africa

Tue Dec 19, 2017 9:46 pm

This is really interesting. Love the effort!

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