As Bitcoin continues to gain popularity in Africa, we would like to help you know sites where you can buy or sell Bitcoin in Ghana.
- Jack Dorsey, Co-Founder and CEO of Twitter, recently attended Bitcoin meetup in Ghana to discuss the adoption of Bitcoin payments in Ghana and Nigeria.
- Bitcoin is a decentralised cryptocurrency without a central bank or single administrator that can be sent from user to user on the Bitcoin network without the need for intermediaries.
- Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009.
- Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
How Bitcoin Works
- Bitcoin is stored in a digital wallet on your computer or smartphone.
- You can also use a Bitcoin hardware wallet or a paper wallet, which is a public and private key printed on a paper.
- All your transactions are permanently and transparently recorded in a public ledger called the Blockchain and are secured using cryptography.
What You Need Before Buying or Selling Bitcoin in Ghana
As stated above, Bitcoin transactions require a Bitcoin wallet. Your transactions, however, will take place in a Bitcoin exchange, a digital marketplace where traders can buy and sell Bitcoin or peer-to-peer market place where a buyer directly pays to the seller.
You will then need either fiat money (if you want to buy) or Bitcoin (if you want to sell). Like other traditional financial transactions, you have to choose your preferred payment method such as credit/debit card, bank transfer, Western Union, Moneygram, gift cards, cash in person, or mobile money.
Things to Consider Before Buying or Selling Bitcoin
When you want to buy or sell Bitcoin in Ghana, you need to take into consideration several key factors. When choosing an exchange, make sure you conduct necessary due diligence to find out, for instance, its reputation in the Bitcoin industry, how long it has been in the market, the team behind it, its insurance status, etc.
Another key piece of information you need to find out from the exchange is their fees. Review their trading fees, withdrawal fees, deposit fees etc. In addition, know the transaction limit. Transaction limits vary between exchanges.
If you decide to use peer-to-peer market place to sell or buy your Bitcoin, you need to be extra careful because with this option you will be conducting your transaction with a stranger. Find out if the person has verified details, the level of trusts he commands on the platform, if he has been blocked by users, etc. If you have to meet physically, choose a public place and ask a friend or a relative to go with you.
When choosing a wallet, you need to consider features such as security, access to private keys, mobile app integration, anonymity features (if you want to transact anonymously) and exchanges the wallet can be used on. Your exchange of choice may also recommended wallets to use.
Exchanges offer different payment methods. Choose an exchange that offers a payment method that is convenient and available to you . Note that the method you choose will determine the time it will take for your transaction to be completed.
Bitcoin prices vary worldwide. You need to compare rates from major Bitcoin exchanges with the exchange you have choosen. You can use CoinDesk to make the comparison.
Where to Buy and Sell Bitcoin in Ghana
FiFi Finance has selected 9 platforms where you can buy or sell Bitcoin in Ghana.
PayPlux is one of the oldest Bitcoin exchangers in Ghana. It was established 10 years ago in order to make digital currency accessible in Africa.
PayPlux allows users in Ghana and beyond to buy, sell and exchange various digital currencies such as Bitcoin, Litecoin and Ethereum.
eBitpoint is a digital currency exchange platform based in Accra, Ghana. You can buy and sell Bitcoin, Ethereum, Bitcoincash, Litecoin , etc.
Founded in 2013, BitPesa provides cryptocurrency liquidity for individuals and institutions across Africa. BitPesa was the first blockchain company to be licensed by the UK’s Financial Conduct Authority and follows stringent KYC practices.
Coindirect was founded in 2017 in South Africa. It accelerates African cryptocurrency adoption by building a bridge between the decentralised world of crypto and the centralised world of traditional finance. The platform supports 40 different coins and altcoins.
Remitano is incorporated in Seychelles. It provides escrowed P2P Bitcoin marketplace where people buy and sell Bitcoin easily and safely in Ghana. It also has service in the United States, Australia, Malaysia, Nigeria, Vietnam, Cambodia and China.
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Coinbase was founded in June of 2012 in the United States. It is a digital currency wallet and platform where merchants and consumers in Ghana can transact with digital currencies like Bitcoin, Ethereum, and Litecoin.
LocalBitcoins is a Bitcoin company based in Helsinki, Finland. It was founded in 2012. It facilitates peer to peer Bitcoin exchanges. It has a reputation and feedback mechanism for users and an escrow and conflict-resolution service.
Based in the UK and Lithuania, SpectroCoin is an all-in-one solution for Bitcoin in many countries including Ghana. It offers an exchange platform and a secure Bitcoin wallet.
With these platforms, you will be able to buy and sell Bitcoins in Ghana. Remember that Bitcoin is also an ideal investment asset as FiFi Finance explains.
Ndesanjo is an experienced blogger and journalist. He was named one of 100 Influential Africans in Media Category. His mission is simple: making finance work for everyone.