Ghana is one of the developing and fastest-growing countries in the world. The country’s economy is based on petroleum and precious metals used in electronics and other purposes. Still, recently the non-oil growth of the economy also seems to be rising strongly. The private sector of the economy is also getting more substantial with a country’s well-organized banking sector.
Experts predict that Ghana might be the largest economy of the African continent in a few years, but its property rights are not incredibly reliable. This makes Ghana a country suitable for adopting bitcoin adoption, although there is no local exchange to buy from.
The unavailability of a local exchange doesn’t mean you can’t buy Bitcoin in Ghana. It becomes easy as many options are there to buy bitcoins in Ghana, but the easiest way is exchanging cryptocurrency.
Various offerings are there; you need to select one based on your requirements and preferences. Consider the transaction fees, withdrawal limits, payment modes, and verification processes before choosing a way to buy bitcoin.
Apart from the issues mentioned above, someone should keep in mind that individual exchanges might require to have him/her wallet to make the transaction. It is highly recommended to have a wallet, preferably a hardware wallet, to exchange cryptocurrency or make transactions. This works for everyone everywhere, including Ghana. Some of the ways to buy Bitcoin, especially in Ghana, are discussed below:
1. Cryptocurrency Exchange:
The most common type of exchange is a central exchange. Some private companies are there that facilitate the trade of cryptocurrencies. This type of transaction requires the user to complete registration and identification. Coinbase, Binance, Kraken, and Gemini are the most popular exchanges that fall in this category, and all have active trading, high volumes, and liquidity.
As you will be using a third party’s private server, there is a risk of losing sensitive data about you. The more extensive, more popular centralized exchanges are safer as they provide some insurance level should their system fail. When you buy some bitcoins from these exchanges, it gets stored in a wallet in the company’s custodian, not in your wallet; you just own the key to access the wallet. You can claim insurance if only the exchange is a fault. If lost, you won’t receive the insurance benefit in any other cases.
Decentralized exchanges have no point of control; the server is made of computer spread in different parts of the world. As the network comprises thousands of powerful computers, turning off one computer or attacking any of them doesn’t affect the web or other computers’ operation.
2. Automated Teller Machines (ATMs):
There are 7000 Bitcoin ATMs globally, and they work pretty much the same way as the traditional ATMs do. Three kinds of Bitcoin ATMs you may find as: (1) ATMs that convert Bitcoins to fiat currencies, (2) ATMs where you can buy Bitcoins from, and (3) ATMs that serve for both purposes. ATMs make the process of buying and selling Bitcoins easy, eliminating several steps in the process. Depending on the number of ATMs and businesses accepting Bitcoin as a means of payment, users may find it a bit hard to use the currency in various world locations.
When you are to transact Bitcoin using ATMs, the currency’s price depends on the exchange rate. ATMs also charge a fee for the services they are providing. ATMs dispense the Bitcoin to your wallet when you withdraw; some of them generate paper money instead.
The process of buying and selling Bitcoins varies from ATM to ATM. But there is a general process someone needs to follow to do that. To buy, select the buying option if both the options are available in the ATM, then scan the QR code of your Bitcoin wallet through the scanner, enter the amount, and insert the cash. The machines will require some time to process the transaction, so wait to get it done. Check it then to confirm that the amount is delivered to your account; it’s that easy.
3. Peer to Peer Bitcoin Marketplace:
There are virtual marketplaces that connect buyers and sellers and make it easy for them to buy and sell Bitcoins. The process is simple, just select how much you want to pay, the means of your payment, and how much Bitcoins you want to buy. These are platforms to help people convert and exchange cryptocurrencies simply and fairly, and securely.
The use of cryptocurrencies is overgrowing worldwide, and so does acceptability as a means of exchange. Following that, many buying and selling options of virtual currencies are evolving to make it easy for users to convert, exchange, or transfer the money. The ways above are popular in the Bitcoin world, including Ghana, to buy it.
Central or Decentralized exchange, ATMs, or Peer to Peer marketplaces technologies offer many opportunities for the people who need it. With the rising adoption of cryptocurrencies, acceptance as a means of payment, governments starting to regulate and come up with their crypto, it’s for sure that we are going to observe a surge of many more Bitcoin buying options soon.