- Bitcoin is a virtual currency that can be bought, sold or exchanged directly without an intermediary like a bank
- It also allows people to send money from one part of the world to another in a secure and instantaneous manner
- Bitcoin has gained a level of attention from investors and financial institutions across the world
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Bitcoin and cryptocurrencies in general, have become one of the most talked-about financial subjects; a growing number of Ghanaians are interested in purchasing Bitcoin via Mobile Money also known as Momo.
This post will show you how to buy Bitcoin in Ghana using MTN Mobile Money, Vodafone Cash, and AirtelTigoCash.
What is Bitcoin?
Bitcoin is a currency similar to the Ghana Cedi (GHS), albeit it is virtual rather than paper and coin-based.
The cryptocurrency allows us to send money from one part of the world to another in a secure and instantaneous manner with very low fees.
What is the best Bitcoin Wallet?
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Before buying Bitcoin with mobile money, you need a Bitcoin Wallet.
You can use different Bitcoin wallets, but for the best results, we recommend Mybitstore Wallet and other cryptocurrency wallets.
You'll need to put money into your mobile cash wallet. After that, you'll need to locate a Ghanaian bitcoin exchange that accepts mobile money.
What is the best way to buy bitcoin with mobile money?
Because there are so many bitcoin exchanges in Ghana that allow you to buy bitcoin using mobile money, you must examine the platform's ease, speed, and exchange fees before deciding on one.
One app we definitely recommend to buy Bitcoin and sell Bitcoin using the Peer-to-Peer trading ,(P2P), Over The Counter (OTC) for Bitcoin, OTC for USDT (Tether) and exchange Gift Cards, is Mybitstore.
After signing up to Mybitstore, you may use these instructions to buy Bitcoin, sell Bitcoin, and exchange Gift Cards for Bitcoin.
NB. For the purpose of this article, the MYBITSTORE app will be used to explain the following processes.
How to buy Bitcoin/Sell Bitcoin Directly With Mybitstore
- First click on the ‘Buy/Sell’ button
- At Buy/Sell, select the option to Buy/Sell DIRECTLY WITH MYBITSTORE
- Select BITCOIN from the ensuing pop-up
- Choose whether to buy bitcoin or sell bitcoin
- If you are buying, enter the amount and click on the preview button for your transaction summary
- Click on START BUY TRADE Button to initiate the trade
- Make payment to the Mobile money number | Bank details stated (kindly share proof of payment in the chatbox) and click on the I HAVE PAID button for release of BTC
- If selling, the seller must always have their Bitcoin in their Mybitstore Account before they initiate a sell transaction.
- Ensure your payment details (Mobile money number) as displayed in the preview is correct .
- If otherwise, select edit, or go to the drawer panel to edit and save your new payment number.
- Once a trade is initiated, follow the instructions in the trade chat to complete the process
How to send Bitcoin to a Bitcoin Wallet
- Click on the wallet button
- Select send button to proceed
- Select BTC from the ensuing pop up
- You can copy and paste the address or click on the scan icon in the left corner
- If you choose to scan, you can scan the address, enter the amount you want to send
- Click on withdraw funds to complete the process
How to Sell Bitcoin on P2P Market creating an offer
- First, deposit Bitcoin into your Mybitstore wallet
- Click on ‘Offers’ then the PLUS button
- Select Sell
- Choose your preferred payment method, select the currency and enter an amount
- Type in your preferred Rate
- Click Preview
- A chat interface will be opened between the seller and buyer to negotiate and accept trade terms before they proceed with payment
- A message is sent to the SELLER to alert that Bitcoin is withdrawn, to an escrow and payment will be made by the buyer.
- A message will be sent to the buyer to request payment
- After making the payment, the buyer clicks on the ‘I have paid’ button to alert the seller.
- An alert is then sent to ‘’Seller’ to modify the payment has been made by the buyer
- The ‘Seller’ clicks on the payment button to release Bitcoin to the buyer
- A success message is sent to both the buyer and seller to confirm that the Bitcoin transaction was successful.
How to receive bitcoin to your Bitcoin Wallet
- First click on wallet button
- Click on RECEIVE button to generate Bitcoin address
- You can screenshot the barcode or copy the Bitcoin address and share it with the Bitcoin sender
How to buy gift cards and sell gift cards by creating an offer
- Login or sign up an account on mybitstore.com
- Click on offers button, then the PLUS button to create offer
- Click on Buy|Sell Gift Card, choose Buy, then the Gift card you want to buy
- Enter your buying amount and currency.
- Enter your preferred discount.
- Click preview to show offer summary and then click create offer button to place your offer
- Repeat the same process when selling your Gift card
It is worthy to note that Mybitstore per our observation is always providing updates and innovations based on customer needs and global trends. Moving forward, we hope this article has made your choice of acquiring a Bitcoin Wallet easier.