Bitcoin and cryptocurrencies, in general, have become one of the most talked-about financial subjects; a growing number of Ghanaians are interested in purchasing Bitcoin via Mobile Money, also known as Momo.
This post will show you how to buy Bitcoin in Ghana using MTN Mobile Money, Vodafone Cash, and AirtelTigoCash.
What is Bitcoin?
Bitcoin is a currency similar to the Ghana Cedi (GHS), albeit virtual rather than paper and coin-based.
Cryptocurrency allows us to send money from one part of the world to another securely and instantaneously with very low fees.
What is the best Bitcoin Wallet?
Before buying Bitcoin with mobile money, you need a Bitcoin Wallet.
You can use different Bitcoin wallets, but we recommend Mybitstore Wallet and other cryptocurrency wallets for the best results.
You’ll need to put money into your mobile cash wallet. After that, you’ll need to locate a Ghanaian bitcoin exchange that accepts mobile money.
What is the best way to buy bitcoin with mobile money?
Because there are so many bitcoin exchanges in Ghana that allow you to buy bitcoin using mobile money, you must examine the platform’s ease, speed, and exchange fees before deciding on one.
After signing up to Mybitstore, you may use these instructions to buy Bitcoin, sell Bitcoin, and exchange Gift Cards for Bitcoin.
For the purpose of this article, the MYBITSTORE app will be used to explain the following processes.
How to send Bitcoin to a Bitcoin Wallet
- Click on the wallet button
- Select send to proceed
- You can copy and paste the address or click on the scan icon in the left corner.
- If you choose to scan, you can scan the address, enter the Amount you want to send
- Click on withdraw funds to complete payment.
How to send mobile money to a Bitcoin Wallet
- Click on wallet button
- Select SEND to proceed
- Make sure Mobile Money is selected
- Select Network provider and enter Momo number and Amount
- Click withdraw funds and follow prompt to complete payment
How to Sell Bitcoin from your Bitcoin Wallet
- First, deposit Bitcoin into your Mybitstore wallet
- Click on ‘Market place’ then the sell button
- Select the type of Cryptocurrency you want to sell
- Choose your preferred payment method
- Select the currency and enter an amount
- Click on ‘Show Offers’ and select an offer to initiate trade
- You can either request the buyer’s trade amount or sell your own Amount
- A chat interface will be opened between the seller and buyer to negotiate and accept trade terms before they proceed with payment
- A message is sent to the SELLER to alert that Bitcoin is withdrawn, to an escrow and payment will be made by the buyer.
- A message will be sent to the buyer to request payment
- After making the payment, the buyer clicks on the ‘I have paid’ button to alert the seller.
- An alert is then sent to “Seller’ to modify the payment has been made by the buyer
- The ‘Seller’ clicks on the payment button to release Bitcoin to the buyer
- A success message is sent to both the buyer and seller to confirm that the Bitcoin transaction was successful.
How to receive bitcoin to your Bitcoin Wallet
- First click on wallet button
- Click on RECEIVE button to generate Bitcoin address
- You can screenshot the barcode or copy the Bitcoin address and share it with the Bitcoin sender
How to receive mobile money on your Bitcoin Wallet
- To receive Mobile Money, click on the Mobile Money button
- Select the network provider
- Enter the Mobile Money number
- Enter an amount and click the ‘Deposit Funds’ to proceed
- Follow Mobile Money prompts to complete payment
How to convert Bitcoin to mobile money on your Bitcoin Wallet
- At the Wallet, click on ‘Convert’ button to proceed
- Choose Bitcoin to convert
- Enter the Amount you want to convert and click preview
Finally, click on the ‘Convert Button’ to complete the process
How to covert mobile money to Bitcoin
- At the Wallet, click on the ‘convert’ button to proceed
- Choose Mobile Money to convert
- Enter the Amount you want to convert and select preview
Finally, click on the Convert Button to complete the process
How to buy Bitcoin/ Sell Bitcoin Using Peer To Peer Trading (P2P)
- First click on ‘Marketplace’ button
- Select the type of Cryptocurrency you want to buy
- Enter buying amount and choose your preferred payment method
- Click on the ‘Show Offers’ and select an offer to initiate a trade
- You can either request the SELLER’S Trade amount or buy your own Amount
- Enter your own Amount in the ‘Purchasing Amount’ field
- A chat interface will be opened between the buyer and the seller to negotiate and accept trade terms before they proceed with payment
- A message is sent to the SELLER to alert that bitcoin is withdrawn into escrow and payment will be made by the buyer
- A message will be sent to the BUYER to request payment
- After making the payment, BUYER clicks on the ‘I have paid’ button to alert the SELLER
- An alert is sent to the SELLER to notify that payment has been made by the BUYER
- The SELLER clicks on the ‘payment’ button to release Bitcoin to the BUYER
- A success message is sent to both the BUYER and the SELLER to confirm that the Bitcoin transaction was successful
Note that you are allowed to raise a dispute in case of a trade misunderstanding and, a Mybitstore staff will be involved to investigate and settle the issue.
You also have the option to rate or leave a comment on your trade partner.
How to buy Bitcoin/ Sell Bitcoin Directly With Mybitstore
- First click on the ‘Trade’ button
- At TRADE, select the option to TRADE DIRECTLY WITH MYBITSTORE
- Select BITCOIN from the ensuing pop up
- Choose whether to buy bitcoin or sell bitcoin
- If you are buying, enter the Amount and click on the preview button for your transaction summary
- Click on START BUY TRADE Button to initiate the trade
- If selling, the seller must always deposit their Bitcoin into their Mybitstore Account before they initiate a sell transaction.
- Once a trade is initiated follow the instructions in the trade chat to complete the process
How to buy gift cards and sell gift cards by creating an offer
- Login or sign up an account on mybitstore.com
- Click on offers button to create offer
- Select bitcoin among the listed cryptocurrencies since it’s the only means of payment for gift card transactions
- Select the gift card type as payment method.
- Enter your buying or selling amount and currency.
- Enter your preferred discount.
- Click preview to show offer summary and then click create offer button to place your offer.
It is worthy to note that Mybitstore, per our observation, is always providing updates and innovations based on customer needs and global trends.
Moving forward, we hope this article has made your choice of acquiring a Bitcoin Wallet easier.