It has been all over the news for quite some time that the excellent rare currency is now dominating the world economy. Bitcoin, a digital currency, has been the talk in town for quite some time. Most of its initial holders sell it to willing buyers at a profit. For you to sell bitcoin in Ghana, you have to find a willing buyer through various bitcoin exchange platforms. In money markets, bitcoin is an asset and is traded as a cryptocurrency. It is bought when the price goes up and sold when its price goes down.
Economic analysts argue that the future of the world economy is not predictable if the popularity of bitcoin is not looked upon. Most likely bitcoin currency will outdo the use of conventional currency in Ghana. It may sound funny, for those of you who know where am heading to. It has frequently been said that the stability of Bitcoin is in doubt. Not very long ago when the value of bitcoin had gone to as low as 0.025 USD for every 1 bitcoin. Many people who had invested their money lost in this large boom and assumed total poverty. As am writing now the value of 1 bitcoin is approximately USD 8400, with its chart against USD showing its attempt to hit the USD 8400 mark. This makes bitcoin price in Ghana cedis approximately 38,424.49. The creator of bitcoin remains unknown though it was attached to Satoshi Nakamoto. This article will focus on how to buy, sell and access bitcoin in Ghana.
Bitcoin in Ghana
Bitcoin which was officially introduced in Ghana in 2009, is becoming popular among traders, investors and the large population of Ghana. However, not very many people are aware of this digital currency and how it works in the economy. For your information, bitcoin is a currency like the normal Ghanaian cedi, USD or any other currency that you may talk of. The big question is, can it be used to pay bills, invest and buy commodities from the market? Of course yes, in pure economic view, bitcoin is real money. The only problem is that most people have no capacity to accept it probably because they don’t have faith (monetary sovereignty) or they completely don’t deal with it. Unlike the Ghanaian cedi, bitcoin is not stored in a bank since it’s not tangible. Its means of storage is usually in form of a block of data, which is mostly secured and treated as money. This data remains with the owner in the hard drive of his/her computer.
How to create your bitcoin wallet?
Since bitcoins cannot be stored in a bank, like conventional currency, you must first create your own bitcoin wallet. Bitcoin wallet is like a bank account and is used to store bitcoins. However, it’s important to note that bitcoins have no records like a bank statement, bank slip e.t.c. bitcoin wallet is created by online applications. It is, therefore, available for download on the internet. After downloading and installing your bitcoin wallet, you can now decide to buy bitcoins.
How to Buy Bitcoin in Ghana?
Though the government of Ghana does not recognize bitcoin as a legal tender, and without the confidence of the government, nobody is sure on its fate sometime in future. Like other cryptocurrencies, bitcoin value fluctuates very fast and therefore it’s not wiser to invest all your money in bitcoin. As for now, the value of bitcoin is real calling. 1 bitcoin is equivalent to 24881 Ghanaian cedis. This probably may be the primary reason why very many people have decided to turn to bitcoin. Then how to get bitcoin in Ghana? becomes the next challenge. The initial step is to get a digital wallet to keep your coin and then you proceed. There are several areas where you can acquire bitcoin to your digital wallet. They include:
Buying from bitcoin exchange sites
There are various bitcoin exchange sites in Ghana which can sell bitcoin to a customer. It’s very simple to buy bitcoin, all you need is to go the exchange office of site with your money in Ghanaian cedi and is converted into bitcoin inclusive of service charges. You simply leave the site with your bitcoin in your digital wallet.
Buying from friends
It’s the most prominent method used in Ghana. Since people trust friends more than what they see in online sites, they easily inquire from friends who already deal with bitcoin.
This is yet another method that can enable one acquire bitcoins. Unfortunately, this is a very difficult approach since it involves solving very difficult equations in order to be awarded bitcoin.
The good thing about bitcoin is that it can be exchanged with anything. There are no specific regulations by the government of Ghana which restricts the exchange of bitcoin with another commodity.
How to sell Bitcoin in Ghana?
The procedure of selling bitcoin in Ghana is less the same as that of buying. However, with bitcoin selling, you have to look for bitcoin sellers in Ghana. There are about two famous dealers in Ghana where you can sell your bitcoin. They include:
- Local bitcoin traders from Ghana. These traders deal with all services in bitcoin. You can easily find these dealers on localbitcoin.com.
- Traders on the online portal, located at the online platforms. You can still access these traders to sell your bitcoin through ByekGhana.com.
Bitcoin exchange Ghana
The new large market of bitcoin exchange in Ghana is greatly expanding on a daily basis. It’s assumed that the efficiency and ease of transacting bitcoin is what might threaten the fate of fiat currency. As of now, you can easily convert bitcoin(BTC) to Ghanaian cedi(GHS) or even to USD and vise versa. To exchange your bitcoins, follow the easy steps below.
- Using your computer where you have installed your bitcoin wallet, visit bitcoinschashout.com
- Select the amount of money you want to exchange
- Add the OR code to together with your wallet address and send that to the bitcoin and wait.
- After some time check your account. The money will be sent to your account if you were exchanging bitcoin for money or bitcoin will be credited if you were doing the opposite.
One good thing with this is that the system is not complicated. There is no place where your transactions are recorded or verifying you have received the money. In Ghana, you can possibly withdraw bitcoin using mobile money. This, therefore, make it more efficient to use by a local Ghanaian citizen. In Ghana, you can send and receive equivalent values bitcoin from any other, which has dealers of bitcoin.
Future of bitcoin in Ghana
The future of bitcoin is not very clear because of its wide fluctuations make it unsafe and difficult to invest in it. If it happens that bitcoin outdo the normal Ghana currency, it’s not in near future. Several bitcoin agents in Ghana have tried to convince the department of monetary control to recognize bitcoin as a currency but the government has kept its word. Maybe bitcoin will become an asset to trade with high value like gold or diamond but it won’t replace the place of physical money.
Buying and selling of bitcoins in major cities of Ghana
It is only natural for you to ask about where to but bitcoin in Ghana. Before this, you have to know the different bitcoin price in Ghana. Bitcoin market is like the normal stock exchange market in that it periodically releases new prices of bitcoin in relation to Ghana money or USD. This information is very important especially for those who want to invest in bitcoin. It forms the basis of decision making on when to buy or when to sell. Here is a table of bitcoin prices in Ghana major cities; as of the time of this publication.
Advantages of bitcoin in Ghana
The reason why a number of people in Ghana are now interested in investing bitcoin is probably because of the benefits which enjoyed by a friend who is already trading them. Some of these advantages of bitcoin include the following:
Its privacy and anonymity
The transaction two people in bitcoin do not necessarily guarantee one the other person doing the transaction. There is no transmission of data from one person to another, no verification required or even signatures. This makes the activity to be very smooth and very private. There are no central bodies like banks which manage the systems, systems are self-managed.
Lack of central government authority to regulate its activity
The government of Ghana does not recognize bitcoin as a currency, therefore, its activities are not checked upon. There are no taxes when people transact using bitcoin. However, there are some instances where tax regulations are used. For instance, when you purchase a car overseas using bitcoin, you will have to register it under the government of Ghana and pay all the required levies.
In most cases, no transaction is charged
Unless for special cases, there are no transaction charge when completing transaction since there is no central management for this. However, in Ghana, you will have to pay transaction fees when dealing with local dealers
Disadvantages of bitcoin
The reason why most governments don’t recognized this is because of its disadvantages which it unsafe. Some of the advantages include:
- There is the problem of government interference. The government of Ghana does not recognize this currency it limits its usage.
- Lack of protection of this currency. All the information is stored by the owner in his/her computer. When you lose your hard drive, it becomes the end of your money.
- It’s also easy to hack another person’s system and still everything. There is no mechanism to identify hackers in bitcoin system.