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Author Topic: South African Rand / Bitcoin Exchange Rate  (Read 1264 times)
hamburger
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August 23, 2011, 06:47:48 PM
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Find the current South African Rand / Bitcoin Exchange Rate at

http://www.bitcoin.za.org/

This is a work in progress and you are welcome to let me know what else you would like to see here.

Pretty images and so to follow in the weeks or months to come. 
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Mer
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August 23, 2011, 07:26:47 PM
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What's with all of these bitcoin/non-USD exchanges?

Gold itself is traded with USD.  And I think gold's more liquid that bitcoin!
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August 23, 2011, 08:26:56 PM
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What's with all of these bitcoin/non-USD exchanges?

Gold itself is traded with USD.  And I think gold's more liquid that bitcoin!

I do not have the time and energy for this but what the heck, since you did not get the proper education or you wasted your parents money on school fees;

South Africa is a country on the southern tip of Africa, yea that is the small piece right at the bottom of your geography globe on the African continent and that's to say if you have one.

South Africa trade in South African Rand - South Africans, just like any other Bitcoin user would like to trade their Bitcoin for their local currency and in this case it is Rand so that they may buy some useful stuff from the guy down the street.

You are most likely here on this forum because you are dissatisfied with your banking system and government but yet here you are living up and trying to force the inflated ego of the so called mighty dollar onto each and every one.  
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August 23, 2011, 10:24:27 PM
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Yeah, comment from Mer is weird and inexplicable.  There aren't enough nonUSD exchanges, imo.  Right now, I wouldn't mind trading a small lot of my bitcoins for Swiss Francs. 

Also, hamburger... how are you figuring the btc/rand rate?  Is there an actual exchange that I don't know about, or are you calculating via some third currency?

And I like your page, too.  Simple in the best way.

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August 24, 2011, 01:10:51 PM
 #5

Allow me to explain:

- The price of Bitcoin in any currency must equal that of Bitcoin/USD/currency2.
- We want to trade on the most liquid exchanges--we want to get a fair price.  This can be achieved by trading Bitcoin for USD, and then trading USD with any other currency.  These exchanges are also more established.

I'm not trying to force the "inflated ego" of the dollar.  You'll notice that you hold the dollar Tongue for a moment.

My post had nothing to do with South Africa.  It's valid for any currency.
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August 24, 2011, 01:53:39 PM
 #6


There is no such thing as

Quote
- The price of Bitcoin in any currency must equal that of Bitcoin/USD/currency2.

The price of Bitcoin in any currency is equal to the amount that the buyer are willing to exchange for Bitcoin - and that is valid for any currency - ever heard of foreign exchange market trading or forex trading? How do you think people earn millions buying and selling currencies if the currency must equal the USD.

Please refrain from posting in threads just to get your post count up as you will still end up with a bad reputation even if you have many post behind your name. Most serious forum and Bitcoin users will actually look at the quality of your posts before dealing with you and you are going the wrong way at the moment.

@Longmarch

The script was stitch together in a minute or so just to give the local guys an indication of the going rate of Bitcoin in the local currency - the info is taken from various sources including the day to day trading that we know of in South Africa.

Mer
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August 24, 2011, 02:08:57 PM
 #7

Let me add a parenthesis.

Quote
- The price of Bitcoin in any currency must equal that of (Bitcoin/USD)/currency2.

Convert Bitcoin->USD.  Convert USD->currency2.  This is equal to Bitcoin/currency2.

Please see http://en.wikipedia.org/wiki/Arbitrage
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August 24, 2011, 02:24:06 PM
 #8

- The price of Bitcoin in any currency must equal that of Bitcoin/USD/currency2.

Not true because otherwise there'd be no such word as 'arbitrage'.

There always exists disparities between prices in different currencies.

For example a quick check of the bids on Tradehill show:

USD: 10.9030
AUD: 9.4110

So therefore 1 AUD = 1.1585 USD? Nope, not according to www.xe.com


Edit: I look forward to the day I can trade BTC/ZAR with good volume.

Mer
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August 24, 2011, 02:51:23 PM
 #9

Please check my prev post, helloworld.

The 1.15 AUD, 1.05 AUD difference is probably somebody's profit off the trade.  Excluding transaction fees.

Low AUD trading volume (20k/month) might explain why the price isn't closer to 1.05.  If we have more volume, AUD will approach 1.05 + (all fees needed to exchange)
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August 24, 2011, 03:08:56 PM
 #10

Exactly, that's why South Africans need more BTC/ZAR volume to get a better deal... which is what OP is trying to achieve.

(Although I must say, I found nothing on that site to warrant posting a thread about it yet, it's practically empty)

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