Before we get into how to buy Bitcoin in Ghana, let’s take a quick look at the benefits of doing so. The main benefits of holding Bitcoin(BTC) in your portfolio are discussed in the sections below.
Minimum investment
While BTC is the most expensive cryptocurrency to own, with a price of $19,082 at the time of writing this. You can buy fractional shares of this asset. If you cannot afford to purchase one Bitcoin. Platforms such as Bitmama allow you to purchase a percentage of Bitcoin with relative ease.
At Bitmama, we provide answers to the question of how to buy bitcoin in Ghana as you can begin your crypto investment with as little as 20 cedis.
Increase in value due to scarcity
Because of the abundance of cryptocurrencies tokens in the market, most have low coin prices – making them an inflationary asset. On the other hand, the Bitcoin blockchain will only comprise a maximum supply of 21 million tokens.
One of the reasons BTC is worth so much is its limited supply – more people buying a limited asset increases its price in the long run.
These simple demand and supply characteristics are one of the main reasons why many analysts and investors still believe in the future of Bitcoin. You can read about our article on P2p exchange and crypto staking.
Past performance
While past performance does not predict future returns, we can learn about the asset’s trading history and market indicators.
While the first decentralized cryptocurrency has had its ups and downs, its value has multiplied since its inception. BTC experienced a 323% YoY (Year on Year) increase in 2020 alone, ending the year at just under $30,000 per token.
BTC was still trading in the triple digits a couple of years before the 2020 highs, ending 2016 at a modest $959 per coin.
Many high-growth stocks, such as Tesla, have not seen the multiplied growth that Bitcoin has, which is why it is the most purchased cryptocurrency of all time.
Price correction in 2022
BTC and the larger cryptocurrency markets have experienced a significant price correction since the beginning of the year. BTC has been trading sideways since January 2021.
BTC is currently trading 72.26% below its all-time highs, allowing many investors to enter the market at a lower cost. This can allow for a reasonable price point, especially if you intend to trade BTC for the long term.
Cheaper than traditional banking
Following the 2008 stock market crash, Bitcoin was created as a solution for the world’s banks and financial institutions. BTC is the first digital asset to promote decentralized and autonomous banking, giving individuals complete control over their assets.
Trading in Bitcoin is also less expensive than traditional banking, particularly for international transactions. Most banks charge a high fee for cross-border payments and require a 1-2 week confirmation period.
For both domestic and international payments, BTC charges a standard fee. For a small fee, you can transfer money to Ghana in as little as 5-10 minutes using Bitmama.
Why you should buy Bitcoin
On the one hand, Bitcoin is one of the most volatile assets, with its value fluctuating from time to time. BTC, on the other hand, has grown to become one of the most valuable financial assets.
Consider the ease of investing in this digital asset if you have a lower risk appetite. You can start buying BTC on Bitmama with as little as 20 cedis. As a result, you can diversify your portfolio by holding multiple cryptocurrencies to boost your growth potential.
If you want to know how to buy bitcoin in Ghana, we recommend Bitmama as the best crypto exchange for doing so.
How to buy bitcoin in Ghana safely
Before you buy Bitcoin in Ghana, there are a few things you should know in order to trade the cryptocurrency safely.
To begin, you should purchase Bitcoin from a well-regulated and secure exchange platform. This is due to the high risk of trading in volatile assets such as Bitcoin. As a result, before purchasing Bitcoin in Ghana, we recommend that you use a reputable exchange platform.
- Bitmama is our preferred exchange platform due to its stringent regulations that allow it to operate globally.
- To ensure the security of your account, our platform supports two-factor authentication and a verification process.
- Bitcoin, like other digital assets, is stored in a crypto wallet in your Bitmama app.
Steps on how to buy bitcoin in Ghana
Ideally, we recommend you choose a user-friendly exchange that provides low fees and added benefits to investors. Therefore, we think Bitmama is the best platform for you to buy Bitcoin now.
Step 1: Download Bitmama
Head to the Bitmama website to download your mobile app. Fill in your email address and create a password to get started.
Step 2: Verify Your Account
After signing up, click on the “Complete Now” button, which appears on your screen. Complete the verification process by providing all necessary documents.
Step 3: Fund your GHS wallet
You can deposit your funds in local Ghanaian Cedi through your preferred payment methods, including credit/debit cards and transfers, to get started.
Step 4: Buy Bitcoin
Click on the “Buy” option. It is right under the Explore icon. Select BTC and click on Buy
This article has discussed how to buy Bitcoin in Ghana. In summary, we have provided you with the best platform for where to buy Bitcoin in Ghana, along with an analysis of the price and future of BTC.
At Bitmama. You can buy BTC in just a few minutes without paying any commission on your trades. Bitmama is available to download on iOS and Android. You can read our article on easy ways to make money with cryptocurrency and own a crypto debit card
