Bitcoin is the most popular cryptocurrency in the world right now. There are many people who are interested in Bitcoin in Tanzania but they don’t know the safest places to buy and sell bitcoin. In this article, we will to help you know where you can buy bitcoin in Tanzania or how to sell bitcoin in Tanzania.
Interesting Facts
» Bitcoin is a decentralised cryptocurrency without a central bank or single administrator that can be sent from user to user on the Bitcoin network without the need for intermediaries.
» Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009.
» Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
How Bitcoin Works
- Being a digital currency, bitcoin is stored in a digital wallet on your computer or smartphone. Apart from a digital wallet, you can also use a bitcoin hardware wallet or a paper wallet.
- Bitcoin transactions are recorded in a secure public ledger called the Blockchain.
What You Need Before You Buy or Sell Bitcoin in Tanzania
To perform Bitcoin transactions, you need a bitcoin wallet in Tanzania. Buying and selling of bitcoin takes place on a Bitcoin exchange, or P2P market place where a person buys directly from the seller.
Things to Consider Before You Buy or Sell Bitcoin in Tanzania
Before buying or selling bitcoin, you need to choose a crypto exchange. Conduct enough research to make sure that the exchange is legit. You also need to compare fees from different exchanges so that you opt for an exchange that has lower transaction fees. If you don’t have a bitcoin wallet, find out if the exchange you want to use recommends specific wallets. You need to pay for the Bitcoin using different methods as as bank transfer, credit/debit card or even mobile money such as M-Pesa. Make sure the exchange you choose accepts your preferred method of payment.
Bitcoin Exchange in Tanzania
BitPesa
Headquartered in Nairobi, Kenya, BitPesa, a digital foreign exchange and payment platform, operates a bitcoin exchange for buyers and sellers.
KuBitx
KuBitx is another Kenyan Bitcoin exchange. Apart from dealing in Bitcoin and other cryptocurrencies, it has it own native token called KubitCoin (KBX).
Remitano
You may also choose to go with a Seychelles-based company called Remitano. It provides escrowed P2P Bitcoin marketplace where people buy and sell bitcoin in Tanzania.
Totalcoin
A new entrant in the market is Totalcoin, Estonia based Bitcoin exchange firm operating in several East African countries including Tanzania.
Paxful
Paxful is one of the popular exchange that you can use to buy or sell Bitcoin in Tanzania. Payment methods on this platform include Western Union, Amazon Gift Card, iTunes Gift Card, credit/debit card, and bank transfer.
Coindirect
Coindirect is one the easiest and fastest way to buy and sell bitcoin in Tanzania in a single wallet.The platform accepts over 40 cryptocurrencies.
Localbitcoin
Finally, if you intend to buy or sell Bitcoin directly without using an exchange, you can use LocalBitcoins, a peer-to-peer marketplace that connects bitcoin buyers and sellers in Tanzania.
Bitcoin wallet in Tanzania
Most Bitcoin wallets will be fine in Tanzania. You don’t need to use a specific Tanzanian wallet provider. Good options are:
- BlueWallet for Android, iOS and Mac
- Muun Wallet for Android and iOS
- Green Wallet for Android, iOS and Mac
- Trezor wallet if you want a hardware wallet
Conclusion
To get into the world of cryptocurrencies in Tanzania, particularly bitcoin, you should explore the bitcoin exchanges listed here for buying and selling bitcoin. To secure your funds, make sure you conduct due diligence and compare fees, payment methods, transaction limits, etc.