How to Buy Bitcoin in Cameroon with Momo

Buying and selling of bitcoin has become quite easy in Cameroon thanks to the growing popularity of cryptocurrencies and cryptocurrency exchange platforms. Simply put, a cryptocurrency exchange platform is a digital marketplace where you can buy and sell cryptocurrencies. 

In Cameroon and across the world, there are two main types of crypto exchange: Peer to Peer exchanges and Traditional exchanges.

Peer-to-Peer Exchanges allow sellers and buyers to trade cryptocurrencies amongst themselves directly. Although its anonymity may be appealing to some, P2P exchanges often expose cryptocurrency traders to several dangers. 

On a P2P exchange, the traders you are dealing with may not be credible since you may not know the source of their funds. There is also low security and a high possibility of getting scammed.

On the other hand, most crypto enthusiasts tend to trust exchange platforms because they offer legal, safer, reliable and more secured services based on the KYC procedures that all users must follow before accessing them. 

Though trading cryptocurrencies is a relatively new practice in Cameroon, it has been widely adopted by youths and other tech-savvy individuals who understand the place of technologies in the ecosystem of international finance. 

Why Cameroonians use cryptocurrencies

Despite its volatility, the cryptocurrency industry has seen remarkable growth across the world. Many wonder what the driving force behind this whole phenomenon is and why people are so attached to it. The truth is simple. Cryptocurrencies are a way to earn high returns while supporting the future of a technology most believe will change the world.

For citizens who have lost faith in their governments or in their country’s own currencies or central banks, scenarios such as hyperinflationary events and even bank failures make cryptocurrencies a much more preferred and safer haven. Early adopters of cryptocurrencies in Cameroon talk about bitcoin trading as the easiest way to make money online. 

Whether true or false, it is at least evident that there are other benefits that come with using bitcoin, even for small business owners.

1. Easier cross-border payments 
   The novelties introduced by cryptocurrencies in financial transactions are worth noting. 
   One of the most cited benefits of using bitcoin is that it permits you to send or receive huge sums of money in your wallet, which can later be converted and withdrawn in XAF through Momo. 
   As such, queuing up in banks to withdraw money sent into your account is old fashion.
   Incurring high transaction fees for internal and cross-border transactions has also become a thing of the past. 
   Interestingly, you also enjoy the latitude of doing as many transactions as possible within a short period. 
   All these benefits allow Bitcoin users to control their money fully
2. Store of value and investment
   The volatility of cryptocurrencies may scare most of its users in Cameroon. Still, those with a huge appetite for risk see the volatile nature of Bitcoin as an opportunity for both short and long-term investment. 
   Consequently, they only invest as much as they can lose. 
   Besides, others prefer to store their XAF in USDT as it allows them to make online purchases from their wallets without necessarily owning a bank account.
3. Protection against inflation
   Due to the economic recession in the CEMAC zone after the COVID-19 Pandemic and the ongoing Russo-Ukrainian conflict, the purchasing power of the XAF is constantly dropping. 
   Facing this challenge, USDT helps maintain its users' purchasing power as it is pegged to the US Dollar. 
4. Access to financial services
   Owning a bank account in Cameroon comes with many demands, and most of the population cannot provide the requirements needed to access bank services.
   On the contrary, owning a Bitcoin wallet which gives you access to financial services, is much easier and more conducive.
   Unlike a bank which requires a yearly payment of an account maintenance fee, a Bitcoin user will never have to incur such expenses. 
   Truly, bitcoin is changing lives in Cameroon. If you have not yet started using Bitcoin, I bet you are missing out on many opportunities. And when you eventually decide to get into the crypto space, the paragraphs below will be helpful to get you started without any difficulties.

Read More: Cryptocurrency trading tips you need to know.

How to Buy Bitcoin in Cameroon with MoMo

Buying bitcoin in Cameroon has been made easier by Yellow Card. This crypto exchange platform allows users to buy bitcoin instantly through XAF using Mobile money services at the best rates.

To buy bitcoin in Cameroon using Momo, follow the steps below.

• Sign up on the Yellow Card 

Start the process by creating an account using the Yellow Card web or the mobile app, available on Playstore for Android users and Appstore for iOS. After downloading the app, it takes about 2 minutes to sign up, and it is free. 

• Fund your wallet with XAF through Momo 

You can fund your wallet using the following steps;

1. From your dashboard, select deposit
2. Choose the Mobile Money option
3. Enter the amount you want to deposit
4. Enter your mobile number and select your mobile money provider ( MTN or Orange )
5. Confirm the deposit information and authorise the transaction on your mobile device.
6. Your account will be credited instantly with the deposited amount.
   

• Buy Bitcoin 

Once your wallet is funded, click on “Bitcoin (BTC)” from your dashboard and follow the steps below.

1. Click on "Buy"
2. Enter the amount you want to buy
3. Confirm your order and buy bitcoin. 
4. Go back and check your wallet.
5. Bitcoin will reflect in your Bitcoin Wallet.
6. You have successfully bought bitcoin.

Read also: Bitcoin Could Be A Game-changer In Cameroon

How to sell bitcoin to Yellow Card  in Cameroon

You can also sell bitcoin on Yellow Card and withdraw your money directly to Mobile Money.

All you have to do is;

1. Sign up on your Yellow Card account.
2. Click on Bitcoin (BTC)
3. Select “Sell ” from your dashboard and enter the amount you want to sell. 
4. Click Review & Confirm  
5. Confirm by clicking Sell 
6. You have successfully sold your Bitcoin to Yellow Card. 

• Once you have sold your Bitcoin, you can then withdraw to your MoMo account following the steps below:

1. From your dashboard, select withdraw
2. Select Mobile Money
3. Enter the amount you want to withdraw
4. Enter your mobile phone number and Mobile Money provider
5. Confirm the withdrawal details and input your 4-digit PIN
6. Your money will be instantly sent to your mobile number.

Conclusion

New financial technologies are making life easier for everyone. All you need to start benefitting from the Fintech industry is a smartphone and internet connection. Enjoy the peace of making financial transactions from the comfort of your house, office and what have you? More than ever before, you will be in control of your money, thanks to cryptocurrencies. 

Buy bitcoin with Momo