How to Buy Bitcoin in Tanzania Easily In 3 Steps

Finance technologies are created to resolve challenges faced daily. This is made more interesting with the introduction of cryptocurrencies. With bitcoin, you can buy goods and services through an online ledger with strong cryptography (encryptions).

In just over ten years of existence, bitcoin has penetrated the global economy. Finance futurologists have stated that cryptocurrencies will replace 25% of fiat assets by 2030. In Tanzania, the cryptocurrency market is gaining ground, with buying and selling bitcoin becoming a beneficial entrepreneurial venture, as several individuals, commercial centers, and enterprises have gotten into it.

Why are people so eager about bitcoin, and how does one get possession of the bitcoin? These are some of the questions asked not just by Tanzanians but by any curious person who hears about bitcoin.  

Why Buy Bitcoin in Tanzania?

There are many reasons that cryptocurrency experts have given as to why one should buy bitcoin.  Here are some:

Liquidity. 

Due to the worldwide establishment of trading platforms, exchanges, and online brokerages, Bitcoin is cited as one of the most liquid investment assets due to the worldwide establishment of trading platforms, exchanges, and online brokerages. Recently, El Salvador became the first country in the world to make bitcoin legal tender, and other countries are likely to follow suit. With incredibly low fees, you can easily trade bitcoin for cash or other assets (even gold!) instantly. The high liquidity of bitcoin makes it an excellent investment asset for many in Tanzania. Due to its high market demand, bitcoin may also be a short-term or long-term investment.

Lower inflation risk. 

Unlike fiat currencies that governments regulate, bitcoin operates in a highly decentralized format founded on blockchain technology, allowing you to have ownership and total control of your money. In addition, Bitcoin is designed so that only 21 million BTC can exist. This creates scarcity as more bitcoins are made so that each bitcoin becomes more valuable. Thus, bitcoin is immune to inflation.

Easy trading.

Bitcoin trading is minimalistic: simply buy from exchanges and place them in your wallet. Bitcoin transactions are also instant, unlike the settlement of stock trading orders, which could take days or weeks.

These, among other things, explain why Bitcoin is making waves in Tanzania. The opportunity to buy Bitcoin in Tanzania at minimal prices and rates has recently been brought to the doorsteps of all citizens.

Notwithstanding, before you buy bitcoin, it is essential to know that you need a bitcoin wallet and a trustworthy exchange platform like Yellow Card whose services are legit in Tanzania and across Africa. Nobody wants to be scammed of their hard-earned money. So, watch out!

Read Also: How To Send Money From Kenya To Tanzania With Yellow Pay

A Bitcoin Wallet

A bitcoin wallet is a digital wallet. Simply put, it is a software program that stores your bitcoins. It does not keep the money. It instead holds keys (private and public). A public key is like a PIN (only accessible to the wallet owner). At the same time, a Public key is like a Bank Account (Shareable for purposes of transactions). Since Bitcoin wallets are digital,  they can be accessed at any time and anywhere, either on mobile (mobile wallets) or on the web ( Web wallet).

Read More: Advantages of Getting Started with Crypto Today

Choosing an Exchange Platform in Tanzania

There are many cryptocurrency exchange platforms in Tanzania, but to choose where to buy bitcoin, you should choose a platform that allows you to trade bitcoin most simply and easily. For instance, you want to be able to purchase your choice of crypto with Tanzanian Shillings at the best rate, and that is what makes Yellow Card stand out.

How to buy bitcoin in Tanzania on Yellow Card

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

Sign up for your account.

You can sign up for a Yellow Card account online or by downloading the mobile app. With this, you get a free bitcoin wallet.

Fund your account with Tanzanian Shillings

After you have signed up, choose a preferred payment method to fund your account with Shillings. It could be MOMO (M-Pesa, Tigo Pesa, Airtel Money), or bank transfer (KCB, DCB, or NCBA). Once you have chosen your payment method and confirmed the amount to be deposited, your account will be instantly credited.

Buy Bitcoin

Once your account is funded, select “Buy Bitcoin” from your dashboard and enter the amount you want to buy. Confirm your order and buy it. Once this is done, your bitcoin will reflect instantly in your wallet.

Selling Bitcoin on Yellow Card.

This is as easy as buying.

1. Simply send bitcoin to your Yellow Card fiat wallet.
2. Then select the amount you want to sell.
3. Once this is done, you can withdraw your Tanzanian shillings to your Momo or any other preferred option.

The Benefits of Bitcoin in Tanzania

There are many benefits that countries such as Tanzania can get from the adoption and buying of bitcoin in the country, and they include:

Cross-Border Payments in Tanzania

Bitcoin is a form of digital currency, and digital currencies are one of the best and fastest ways of sending cross-border payments. With the adoption of Bitcoin in Tanzania, the citizens of the country can easily send money from one country to another. 

When there is an increase in cross-border payments, it also leads to an increase in remittances as citizens of Tanzania living in other countries can easily send money back to Tanzania in the form of bitcoin. 

Financial Inclusion for Unbanked Areas in Tanzania

One of the advantages of Tanzania using bitcoin is that it ensures financial inclusivity and accessibility for those who didn't have access to global financial services. 

The use of bitcoin in Tanzania will allow people, including those who are living in villages, to send and receive money and make payments without having to enter a bank. 

Conclusion

You can use your bitcoin for daily transactions with companies and enterprises that accept Bitcoin payments. With Yellow Card, you can send some bitcoin to friends and relatives free of charge. All you need is their email or Yellow Card Account Mobile number. Besides, you can store the bitcoin in your wallet for future exchanges or transactions. Whatever you choose with your bitcoin, remember that Yellow Card is driven by its mission to bring financial inclusion to everyone and everywhere.

Buy Bitcoin Easily in Tanzania Today