Bitcoin keeps growing in popularity and usage since it was first introduced globally in 2009. In this article, we will show you how to safely buy bitcoin and other cryptocurrencies in Ethiopia.
Based on the Ethiopian cryptocurrency regulation report, crypto activities have a safety rank of 0.8/10. Ethiopia ranks 236 out of 249 countries in the safety rank. There are no exchange offices for Bitcoin in Ethiopia.
Is bitcoin legal in Ethiopia? Bitcoin is not recognized as legal tender by the Ethiopian government and the central bank does not regulate bitcoin transactions.
How to Use Bitcoin in Ethiopia
Though I first heard about Bitcoin in 2015, I was hesitant. I understood the necessity of it after I traveled to some countries, where ATMs can give you conventional currencies for Bitcoin. After I first bought Bitcoin, many things changed. Now I can buy from Amazon. I pay in Bitcoin, then Fedex or DHL can deliver to me. I can import a Toyota Vitz for between ETB340,000 to ETB345,000 and rent it for ETB300 a day. However, I earn ETB400 to ETB460 profit a day from Bitcoin. – says Shiferaw Tamirat, a car importer based in Addis Ababa.
How to Buy Bitcoin in Ethiopia
In order to buy cryptocurrency in Ethiopia, you need a cryptocurrency wallet in Ethiopia and a bitcoin exchange in Ethiopia.
Once you have a wallet and selected an exchange, you can use several payment methods to make payment for the Bitcoin you wish to buy. Among them are the traditional payment methods such as bank transfers and debit cards. However, the availability of the payment methods depends on the exchange you are going to use.
Bitcoin Exchange in Ethiopia
One of the best ways you can buy cryptocurrency in Ethiopia is through the cryptocurrency exchange platform Paxful. Paxful has several payment methods that you can use to buy cryptocurrency in Ethiopia. Some of supported payment methods for Paxful in Ethiopia are bank transfers, gift cards, PayPal, Skrill, Western Union, Moneygram and credit/debit cards.
Another good option for buying bitcoin in Ethiopia is LocalBitcoins. With Localbitcoins platform, you can buy bitcoin using a bank transfer or cash.
Binance is one of the biggest cryptocurrency exchanges in the world. Anyone interested in cryptocurrency in Ethiopia can buy supported cryptos on the platform. The exchange has many supported payment methods including bank transfer, credit card, debit card, PayPal, etc.
Kraken is an American crypto exchange. It is a trusted platform for buying a number of cryptocurrencies in Ethiopia. You can easily buy bitcoin using your local currency. It supports many payment options including bank transfer and debit card.
SpectroCoin is a cryptocurrency exchange founded by the team behind Bankera, a blockchain based banking service. You can buy over 50 cryptocurrencies including bitcoin on the platform. Moreover, you can use your cryptocurrency as collateral for a loan.
Price of Bitcoin in Ethiopia
You may wonder what determines the price of Bitcoin; many factors affect their prices. The main one is demand and supply. When demand increases, the price increases as well and when demand falls, the price falls. Other factors include momentum caused by growing interest, regulations of Bitcoin in a country and also Bitcoin price predictions by analysts.
Before buying crypto in Ethiopia, make sure you have familiarised yourself with the free structure of the cryptocurrency exchange you intend to use.
Final Thoughts on Cryptocurrency in Ethiopia
Cryptocurrency trading in Ethiopia is not regulated by the government, therefore traders must be extra careful to prevent themselves from possible scams. Nevertheless, people are making billions from the trade and investment in Bitcoin and therefore, you too can be one of them. All you need is due diligence while making any transactions.