Category: Cryptocurrencies

“Corn”, what is it? Why does bitcoin sounds like bit- corn? You might have heard bitcoin referred to as “corn” previously as you learn more about bitcoin memes and culture. Perhaps you’ve heard the expressions shill the corn or don’t short the corn.

A corn emoji may also be seen in certain profile photographs on social media sites. In this case, corn simply refers to bitcoin.

Almost certainly, yes. The punchline is about 90% there. The joke’s genesis is only marginally amusing, but the majority of its humor comes from the simple fact that corn sounds like money. This makes it a sort of inside joke that bitcoiners may share with one another.

The Corn’s Origin in Bitcoin

Bit-accidental corn’s beginnings and widespread adoption by the bitcoin community are characteristics of the finest memes. Mark T. Williams, a professor at Boston University, spoke on what he saw as the “risks” associated with bitcoin, including that it is too volatile, ownership is too concentrated, and it is too scarce, in a public meeting for small companies in 2014 to examine the advantages and disadvantages of bitcoin.

The first two arguments are well-known FUD (fear, uncertainty, and doubt), and I’m not sure I fully get how scarcity driving demand is a bad thing. It might be challenging to recognize the “corn”  allusion.

Bitcoin is often pronounce as bit-corn in some sense if you pay close attention. There are other names for bitcoin than corn because bitcoiners like straightforward, amusing language.

Some has already heard the expression “orange coin good,” which is a play on the meme “orange man bad,” a response to the knee-jerk reactions of loathing anything Donald Trump did throughout his administration from 2016 to 2020, referring to Trump’s infamous artificial tan skin tone. Has Trump taken any action? “Orange man terrible!” is yelled by everyone simultaneously.

Bitcorn in Depth Review

I looked through several articles and found two conversational themes. The more fundamental question was how this works and why anyone would desire a bitcoin in the first place.

One simple answer is it appears like bitcoin is a rather safe and affordable method of doing business. Joe instructs Bill’s wallet to receive a bitcoin payment from his digital wallet in order to purchase Bill’s automobile.

The money Bill gets is immediate and is examined by an open source network of servers that will be paid a nominal fee by Joe, the sender of the payment, to ensure that it is free of any other claims.

The topic of bitcoin’s political appeal is discussed in the second conversational thread. Bitcoin is viewed as a heroic revolution by people who think that governments and banks are the evil guys, ushering in a new era of markets without the need for either.

I want to make four important issues clear so that no one gets carried away with grandiose ideas about how bitcoin or other digital clones may transform the world.

Understanding Bitcoin and Bitcorn

If the seller accepts bitcoin, converting bitcoin can be a reasonably secure, affordable option for people conducting little or modest-sized transactions.

The number of businesses now taking bitcoin payments is small, but it is expanding as the currency gains acceptance. Bitcoin does compete with other payment options.

Bitcoin by itself is not yet suitable for use in large-scale transactions. The exchange of narcotics for the bag of cash is when things go awry, as everyone who has ever seen a poor drug sale in a movie knows.

To ensure that both sides of a large bitcoin exchange between strangers operate as intended, some sort of third-party control is required.

The above discussion is still in its early stages, so I would appreciate any feedback from readers who have other perspectives. But as best as I can tell, this binary electrical power glutton lacks the fundamental element that crucial business dealings between strangers require: a framework of confidence, both for the worth of the money involved and the sincerity of the trade.

Conclusion

Currently, bitcoin is an exciting speculative investment that costs over $9,000 but may also have some major hidden problems. Old-timers are aware that value and price are not the same thing, and that there are other competing digital currencies on the horizon.

Bitcoin is not the world’s next major reserve currency or the realization of an ideal world. That common tiny penny won’t seem as adorable in a few years as utility costs increase and people begin to understand why.

Given that the cryptocurrency market is one of the most valuable in the current global economy, it stands to reason that the majority of people desire to hold some cryptocurrency. Investing is one method to achieve this, but doing so needs a substantial initial money outlay.

Using computer power to protect the Bitcoin network is a process known as “mine,” which you may have heard about. New bitcoins are given to miners as payment for their services. Is it feasible to mine using an app on a mobile phone since smartphones are also computers? And does it make money?

Although mining cryptocurrencies on a phone can seem like a simple procedure, you must be very careful to protect your device’s security and privacy. Along with that, there are other concerns like whether mining bitcoin on your phone is actually a smart idea and which programs are the most dependable for doing so.

In this post, we’ll assist you in determining if you should engage in mobile cryptocurrency mining by providing answers to all of your questions, explaining all of the relevant details, and guiding you toward a decision.

How to Use a Phone to Mine Cryptocurrency

A mining app is the only method to utilize your smartphone to start mining bitcoin. These mining applications enroll you in mining pools, or teams of other miners, who employ the hardware in your smartphone to produce a certain amount of hashrate while mining cryptocurrencies.

You’ll eventually produce enough bitcoin that you can exchange for fiat money and make money.

Identifying Cryptocurrency Mining Apps for Mobile

Apps for crypto mining have long been prohibited from the Google Playstore and Apple’s App Store. The major cause of this is that they place a ton of strain on the processors in your phone, which can cause battery loss, battery bloating, overheating, and latency problems.

The first important thing you need to know is that you cannot download (legal) mining programs from the app store on your smartphone. We will go into more depth about this later. You must either ask a friend to share a crypto mining program with you or download them off the internet, which is incredibly hazardous.

Utilizing Apps for Phone Cryptocurrency Mining

All you have to do to begin mining the cryptocurrency you choose is sign into the app after downloading it, look for a mining pool to join, and join.

Even though it may take a while, you will eventually obtain a significant quantity of your preferred cryptocurrency, which you can then exchange for actual money via the app.

We do not, however, advise mining on a phone for a number of reasons. In the part after this, let’s get into more depth about them.

Is using your phone to mine cryptocurrencies a wise idea?

Actually, mining cryptocurrencies on your phone is not a smart idea. First off, malware is presently most frequently downloaded into smartphones through cryptocurrency mining apps.

These applications can steal your personal data, location, and other personal information if they have unrestricted access to your phone, which poses a serious risk to your security and privacy.

The majority of the profits generated by these cryptocurrency mining applications go to the app developers rather than the users that install them.

Recent research indicates that over the past several years, criminals have targeted different social sites in order to mine cryptocurrencies.

The performance of your phone is substantially hampered by these apps, which is the third and most crucial factor. When using your phone, there will be a lot of latency. Additionally, you would have a substantially poorer time playing games and consuming media.

How lucrative is cryptocurrency mining on your phone?

The hard truth about cryptocurrency mining is that it is only profitable when done on high-end and powerful rigs, such as an ASIC mining rig that is made specifically for mining Bitcoin or a gaming PC where you can use the PC’s potent GPU to mine the majority of PoW (proof of work) cryptocurrencies available.

Sadly, using a phone to mine cryptocurrency is a bad idea since the returns won’t be enough to compensate for the time, power, and performance costs involved. In reality, it would take decades before you could mine bitcoin with significant value on a contemporary flagship phone.

How to Properly Store Your Mined Crypto on Your Phone

Cryptocurrency storage is necessary in addition to mining it if you want to keep it for the long run. My top-ranked cryptocurrency exchanges, CoinSmart and VirgoCX, both of which include bank-level security technologies, are where you should store your cryptocurrency if you want to keep it secure.

Conclusion

Despite the fact that mining cryptocurrencies on a smartphone isn’t very challenging, there are a lot of hazards involved. We don’t advise it as a wonderful approach to make money with cryptocurrencies because the profitability isn’t as high as you may imagine.

Over the years, the crypto industry has grown very much and this has attracted the attention of both crypto investors and cybercriminals who want to get into the wallets of crypto enthusiasts. With the advancement of hacking technologies, cybercriminals now have many methods of accessing the wallet of individuals.

With the right steps and procedures, you can prevent cybercriminals from hacking into your wallet. To prevent hackers from accessing your crypto portfolio, you have to learn how wallet security can be compromised. Here are some of the crypto security best practices to prevent hackers from having access to your crypto wallet.

1. Make Use Of Multiple Wallets:

Don’t put all your cryptocurrencies in one wallet, for instance, you should have a wallet where you store airdrops, where you make daily transactions and the one where your main portfolio is stored. When it comes to how to protect your crypto wallet, this is one of the best ways to reduce the impact of any hacking activity on your crypto wallet. Even your cryptocurrency investments should be spread across multiple wallets to prevent huge losses.

2. Use a Secure Internet Connection:

For questions like “can your crypto wallet be hacked?”, making use of a public Wi-Fi or unsecured internet is one of the ways you can give a hacker access to your device. While trading online or making use of your crypto wallet, use a secured internet and you can make use of a VPN for maximum security. The work of a VPN is to make sure that your browsing activities are kept safe from hackers and it helps to change your IP address and location.

3. Change Your Passwords Regularly:

When you are known to have a particular password in many different places or sites, it may become very easy for hackers to guess your password and access your crypto wallet. Changing your password regularly and having different/complex passwords is one of the answers to “how to protect your crypto wallet”. Also, make use of two-factor authentication (2FA) that is available on your wallet or device to ensure maximum protection from hackers. To ensure you don’t repeat passwords, you could get an online password manager that can always generate very strong passwords for you.

4. Beware of Phishing:

Phishing is another way hackers get access to individuals’ crypto wallets and steal their cryptocurrencies. Beware of malicious advertisements and emails you click on as hackers make use of this to defraud unsuspecting individuals of their cryptocurrencies. Hackers create an email or an ad that looks like that of the original crypto company and then lead individuals into inputting their security keys and other vital information.

5. Secure Your Local Device:

When your device, which may be a PC or mobile device, is not secured, someone can easily access your crypto wallet and transfer your cryptocurrencies to another one. Also, have firewalls and anti-virus installed on your device to prevent malware or cyber attack. If your device has a fingerprint or face detector feature, then enable them to ensure maximum security.

6. Make Use Of a Cold Wallet:

There are two methods you can make use of to store your cryptocurrencies this includes a hot wallet and a cold wallet for cryptocurrency. There is almost zero possibility of a hacker getting into your portfolio when you make use of a cold wallet. Even exchanges such as the Japanese exchange BITpoint confirmed in 2019 that when they had a cyber-attack, their cold wallet was not affected. Cold wallets for cryptocurrency are encrypted and this secures your secret keys, making it impossible for anyone to have access except you.

How Wallet Security Is Compromised

Learning how wallet security is compromised will help you to deploy some of the crypto security best practices to prevent hackers from getting into your wallet. Here are some of the ways the security of your crypto wallet can be compromised to enable hackers to gain access:

● Phishing:

Phishing is one of the popular ways hackers can get into your wallet and it is very effective once an individual falls for it. Hackers create sites and emails that look exactly like the original ones and make use of it to defraud unsuspecting individuals of their investments by making them input vital security information. Always check the site that you are visiting to make sure that you are in the right place. For instance, https://yellowcard.com is not the official site of Yellow Card, rather it is https://yellowcard.io. Also, make sure that the site has an SSL certificate (padlock sign at top left) to ensure that all the details you input are encrypted.

● Malware:

Although this is one of the oldest hacking methods, it is still effective if allowed to thrive. Hackers infect the device of an individual with keyloggers which helps them to keep tabs on the passwords and PINs that the individual input on their device. For persons asking “can your crypto wallet be hacked by malware?”, yes it can as hackers also make use of cross-scripting to steal sensitive details from people by redirecting them to another Web page.

● Compromised SMS Verification:

With the use of wiretapping or cloning the SIM-Card, hackers can intercept the 2FA verification process and make use of them to access your crypto wallet. Increasing the security on your device and making sure you are not using a public WiFi will prevent hackers from intercepting a 2FA verification process.

● Stealing Secret Keys:

Once someone has the secret keys to your crypto wallet, it is very easy for them to have access to your wallet. Both your private and public keys should be secured and should only be known by you to prevent unauthorized access. Avoid any crypto-related transactions that require you to show your crypto secret keys to another person as this can only be scandalous.

Conclusion

Right from the inception of the crypto industry, cybercriminals have always looked for a way to access individuals’ crypto wallets and steal from them. Knowing how your crypto wallet can be compromised such as by Phishing, stealing secret keys, and compromised SMS verification, will help you secure your wallet better. Making use of a cold wallet, having a difficult and complex password, and making use of a secured internet connection are some of the ways you can protect your crypto wallet from hackers.

Are you undecided on which crypto wallet to use in 2022 to safeguard your assets? If you’re a serious trader with a good trading goal.

This article will help you achieve your financial independence as early as possible. When looking for the appropriate wallet for all of your requirements, it’s wise to watch for critical characteristics such as if they meet all of the security requirements, Is their interface appealing, and so on. In this guide, we have selected some of the best wallets in 2022 for you.

Trezor Model One

It’s a bit physical box that doubles as a crypto wallet, storing over 1,800 digital currencies and over 500 different currencies.

The Trezor Model One is known for its security thus making it an ideal wallet for those who wish to keep their cryptos for an extended period.

The Trezor Model One is easy to set up since the software interface is simple and easy to browse among the many blockchains. To access all of your digital assets saved in this tool, you must enter a highly secret Pin, ensuring the protection of all your assets.

Exodus

Exodus is the most visually appealing cryptocurrency wallet, particularly for people who are just starting with cryptocurrencies.

It should be noted that Exodus distinguishes out from the pack owing to its distinctive interface. It’s compatible with all major operating systems, including Windows, macOS, Android, and iOS.

Another essential feature of the wallet is that it makes it simple to keep money and trade on the platform, even if security features are ignored.

Exodus may be used in conjunction with a physical wallet.

Coinbase wallet

If you were unsure about the Exodus wallet, you wouldn’t have to worry about the Coinbase Wallet since it is fully functional.

It supports over 4,000 currencies and has over 500,000 users who entrust their money to 2FA (two-factor authentication) technology. It is accessible as an Android and iOS app and a Chrome extension; hence, getting started takes just a few minutes, and money transfers are fast and straightforward.

Trust Wallet

Since 2018, Trust Wallet has been a software wallet connected to Binance. The benefit of being a part of a Binance is that you never have to worry about security while using this program.

Trust Wallet is one of the most secure options available and one of the most user-friendly. The software entices us with its complete security, which includes a mix of perfect anonymity and multi-factor verifications, as well as the fact that you can’t capture screenshots on it.

The wallet also supports over 33 different cryptocurrency blockchains, making it the most adaptable software for safely storing your funds.

Coinomi

The Coinomi app started as an open-source project in 2014, and It bent backwards for both professionals and amateurs. The crew boasts of immaculate security, and the corporation has yet to experience any severe financial thefts.

For its flexibility and simplicity of use on Windows and macOS, this wallet is one of the most popular worldwide. In the event of a problem, customer assistance is also reasonable. Coinomi may be used for various functions, including storing, trading, and purchasing coins and tokens.

The program, as well as the application, are both completely free. Coinomi is no longer open source as of 2022.

MetaMask wallet

MetaMask is a standard for software wallets, despite being primarily a wallet for the Ethereum network and ERC-20 tokens.

This non-custodial wallet, which will attract over 20 million users in 2021, provides a wide range of decentralized application alternatives. It is ideal for specialists, but newcomers to cryptocurrency may struggle to find their way around.

Passwords, biometric fingerprints, PIN codes, and recovery phrases are just a few of the layers of protection that the program employs to demonstrate its seriousness. Above all, MetaMask excels at its principal task: trading and storing ethers and other Ethereum-based tokens.

The website also allows users to investigate the plethora of decentralized apps that have emerged as significant actors in the industry, such as the NFT auction site OpenSea.

MyEtherWallet

MyEtherWallet allows you to store just ETH and ERC-20 tokens on software. The software has 1.3 million active users and has been functioning with a high degree of security since 2015.

It’s simple to use and enjoyable to use. This wallet offers all its features in a user-friendly and secure application, with password recovery options of 12 or 24 words and two-factor authentication. MyEtherWallet cautions against utilizing their program and instead suggests the MEW application, a safer alternative.

Conclusion

A crypto wallet is a valuable tool for securely keeping your cryptocurrencies. In a few minutes, all of the crypto wallets in our comparison enable you to hold, swap, purchase, and send cryptocurrencies.

Unlike an exchange site, you do not need to submit any personal information such as your name, e-mail address, or address; instead, you must create a grouping phrase of 12 or 24 random syllables that you must keep safe from winds and storms – since losing this phrase would mean losing your money from the listed crypto wallets in this guide.

Rapid advancement in Financial Technology has led to the creation of digital currencies, the most popular being Bitcoins. From its inception, the world of cryptocurrencies is known for its extreme volatility and its attractiveness to speculators. However, Stablecoins are a newer breed of crypto coins that are gaining popularity as they aim to tackle the problem of cryptocurrency volatility.

What are Stablecoins?

Stablecoins are a type of cryptocurrency linked to an asset like the U.S. dollar that doesn’t change much in value. It was introduced in 2014 with Tether and presently, the list of Stablecoins is wide and varied, amongst which we have the DAI, USD Coin, True USD, Digix Gold, Havven’s Nomin, Paxos Standard, and Binance USD.

The majority of stablecoins that currently exist use the dollar as their benchmark asset, but many are also pegged to other fiat currencies issued by governments like the Euro and Yen.

As a result, the price of stablecoins fluctuates very little, unlike high-profile cryptocurrencies like Bitcoin and Ethereum that are prone to sudden ups and downs. Originally, stablecoins were primarily used to buy other cryptocurrencies, like bitcoin, because many cryptocurrency exchanges didn’t allow fiat funding. 

What is Tether (USDT)?

Tether is a blockchain-based cryptocurrency whose crypto coins in circulation are backed by an equivalent amount of traditional fiat currencies, like the Dollar, the Euro, or the Japanese Yen, which are held in a designated bank account.

Tether trade under the USDT symbol. It was specifically designed to build the necessary bridge between fiat currencies and cryptocurrencies and offer stability, transparency, and minimal transaction charges to users. It is pegged against the U.S. dollar and maintains a 1:1 ratio with the U.S. dollar in terms of value

Key Notes about Tether

• Tether (USDT) is a stablecoin, a type of cryptocurrency which aims to keep cryptocurrency valuations stable.
• USDT is used by crypto investors who want to avoid the extreme volatility of other cryptocurrencies while keeping value within the crypto market.
• USDT remains a major source of liquidity for the cryptocurrency market.
• USDT offers minimal transaction charges to users.

Why is USDT useful?

Tether is useful for crypto investors because it offers a way to avoid the extreme volatility of other cryptocurrencies.

Transaction cost: Having USDT (as opposed to the U.S. dollar, Euro or Yen) removes transaction costs and delays that impair trade execution within the crypto market.

Safe Haven Asset: Stablecoins have a value that is designed to be stable over any period. This feature makes stablecoins an ideal safe haven asset because, unlike cryptocurrencies like Bitcoin that can fluctuate dramatically in price every day, an individual using stablecoins to store value see no risk of loss, especially because they have full custody of their asset.

Remittance: Cross-border payments and remittances are very real problems that overseas workers face when trying to send money home. Sending money internationally comes with high fees. For example, most migrant workers in Asia send home approximately $200 monthly, but they must pay $12 in international transfer fees–half a day’s wages gone for many.

Thankfully, Yellow Card offers Ghanaians a safe platform to trade USDT with GHS at the best rates. Even better, USDT on Yellow Card is available on the Tron network (TRC-20) which offers cheaper network fees to transfer your USDT between wallets.

How Do I Buy USDT in Ghana on Yellow Card?

To buy USDT on Yellow Card, follow these steps:

1. Sign up for a Yellow Card account
2. Fund your wallet with GHS. You can add money to your wallet using mobile money:

• Tap on Deposit
• Tap on Mobile Money 
• Entire the desired amount you want to deposit
• Confirm with your phone number and choose your network provider
• Tap continue then confirm.

Buy USDT on the TRON network. Just follow the steps below:

• Sign up for a Yellow Card account
• Tap on USDT
• Tap on Trade
• Tap on Buy
• Enter your desired amount
• Tap continue then confirm.

How Do I sell USDT in Ghana on Yellow Card?

You can also sell USDT on Yellow Card. Log in to your account and follow these steps:

1. Tap on USDT
2. Tap on Trade
3. Tap on sell
4. Enter your desired amount
5. Tap continue
6. Tap confirm

Once you have sold your USDT, you can easily withdraw to your Momo.

Conclusion

It is safe to say that Ghanaians and foreigners residing in Ghana can stay in the cryptocurrency space by using USDT. It is now possible to escape the volatility of other cryptocurrencies and protect your finances against inflation resulting from the ravages of the health crisis. 

Start trading USDT

The first two decades of the 21st century have known continuous and considerable advancements of technology in diverse fields. Recently, as far as the domain of finance is concerned, the technologies have developed a system which makes finance open to anyone for use, rather than going through third parties like banks or forex.

The network developed, permitting such transactions are called Decentralised Finance, also known as DeFi. Unlike the traditional finance system which is Centralised; controlled by the government, through the Central Bank System, DeFi which operates on a blockchain, makes it possible for users of the system to interact on a one-to-one basis (P2P) with a software-based interface rather than a physical and moral institution facilitating a transaction.

Cryptocurrencies like bitcoin, Ethereum and Tether USDT amongst others use the Decentralised Finance system for transactions. As such, users of these currencies are able to manage their finances without any fear or inconvenience from a third party. Thus, in this article we will look at Centralised Vs Decentralised finance in Ghana and DeFi as an opportunity to boost Ghana’s economy.

Centralised vs Decentralised finance

The Bank of Ghana and the Ghanaian Ministry of Finance, responsible for finance management in Ghana, operate on a centralised system.

Amongst other responsibilities, both institutions define the monetary policy framework of Ghana, its supervision and regulation as well as the payment systems used for national and international transactions. As recently as May 2020, Ghana became the first country to launch a digital financial services (DFS) policy.

It is noted that over 19 million adults have 14.5 million active Mobile Money accounts in Ghana. As a result, Ghana’s efforts to boost its economy include measures aimed at promoting the use of Digital Financial Services (DFS).

However, the Digital Financial Service which is part of the Central Bank Digital Currency (CBDC) should not be mistaken for platforms offering digital currency services like bitcoin.

Due to the centralised system on which the Bank of Ghana operates, it is difficult to circumvent situations of inflation which often are a consequence of economic regression.

With the advent of Decentralised Finance, both the unbanked and underbanked population can benefit from financial services which permit them to be in total control of their finances. In effect, DeFi positions itself as a path of financial inclusion for Ghanaians from all walks of life.

DeFi as an opportunity for Ghana’s economy

Relief for unbanked population

The state of the Ghanaian financial system is highly centralised with the majority of the population being unbanked. Small and Medium sized business entrepreneurs claim to be excluded from the financial system with regards to their unbanked status.

Entrepreneurs who are banked rely on high-cost financing such as credit facility services offered by the banks. The direct consequence is slow economic growth, given the high interest rates that banks request from loans. In such a situation, Decentralised Finance comes to relieve the frustrations that result from the traditional finance system.

It is worth noting again that Decentralized Finance is a peer to peer system that is not controlled by any centralized institution, like a bank. You deal with your peers through a software interface in a secure environment enabled with blockchain technology.

Solution to limited bank access

As it is the case with most African countries, the majority of the population in Ghana does not have access to formal financial services. The lack of bank accounts reduces the chances for obtaining loans for entrepreneurial projects.

DeFi protocols enable for the first time to borrow or lend money on a large scale between unknown participants and without any intermediaries. Those applications bring lenders and borrowers together and set interest rates automatically in accordance with supply and demand.

Promotion of financial transparency

DeFi also makes financial transactions more transparent. By eliminating third parties like banks, many transactions are completed through a decentralized network. Ethereum is the most commonly used platform today, but other platforms could work too.

Consequently, business owners in Ghana will be able to process rapid transactions at very limited cost, without any waste of time. It is noted that an economy that experiences the fast and fluid movement of money grows exponentially. DeFi is therefore the right opportunity to cease.

Bridge of financial gaps

Ghana’s economy stands to gain a lot and experience a boom if its citizens start making use of DeFi. Let’s for instance, consider an economy in which all adult citizens have the financial resources needed to boost their commercial or entrepreneurial activity on a daily basis.

It is obvious that the implication will be a higher purchasing power of citizens leading to higher standards of living. In other words, DeFi could bridge the wide and long existing gap between the rich and the poor in the Ghanaian economy. Thereby reducing poverty, empowering citizens and promoting entrepreneurship to give way to a more peaceful society.

Conclusion

In summary, DeFi may have the potential to reduce economic inequality thereby giving more Ghanaians access to the best financial investments, while eliminating the boundaries in finance and equalizing the opportunity structure and access to investments.

The Ghanaian economy is open to many Cryptocurrency companies that promote Decentralised Finance like Yellow Card which gives citizens the opportunity to buy and sell bitcoin at minimal prices and rates. You can use your bitcoin for daily transactions with companies and enterprises that accept payment in bitcoin. Moreover, you may also want to send some bitcoin to friends and relatives who have Yellow Card accounts free of charge.

All they need is their Yellow Card Account email or mobile number. Yellow Card through its DeFi model is aimed at bringing financial inclusion for everyone, everywhere in Ghana.

Get Started with Bitcoin

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 it is virtual rather than paper and coin-based.

The cryptocurrency allows us to send money from one part of the world to another in a secure and instantaneous manner 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 for the best results, we recommend Mybitstore Wallet and other cryptocurrency wallets.

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 in Ghana?

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.

One app we definitely recommend to buy Bitcoin and sell Bitcoin using Peer-to-Peer trading,(P2P), Over The Counter (OTC) for Bitcoin, OTC for USDT (Tether) and exchange Gift Cards, is Mybitstore.

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 (download now) 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 the 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.