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Business & Investments1 posts
How to Trade and Convert Bitcoin into the Ghana Cedi
Bitcoin x Ghana.
Before we delve into the title, here is some light information on Bitcoin for the unfamiliar.
Although paperless and striclty digital, Bitcoin is like any other currency. But unlike other currencies, it can be transmitted globally, instantly and at a lower rate. Bitcoin allows you to "be your own bank," meaning you have complete control over your funds; no sudden dedections. It is money that exists online; not to be confused with the online banking apps offered by banks.
Firstly, in order to trade in Bitcoin,you will need a unique Bitcoin address (similar to a bank account number) which can be generated for free by downloading wallet software from bitcoin.org or coinbase.com. Coin base is recommended here for the conversion to local currency. It works via connection with a current bank account.
If you would prefer not to use a bank account, LocalBitcoin.com is a good alternative for local trading. Here, Bitcoin can be exchanged with cash, face to face, or through PayPal.
LocalBitcoin.com and BTCGhana.com are also currently facilitating the conversion of Bitcoin to the Ghana Cedi through Mtn Mobile Money, Tigo Cash, and Airtel Money.
Advisory: if you are going to be trading large sums of money via Bitcoin, you will need to first ensure a thorough understanding. A suggestion would be to Google how to encrypt and backup your wallet and take it from there.
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