From my interaction with people in Zambia who have heard about Bitcoin and are actually keen on getting into cryptocurrency, I have learnt that one of the biggest barriers to investing in cryptocurrency, as far as Zambia is concerned, is that people do not know how they can buy cryptocurrency, in Zambia. This extends to selling of crypto. Many are concerned about how they dispose of their crypto at the time when they want to cash in on their investment. This is definitely not an unwarranted concern. In this article I shall attempt to inform the reader about how they can start getting their hands on crypto in Zambia and how they can sell it off, because ultimately that is the end game, whether short term or long term.
How to buy Crypto
The short answer to this question is that you can buy crypto from an exchange or from individuals. Unfortunately, it is not that simple and straightforward. The problem with exchanges is that not so many allow transactions from Zambia. For those that do, like cex.io and binance, the process of registration can be daunting and frustrating as their KYC requires one to submit their ID, photos and proof of address. Additionally, most exchanges have a minimum limit of how much you can buy and how much you can transfer from an exchange to your wallet. In most cases it is USD20 for buying and approximately USD100 to transfer from exchange to wallet.
Buying from an individual should ideally be easier. However, it is not the case. The challenge with buying from an individual is that there are not so many people selling crypto locally. Furthermore, if there are people who are selling locally there is nowhere for them to advertise or rather they shun to advertise. I have trolled social media for days and haven't seen any posts referring to the sell of crypto. I will be quick to mention though that localbitcoins.com is one website where one should ideally find LOCAL sellers of Bitcoin. Sadly, this too leaves much ti be desired as only a handful of Zambian sellers advertise there.
So where does that leave us? In line with our mission at Crypto Tamanga community, which states:
"To simplify the process of acquiring cryptocurrency and related services by pooling resources together thereby allowing members to participate fully in the crypto space."
We strive to make cryptocurrencies accessible to all. We achieve this by allowing members, and non-members alike, to invest from as low as USD10 by pooling our money together and using one of our already established and verified exchange accounts and then distributing the crypto accordingly. Using this system we have helped individuals get started with crypto.
How to sell Crypto
The methods available for selling crypto are pretty much the same as those for buying, that is, you can sell on an exchange or to an individual. Selling on an exchange involves transferring bitcoin from ones wallet to an exchange and then selling it. Once the sell has been completed the dollar equivalent will be available on the exchange. This can then be transferred to the bank card attached to that account. Selling to an individual would involve transferring crypto from the seller's wallet to the buyer's. The buyer will then make a payment, whether cash or some other mode of payment, to the seller.
Warning: Because this is a very new area of trade we urge people to conduct transactions face to face to avoid being crooked.
Naturally, as a community we are able to facilitate transactions between our members, playing the role of an escrow to ensure that both the seller and buyer are protected.
This story can also be found on the writers medium page.
This story can also be found on the writers medium page.
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