Everything You Need To Know To Buy Bitcoin in Africa

It has been quite remarkable the degree of receptiveness that Bitcoins has experienced over the past years. And even as time ticks, the value of the cryptocurrency has kept on appreciating serving well for its reputation. Millions of users have already subscribed to it, and Google has continued to record lots of questions from internet users making inquiries about how to buy Bitcoin. That is a promising sign for the cryptocurrency itself. One could tie the fortunate future of Bitcoins to the safety, security, decentralization, and dividends of the financial system.

The venture of trading or mining these digital precious materials is one that promises good fortunes. This is especially true for the African millennial, the young and vibrant African youths who make up a large portion of the global internet users. Most likely we know about Bitcoins in Africa, but would the knowledge of Bitcoins be your entire trading or mining tool? Not even the capital alone would establish you as a miner. Certainly, you would need to know how, where, and when to buy Bitcoins in Africa.

To do this, consider starting by owning a virtual wallet. Its much like a purse for preserving your funds or Bitcoins. Or more formally, wallets are a couple texts that enable coins to be transferred to you. You could have Blockchain, Xapo, and Armory wallets. At this point, you would have to take a number of factors to consider, such as: how much Bitcoins you would need, how quickly you would need them, where exactly you reside, what payment methods you prefer, and how anonymous you want to be? These factors would determine how you should go about buying your Bitcoins, and what channel to follow. Below are some ways you can choose from when you buy Bitcoins in Africa.

International Exchange Platforms

There are safe and credible international platforms that actually handle the sales and buying of Bitcoins. They offer you the privilege of paying for the services with your credit cards or through Western Union. A good number of international platforms exist and include: CoinMama, BitX, and BTC-E. Each of these platforms is available in South Africa, Kenya, and Nigeria. One of the largest international Bitcoin platforms is the CEX.IO where you get to sign up and create an account, then proceed to transact from anywhere.

Local Exchange Platforms

There are also some local Bitcoin exchange platforms where you simply get to make bank transfers and then get your monetary worth as Bitcoins credited to your wallet. There are some of such platforms in Africa and they include Luno, Ice3X, NairaEx (which operates only in Nigeria), and BitPesa. These companies provide services across several African countries locally.

Peer-to-Peer Transactions

There is also the very utilized option of peer-to-peer trading that involves a direct interrelationship with the seller of the Bitcoin. This could be done on a local scale or on a much anonymous scale (although not really that anonymous). The advantage is that any payment method often suffices, from bank transfers to PayPal to Western Union. However, given the rate of fraudulent activities going on in digital trading, there is usually need for the services of an escrow agent to oversee the affair without defeating the entire scheme of Bitcoin being decentralized. One very good escrow agency is Localbitcoins.

Now given all these buying options, you would still have to do your research well before delving to make a choice of the channel to purchase yourself some Bitcoins. One sure thing is that by making a good choice, you are certain to write a good financial story.

0 comments on “Everything You Need To Know To Buy Bitcoin in AfricaAdd yours →

Leave a Reply

Your email address will not be published. Required fields are marked *