Africa continues to host a large share of the world’s non-banking population, according to a 2017 World Bank global index. Many people who do not have a bank cite the lack of formal identification as one of the main reasons for their plight.
Cryptos narrow the gap of financial exclusion
In an effort to reduce the number of people without a bank, Satoshi Nakamoto created bitcoin, a decentralized digital currency and network accessible to all. Now, more than a decade later, this crypto activity has reduced financial exclusion, as some financial services are now accessible to people without ID.
Local.bitcoin.com is a peer-to-peer Bitcoin Cash (BCH) marketplace available in every country in the world.
However, rising costs on networks such as Bitcoin (BTC) or Ethereum (ETH) mean that the corresponding crypto assets could eventually become less available. Moreover, the imposition of KYC requirements by some centralized cryptocurrency exchanges or enforcement of FATF rules means that millions of people, including many Africans, will soon be unable to trade cryptocurrencies.
Local.bitcoin.com merchants in Kenya.
However, some cryptocurrency exchange platforms, such as Local.bitcoin.com, continue to make efforts to provide African users with access to cryptocurrencies such as Bitcoin Cash. In addition, African users or traders can conduct their transactions with confidence, knowing that the other party to the transaction will perform as agreed. Local.bitcoin.com’s blind deposit system ensures that all parties contribute their fair share.
How to get started
So how can a potential trader safely buy or sell bitcoins for cash on Local.bitcoin.com? The first step is to go to local.bitcoin.com and create an account. To create an account on Local.bitcoin.com you will only need an email address, a username and a password. There is no KYC, identity verification or geo-blocking process that often forces users from certain regions to use a VPN. After creating an account, the user is ready to start trading.
Local.bitcoin.com Nigerian merchants sell bitcoin cash (BCH).
To begin trading, a potential BCH buyer simply selects a merchant from the list of sellers displayed on the registration page. If both traders agree to the sale, the transaction is completed and the seller sends the BCH to the blinded escrow account. The buyer must then make payment as agreed, and once received by the seller, the assets in the escrow account are transferred to the buyer. Every country in Africa is listed on the peer-to-peer (BCH) money market on Local.bitcoin.com, for example. B. Nigeria, Zimbabwe, Ghana, South Africa, Kenya and a few places.
Because local.bitcoin.com is a peer-to-peer platform, merchants can agree on a payment method that satisfies both parties. Because Local.bitcoin.com is decentralized, it is impossible for even employees to censor or stop certain transactions. Like cash in hand (BCH), the exchange between the two parties must also be censored.
To illustrate: BCH buyers from countries like Zimbabwe, which do not have access to the global financial system, will indicate their preferred payment methods. The seller who meets these conditions will then accept the offer. After repeating the same process as above, the seller receives his payment and the Zimbabwean buyer his BCN.
For potential African cryptocurrency traders who want to trade on central exchanges but do not have access to Visa or Mastercard, Local.bitcoin.com offers a secure alternative to fund their trading account. For peer-to-peer traders, Local.bitcoin.com also offers smaller traders the ability to trade, as the BCH network fee allows for this.
How easy is it to buy BCH through local.bitcoin.com? You can share your thoughts below in the comments section.
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Africa, Bitcoin Cash, Bitcoin, Bitcoin Cash Africa, cryptocurrency, Ethereum, FATF guidelines, financial exclusion, Ghana, KYC, Local.bitcoin.com, network fees, Nigeria, South Africa, Bankless, Zimbabwe
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