Thursday, 18th August 2022
<To guardian.ng
Search
Breaking News:
News  

Sierra Leone’s acceptance of Bitcoin and other cryptocurrencies

Bitcoin has gone over many developments over the past decade from being an obscure concept doubted by many into a sought-after asset by the majority

Bitcoin

Bitcoin has gone over many developments over the past decade from being an obscure concept doubted by many into a sought-after asset by the majority. One of the biggest stages of its journey that became influential to its growth is the time African nations lead its adoption.

What was originally a small step into adopting an alternative to the region’s challenging payment systems grew exponentially into a hub for the most valuable asset in the world. Sierra Leone is among the nations that cemented their place in the global economy. You can find various local companies offering solutions for blockchain-based businesses and investors alike.

How much of Sierra Leone’s economy runs on Bitcoin is big enough for exchanges and blockchain-based solutions to be common businesses. Some BTCcasino are created so gamblers can stake and win Bitcoin from playing slots or table games. Goods and services can be paid using Bitcoin but there are those who still refer to using the asset as a store of value rather than a mode of payment. Here are some details of how Bitcoin operate in Sierra Leone:

How to buy Bitcoin as a Sierra Leone citizen

The benefit of having local companies start using crypto is it encourages solutions companies to focus on individuals rather than corporations. It made exchanges become more user-friendly and with little requirements to buy Bitcoin. There are only three steps to buying crypto in Sierra Leone and the first of which is to simply choose an exchange.

The second step is to fill out a form and comply with the exchange’s know-your-customer (KYC) protocol. Banks need these details to let you transfer funds into exchanges that you’ll use in buying Bitcoin which is the third step. This can be done either through credit cards, debit cards, or bank transfer services.

Top exchanges in Sierra Leone

The choices of exchanges in Sierra Leone are huge and each one is a viable option for all kinds of investors. Pursa Exchange is one of the most accessible ones as it caters to the general public. Binance is an international company that is more dedicated to supporting investors but its services are user-friendly enough for anyone. Paxful is a more convenient Bitcoin trading platform often partnered with online services like a BTCcasino.

How the Bitcoin economy began in Sierra Leone

The most credited business to begin the Bitcoin economy in Sierra Leone is Bureh, a fashion company for hand-crafted ethical accessories. Their products are distributed both locally and internationally in the United States, Europe, and China. They are also featured at fashion exhibitions where they market their clothes to enthusiasts of sub-Saharan culture.

The way Bitcoin started as an acceptable currency is actually a response to payment challenges. They have huge sales from different countries but they cannot efficiently convert their currencies into Sierra Leonean leone (SLL). It has such a low exchange rate that it’s better to accept Bitcoin payment through BitPay.

They continued this to this day when Africa is now one of the top trading hubs for cryptocurrencies. Other services like a BTCcasino and a blockchain solutions from both offshore and local have also risen, strengthening the Bitcoin economy in the country.