How to Buy and Sell Bitcoin in Ghana [Complete 2020 Guide]
The biggest, first and most expensive cryptocurrency in the world is Bitcoin. Over the past decade and over, many people have grown to learn and discover the potency of this cryptocurrency asset.
As such, interest in this cryptocurrency asset has increased exponentially in recent times.
While many are just interested in knowing more about the world’s first cryptocurrency, many others are willing to cash in on the high-profit margins served by this multi-billion asset.
In this article, we shall look at how to buy and sell bitcoin in Ghana.
But, first off, let’s look at some uses of bitcoin and why you should have Bitcoin in the first place.
Uses Of Bitcoin
Bitcoin is just a digital currency like any other currency. What can you use bitcoin as a currency for?
Worry not. We shall discuss some of the most common uses of bitcoin here now.
Making Payments Internationally
The quickest way to make payments for goods and services or for sending money to family and friends anywhere in the world is through bitcoin.
Bitcoin is a digital currency which is universal. The same bitcoin someone has in Ghana is the same as what someone has in China in terms of identity.
The value also remains the same all over the world. You get to send any amount of money to anyone in the world by converting your fiat currency (National currency) into bitcoin and then you can transfer to the recipient’s wallet without the use of any third party.
For Trading Other Cryptocurrencies
Aside from Bitcoin, there are currently over five thousand other cryptocurrencies available.
Being the mother of all cryptocurrencies, most of these crypto-assets can only be purchased using Bitcoin as the means of trade.
So, for most other cryptocurrencies, you need to already have Bitcoin in your account before you can buy the other asset you wish to buy.
There are special platforms which enable you to exchange your Bitcoin for other cryptocurrency assets by buying from people willing to sell. These platforms are called exchangers.
Used For Crypto Trading
Crypto trading is a subset of Forex trading or foreign exchange trading.
With crypto trading, you can buy a crypto asset at a lower price and wait for it to increase in value compared with its pair then you sell it back for the other pair so you can make a profit.
So for example, if you are using Bitcoin and Ethereum as your pair, you can buy Ethereum when 50 Ethereums equal to 1 Bitcoin. Then you wait till the value increases to maybe 30 Ethereums equal to 1 bitcoin. Then you make a profit.
You can decide to trade every day of the week or you can decide to just follow news on the cryptomarket and trade based on speculations and current trending news.
For example, if you realise that Bitcoin is about to lose some value because of some bad news going against it, you can trade it in to buy a currency which is gradually gaining more value at the same time. It all depends on you.
How To Buy Bitcoin In Ghana
The main focus of this article is to teach you how to buy and sell bitcoin in Ghana and that’s what we shall look at under this sub-title.
To buy bitcoin in Ghana, there are several methods to use but the most reliable method for buying it currently is by purchasing from Ecurrency4U.net
How To Buy Bitcoin On Ecurrency4U.net
To buy your bitcoin using Ecurrency4U.net platform, you need to follow the following steps:
- Visit the website to register a user account.
- Log into your account
- Click on ‘Buy Ecurrency’ from the tabs
- Select Bitcoin from the list of currencies provided.
- Select your preferred mobile wallet operator as your payment method
- Enter in Dollars, the amount of bitcoin you wish to buy
- Enter the mobile money number you wish to pay with
- Enter the name on the mobile money account
If the details you entered are accurate enough, your order should be received in the system. There are two payment methods for mobile wallets. The automatic payment and the manual payment system.
If you chose the automatic payment in your process, the deduction should be automatically done. You’ll receive an authorisation notification on your phone and then you can enter your MOMO pin to authorise the withdrawal. Afterwards, the payment is successful and then you can get your bitcoin into your wallet instantly.
However, if you selected the manual payment method, you would have to copy the contact of the company from beneath the payments window and nanually send the money to that number. When you are done, type the transaction ID in the space provided on the site. Then, click ‘I have made payment’.
Your bitcoin would be transferred immediately.
You can also find out more ways to buy bitcoin in Ghana using your mobile money.
How To Sell Bitcoin In Ghana
After buying your bitcoin and either using it for an investment or trading it, the next big thing you have to worry about is how to sell your bitcoin and earn some hard cyrrency.
There are numerous ways of selling bitcoin in Ghana, however the most trusted ways are; selling to Ecurrency4U.net and selling to individuals directly.
How To Sell Bitcoin To Individuals
To sell bitcoin to individuals, you first of all need to find someone who is interested in buying bitcoin then you discuss your rate with them.
Mostly, for this kind of sales, you have to reduce your rate a little bit to be lower than the market rate.
When you have someone you can sell to, follow the steps below:
- Visit your bitcoin wallet
- Go to ‘send BTC’
- Enter the wallet address of the receiver
- Enter the amount you are sending in Dollars
- Click on ‘send’ to confirm the transaction.
- Crosscheck the recipient’s address to ensure that it is not wrong.
- Confirm the transaction.
Make sure to receive the money from the individual before you send the coin to them as this is largely irreversible.
How To Sell Bitcoin On Ecurrency4U
To sell your Bitcoin on Ecurrency4U.net, kindly follow the following steps judiciously.
- Login to your Ecurrency4U.net account
- Select ‘Sell Ecurrency’
- Choose ‘Bitcoin’ from the list of currencies available.
- Select your preferred mobile payment method. Eg. MTN Mobile Money
- Enter the amount you wish to sell in Dollars. If you are not certain of the value in Dollar, just play around the numbers, you’ll see the equivalent in Cedis below.
- Enter your mobile money number and the name on the account.
- Click on ‘submit’ to have your order number. You would be redirected to the payment gateway of the Ecurrency you wish to sell. Then you can authorise it. You’ll receive your money in few minutes after authorising the payment.
You can also check out other ways to sell bitcoin in Ghana and get your money into your mobile money wallet.
Bitcoin is one of the most discussed financial topics in this twenty-first century and it is the world’s most used cryptocurrency.
While the systems operated by bitcoin is very complex and requires some level of learning and expertise to handle it, it is one of the safest and most convenient forms of digital currency on the internet today.
I hope this article was helpful to you in finding out how to use bitcoin, how to buy and how to sell it in Ghana. Kindly share your comments, reservations and questions with us in the comment box or contact us.