In the wake of Ghana’s economic downturn, the country’s adoption of bitcoin and other cryptocurrencies has reached levels never previously seen in the country. Transaction volumes have increased from $100k per day in February 2017 to around $1 million per day in 2020, representing a tenfold increase.
Many exchanges are experiencing a rise in activity as a result of the influx of hundreds of customers trying to open a wallet, buy or sell cryptocurrencies like Bitcoin.
Making the decision to invest in bitcoin can seem hard if you are a newbie in Ghana, but it is a lot simpler if you break it down into smaller, more manageable steps.
Bitcoin is a fractional currency
The first thing you should understand is that you do not have to purchase an entire bitcoin at once. Each bitcoin is subdivided into Satoshis, which are digital units of cryptocurrency. It has a decimal place count of 8 decimal places (0.00000001).
According to this definition, a single Satoshi is equivalent to one-hundredth millionth of a bitcoin, and one bitcoin is equal to one hundred million Satoshis.
As a result, you can purchase any number of units depending on your risk tolerance. The quantity of money you can purchase from different exchanges can differ. Users can purchase a fraction of a bitcoin for as little as $15 on Binance, a worldwide exchange that is available in Ghana.
Get yourself a wallet.
While there are other methods of purchasing bitcoin, experts recommend that newcomers use an exchange to get their hands on the cryptocurrency. When it comes to protecting investors’ funds, exchanges take steps to make the process of getting started as simple and frictionless as possible. Exchanges also make it easier to keep track of all of your transactions.
For this reason, while using an exchange site will require to Know Your Customer documentation, you will need to download a wallet from the Google Play Store, register an account on the exchange platform, and supply personal identification documents (KYC). Most exchanges would allow you to pay using your debit card or make a direct transfer from your account to the exchange.
Purchasing bitcoin on Binance or Coinbase can be accomplished in two ways: either by linking your debit, credit, or bank account or by purchasing cryptic directly from other users through peer-to-peer trading. One of the most straightforward methods of purchasing bitcoin is to link your debit card, credit card, or bank account.
Experts also advise against purchasing bitcoin with a credit card because of the volatility that the cryptocurrency market is experiencing at the moment.
After you’ve successfully joined and linked your wallet, it is now time to purchase bitcoin. A lot of cryptocurrency exchanges allow you to purchase bitcoin using your native money, such as the Cedis.
It will be necessary for you to make a deposit into the wallet, which will incur a fee. There are a variety of fees associated with making a bank deposit. It is critical to examine the fees associated with each payment method before making a decision on whether to use an exchange or which payment option is the most convenient for you.
Immediately following your successful deposit of the amount you have chosen, you must proceed by clicking the buy button.
Selling the bitcoin asset that you purchased follows a process that is very similar. As an alternative to selecting Buy, you should select Sell and the amount you wish to sell for.
It is possible to sell bitcoin in order to purchase another cryptocurrency. In this case, you would sell bitcoin in order to purchase Ethereum, Binance Coin, or Bitcoin Cash, for example. Alternatively, if you sold it for fiat money, the funds can be withdrawn and deposited directly into your bank account.
Keeping track of your transaction
There are a variety of options for tracking the status of your transactions across different exchanges.
Following the confirmation of each withdrawal, your Coin will be transferred from your wallet to the Blockchain, where it will be validated on its route to the destination address. A Transaction ID or Hash will be generated as part of the procedure.
Take a copy of your TxID (Transaction hash) and paste it into the search field of your exchange provider.
Following the click of the search button (the yellow button on the right), a webpage displaying transaction information from the Blockchain will emerge.
As long as the confirmations in Blockchain fulfill the requirements of your destination address, your coins will be delivered to your destination address within 24 hours of receiving them.