Frequently Asked Questions

Bitcoin is a fast-growing innovative technology that facilitates a trustless monetary system where transactions are borderless and can be finalized quickly, securely, and without intermediaries. Bitcoin takes all the qualities of money as we understand it and makes it better in every way.

Lightning is the smarter way to use Bitcoin that allows for smaller, faster, cheaper, and more private payments. Essentially, the lightning network enables Bitcoin to scale and makes services like 54052.co.za possible

A satoshi is the smallest unit of the Bitcoin currency. Since the Lightning network enables micropayments (which would be much harder on the Bitcoin network), the rightful denomination for these payments will be in satoshi. With lightning, you can send 1 satoshi (about 0.0002 USD) which isn't even possible in the traditional monetary system we are used to. On 54052.co.za, all transactions are denominated in satoshis so you might have to make some calculations prior. However, we are looking into more localization that would offer more convenience.

54052.co.za is a South African regulated custodial bitcoin and lightning wallet that requires zero configuration and works on any mobile phone in the world and does not require an internet connection to send or receive bitcoin. 54052.co.za takes advantage of USSD present on all mobile phones which is currently the best communication technology available for Africa and the base for several mobile financial services on the continent.

The financial services provided are licensed under Port 8333 (PTY) Ltd (2022/585477/07) (FSP #54052).

Users can access 54052.co.za by dialing a USSD code *134*7714*54052#. When you dial the number for the first time, a bitcoin wallet that is tied to your phone number is instantly created for you. You are required to create a PIN that will encrypt your wallet and will also be used to confirm all future transactions on 54052.co.za.

Once your wallet has been created, a lightning address is generated for you using your phone number. For example: 256234567890@54052.co.za. You can also change this to a username of your choice e.g 54052.co.za@54052.co.za. Anyone can send you bitcoin on this lightning address. You can also send bitcoin to any user’s address.

54052.co.za was built for Africans in order to drive Bitcoin adoption on the continent and offer a more contextualized experience where internet penetration is low and smartphones aren't mainstream. Currently, 54052 is available in South Africa which is a crypto assets regulated part of Africa.

Not at all.

The 54052.co.za system charges a 1% transaction fee on all spends.