HOW TO BUY BITCOIN IN TANZANIA
BUY BITCOIN IN TANZANIA: Bitcoin is a decentralized digital currency that can be used as a means of payment and store of value without the need for intermediaries like banks or payment processors. In Tanzania, Bitcoin provides a way for people to transact online without needing a bank account or credit card. This is especially important for the large population of unbanked individuals in Tanzania who do not have access to traditional banking services. Tanzania is one of the countries where people are showing an increased interest in buying Bitcoin. We will begin to explore the very different ways people in or who find themselves in Tanzania can buy Bitcoin.
How to buy Bitcoin in Tanzania
Step 1: Choose a Bitcoin Wallet
Before you can buy Bitcoin in Tanzania, you need to have a Bitcoin wallet. A Bitcoin wallet is a software program that allows you to store, send, and receive Bitcoins. There are several types of Bitcoin wallets available, including desktop wallets, mobile wallets, and hardware wallets. Some popular Bitcoin wallets include Electrum, Exodus, and Trezor.
Step 2: Choose a Bitcoin Exchange
Once you have a Bitcoin wallet, the next step is to choose a Bitcoin exchange. A Bitcoin exchange is a platform that allows you to buy and sell Bitcoin. In Tanzania, some popular Bitcoin exchanges include Luno, Paxful, and Binance.
- Luno is a popular Bitcoin exchange that is available in Tanzania. It allows you to buy and sell Bitcoin using Tanzanian Shillings (TZS). To use Luno, you need to create an account, verify your identity, and link your bank account. Once your account is set up, you can start buying and selling Bitcoin.
- Paxful is another popular Bitcoin exchange that is available in Tanzania. It is a peer-to-peer marketplace that allows you to buy and sell Bitcoin with other users. To use Paxful, you need to create an account and verify your identity. Once your account is set up, you can start buying and selling Bitcoin.
- Binance is a global cryptocurrency exchange that is also available in Tanzania. It allows you to buy and sell Bitcoin and other cryptocurrencies. To use Binance, you need to create an account and verify your identity. Once your account is set up, you can start buying and selling Bitcoin.
Step 3: Buy Bitcoin
After you have chosen a Bitcoin exchange, the next step is to buy Bitcoin. The process of buying Bitcoin varies depending on the exchange you choose. Here is a general process for buying Bitcoin on any of the Bitcoin exchanges mentioned above:
- Log in to your Bitcoin exchange account.
- Click on the “Buy Bitcoin” or “Trade” button.
- Enter the amount of Bitcoin you want to buy.
- Choose the payment method (e.g., bank transfer, credit card, etc.).
- Follow the instructions to complete the transaction.
- Once the transaction is complete, the Bitcoin will be credited to your Bitcoin wallet.
Step 4: Secure Your Bitcoin
After you have bought Bitcoin, it is important to secure your Bitcoin. This includes storing your Bitcoin in a secure wallet and backing up your wallet. You should also use two-factor authentication (2FA) to protect your Bitcoin account.
Bitcoin offers a hedge against inflation, which has been a significant problem in Tanzania over the years. The country has experienced high inflation rates, with prices of basic goods and services skyrocketing. This has led to a decline in the purchasing power of the Tanzanian shilling, the national currency, and people have had to look for alternative ways to protect their wealth. Bitcoin’s decentralized nature and limited supply make it an attractive investment for Tanzanians looking for a store of value.
However, in February 2019, the Bank of Tanzania issued a public notice warning citizens against the use of cryptocurrencies and stating that they are not legal tender in the country. The notice also urged Tanzanians to exercise caution when dealing with digital currencies, as they pose a high risk of money laundering and terrorist financing.
Additionally, Bitcoin enables Tanzanians to send and receive money internationally with lower fees and faster transaction times compared to traditional payment methods like banks and money transfer operators. This can be especially beneficial for individuals and businesses involved in cross-border trade and transactions. People also look for seamless means like DartAfrica to exchange their Bitcoin for fiat when they’re in need of it. This is simply because it allows users to instantly exchange their Bitcoin for fiat when they need it and instantly withdraw it to their local bank accounts. This web-based platform is currently only available to Ghanaians and Nigerians, there are already plans to expand that reach to other parts of Africa. To efficiently use DartAfrica:
How to trade on Dart Africa
- Head over to their website to register in very few quick and easy steps.
- Next, log in to your account and click “Security” to create a transaction pin for authorizing withdrawals.
- Click on “Account Details” to set up your local bank account.
- Click on “Sell Coins”, and select the coin you wish to deposit. Enter the USD amount (min $20).
- Click “Sell Now” and a barcode (and wallet address) is provided for you to deposit the equivalent amount you wish to sell. Once the deposit is complete, you can monitor your transaction in the “Trades” section and after 2 block confirmations, the equivalent fiat is deposited in your account. This can be viewed on your “Dashboard”.
- Click “Withdraw funds” and enter the amount you wish to withdraw to the already set up account in step 3. Your local bank is credited instantly with no hidden charges.
Again, one (of many) potential benefits of using DartAfrica is that it offers zero transaction fees compared to other exchange platforms or traditional financial institutions. Additionally, the platform offers fast and secure transactions, as well as a user-friendly interface that is easy to navigate.
Buying Bitcoin in Tanzania is a relatively easy process. You can choose from several Bitcoin exchanges and buy Bitcoin using Tanzanian Shillings (TZS) or other payment methods. Bitcoin provides Tanzanians with an alternative to traditional financial systems and offers a way to transact and protect their wealth in a more secure and decentralized manner. However, it is important to be careful when buying Bitcoin and to choose a reputable Bitcoin exchange. Additionally, it is important to secure your Bitcoin to prevent loss or theft. It is also worth noting that the value of Bitcoin can be volatile, so it is essential to consider your financial goals and risk tolerance before investing. Additionally, it is crucial to stay up to date with news and developments in the cryptocurrency space, as they can impact the value of Bitcoin and other digital assets.