How To Buy Bitcoin Safely In Senegal

Globally, you can refer to bitcoin as the new money because of the various opportunities and innovations it brings to finance.

As an alternative to paper money, you can use bitcoin to exchange value worldwide, with a considerable adoption index in Africa. 

Many factors have made the technology behind bitcoin's digital asset very appealing and inclusive. Some factors include anonymity, speed, easy access, global reach, easy operations, cost-effectiveness, security and ease of carrying about due to their digital nature. 

These are some of the challenges bitcoin technology solves worldwide, and we'll be looking further at the potential of this new technology to finance in Senegal.

Why buy bitcoin In Senegal? 

Many countries in Africa, including Senegal, are mainly rural and have poor access to essential financial products and services such as proximity to banks, transfers and other economic benefits.

According to a report by the World Bank, approximately 66 per cent of Africa’s entire adult population is unbanked. It is even a further challenge with economic challenges and a slow rate of development plaguing rural areas. 

Amidst all these, Senegal, with a population of 17.42 million and over 8.01 million people with internet access, has become a favourite place for bitcoin use today. 

According to this same report, Senegal has an internet penetration rate of 46%. A significant part of the population is young people interested in and open to new technology.  Cryptocurrency and bitcoin adoption will reduce long lines at the banks, time wasted on verifying data manually and easy access to receive money from loved ones abroad. 

Despite the west African region facing inflation challenges, costly internet and language barriers where most of the world is English, Senegal continues to thrive.

The West African region has a high reach of mobile money adoption that beats local banks and financial institutions at least 13 times. This is because mobile subscribers have more than doubled in the last decade.

Read More: Building the Crypto Ecosystem in Senegal 

Where to Buy & Sell Bitcoin In Senegal? 

Bitcoin is for everyone and can be defined as a digital currency asset outside the control of financial institutions or bodies.

When buying bitcoin in Senegal, use a secure exchange like Yellow Card. Security is essential here because we are dealing with your money here. 

Yellow Card possesses unique features a good exchange should have with hundreds of thousands of users across Africa. 

Some of them include;

• High-security infrastructure;

As mentioned earlier, security is critical. The Yellow Card platform is secured by a team of top security experts across the world. This ensures your funds are well protected from online account hacks and P2P-related trade frauds.

• Convenience: 

The Yellow Card platform is mobile-friendly and easy to use to make Transactions in time. Delays in crypto trading can cause you many losses that Yellow Card prevents. 

• Geographical Accessibility

You may be asking if you can buy bitcoin on Yellow Card from Senegal with XOF, and the answer is yes. The Yellow Card brand currently operates in over 16 African countries and enables you can buy and sell bitcoin across Africa in each person's local currency.

• Multi Payment Options

Yellow Card offers you a variety of payment options to buy and sell bitcoin in Senegal, such as local credit cards, bank transfers and mobile money. 

Yellow Card has a Peer 3 Peer System that allows you to find crypto vendors in Senegal to exchange their cryptocurrencies safely. 

How To Buy Bitcoin Safely In Senegal

To buy bitcoin in Senegal using Yellow Card, you simply need to register an account on Yellow Card to get started. 

To buy bitcoin on Yellow Card, follow these simple steps:

1. Sign up for an account and verify details

You can sign up for a Yellow Card account on the web or by downloading the mobile app on the App Store for iOS devices and PlayStore for Android. With this, you get a free bitcoin wallet.

2. Fund your account:

After you have signed up, choose a preferred payment method to fund your account with XOF. Yellow Card allows you to fund through mobile money and your debit card quickly.

3. Buy Bitcoin

Once you fund your account, open your dashboard, select “Buy Bitcoin”, and enter the amount you want to buy. Confirm your order and purchase. Once you do this, your bitcoin will reflect instantly in your wallet.

How to sell bitcoin and withdraw XOF in Senegal

For you to buy bitcoin quickly, follow the steps below:

To get started, you must have an account. You can get it by signing up for a Yellow Card account on the web or by downloading the mobile app on Android or iOS. 

• From your dashboard, select “Sell Bitcoin” and enter the amount you want to sell. 
• Click Review & Confirm  
• Confirm by clicking Sell 
• You have successfully sold your Bitcoin to Yellow Card. 
• At this point, you will be paid the equivalence in XOF cash proportionate to the bitcoin you sold.

Read Also: How We Ensure Security On Yellow Card

Buy Bitcoin in Senegal With Yellow Card

Cryptocurrencies and blockchain technology specifically are making financial inclusion possible for everyone in Senegal. Bitcoin and the digital assets revolution reduce financial gaps by making it easy to trade commerce and consumer-to-consumer trade.

Senegal has shown a massive adoption of cryptocurrency, which was made possible due to the success of mobile money globally for customer-customer transactions. With the high penetration of mobile phones and the internet in Senegal, cryptocurrencies present an inclusive opportunity.

If business personnel here in Senegal, such as restaurant owners, business people, schools and established commercial bodies, start accepting bitcoin, It will be a huge step towards further Bitcoin recognition.

Buy Bitcoin with XOF Now