Cryptocurrency investing has a steep learning curve. Many have described it as complicated, not to mention, that as a volatile, highly speculative investment, many investors are appropriately cautious.
However, cryptocurrencies led by bitcoin, have gained a lot of value over the last 1 year, leaving many people interested in the opportunity to benefit together with the many people in the world who have made loads of wealth based on bitcoin’s growing value.
So which is the simple, no frills way, to invest in cryptocurrency?
The most straightforward way to purchase bitcoin is to use a peer-to-peer (P2P) exchange.
P2P trading is the act of buying and selling cryptocurrencies directly between users without a third party or intermediary.
There are several different exchanges that facilitate Bitcoin transactions between users.
Here are the most common:
Binance is a cryptocurrency exchange – currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies.
Binance P2P has over 150 payment methods available, including in-person cash payment which can be useful for those who prefer face-to-face transactions or those without access to a bank account.
With banks wary about cryptocurrencies, Binance P2P payment options across Africa include:
MTN Mobile Money
The above is the list of available payment methods for buying and selling crypto in Africa on Binance P2P. This allows users to trade crypto and receive or send money via the above payment methods.
Paxful is a peer-to-peer fintech platform currently serving more than 7 million people worldwide in need of equal access to finance.
Paxful gives access to nearly 400 different payment methods for its users to buy, sell, and trade digital currencies such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) allowing them to make payments, transactions, and send money as a means of exchange.
Localbitcoins allows users to post advertisements on its website, propose an exchange rate for their digital assets, and state the desired payment methods buyers will be able to use to acquire bitcoin or other cryptocurrencies.
Once you have purchased bitcoin on a P2P exchange, all you have to do is hold it.
If you had done this 1 year ago you would now have a 234% increase in your initial investment today.