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How to buy Bitcoin in Burkina Faso
Learn how to buy Bitcoin in just a few easy steps. With well-known businesses now investing in cryptocurrencies, there's no better time to start owning your own crypto-assets like Bitcoin.
This simple guide will securely take you step-by-step through the process of acquiring Bitcoin. Follow the steps, and you'll have your first Bitcoin in no time! How awesome!
TIP for Burkina Faso! Before getting started, make sure you create a free Bybit account for Burkina Faso (it takes less than a minute) so you can follow the steps below immediately.How to buy Bitcoin (BTC) for beginners in Burkina Faso
- Step 1 - Create & secure an account
- Step 2 - How much Bitcoin BTC should I buy?
- Step 3 - Payment methods buying Bitcoin
- Step 4 - Trade or buy your first Bitcoin
- Step 5 - Prepare for the crypto future!
- Step 6 - More information about buying Bitcoin
Step 1 - Create an account
Bybit is one of the most well-known platforms globally. A big advantage is that it’s user-friendly to purchase Bitcoin on Bybit. Just like trading traditional fiat currency, there is a small fee for every trade, and Bybit offers good rates. Once you’ve purchased Bitcoin, you can choose to store your coins online or transfer them to a hardware wallet for extra security, if available for your cryptocurrency.
Below in super simple steps explained, how to create a new and safe account.
1.1 Safe account
Click on this link to go to Bybit Exchange to create an account.
1.2 Strong password
Enter your email & strong password, tick off I agree to the Bybit Term of Use and click register.
1.3 Verify your email address
After this step is completed a verify email will be send to you.
Check your inbox and confirm your email address
1.4 Secure your account
Awesome your Bybit account is created! Now follow the next steps and make sure your account is 2FA secured. This is highly recommended.
What is 2FA?
With 2FA you will generate a security code every time you login with a new session. This will help to prevent other people to get access to your account. Most used 2FA authentication options are SMS and authenticator apps like Google Authenticator.
1.5 You've an account now!
You're account is ready to use and buy Bitcoin (BTC)
Step 2 - How much Bitcoin (BTC) should I buy?
The best thing about cryptocurrencies is that you can break down them and purchase just a small portion. This way, you still own a piece of Bitcoin, which you can either spend or store.
It’s a smart idea to first test a small amount of CFA Franc BCEAO to build confidence in the process of buying Bitcoin, and then scale up your transactions and buy more Bitcoin. (Be aware of the costs that are involved when buying and selling cryptocurrencies.)
Two SMART reasons why it's smart to be active on multiple exchanges
A smart move is to create multiple accounts at once. The demand for cryptocurrencies is rising quickly, and sometimes you need to trade immediately. That’s why it's wise to have accounts on multiple exchanges.
Another important reason to have accounts on multiple exchanges is that not all platforms list the same cryptocurrency coins. When you discover a new coin that you want to buy with your CFA Franc BCEAO (XOF), you don’t want to be stuck waiting for approval; instead, you want to take action before the price rises. Click here for a FULL list of popular exchanges, including our personal TOP 5. All of these exchanges support mobile apps to buy crypto from Burkina Faso.
Step 3 - Payment methods buying Bitcoin
On Bybit you have over 100 payment options to deposit money and buy your Bitcoin. Easily select your currency (in your case from Burkina Faso, probably CFA Franc BCEAO) and the payment option you want to use. Of course they also provide the most used payment options like Credit Card, Bank Transfer & PayPal.
Note: Every country has different payment options, so easily log in and check the available payment methods for Burkina Faso. In the cryptoworld and on exchanges like Bybit, you aren't able to buy every coin directly with FIAT currency. That's why, they created stable coins like Tether USDT.
These are cryptocurrencies that you can purchase to later convert them into the currency you want to buy. Before buying your chosen coin, it’s a good idea to check which coins are paired with the one you want to purchase.
Step 4 - Trade or buy your first Bitcoin from Burkina Faso
In the cryptocurrency world, and on exchanges like Bybit, you can’t purchase every coin directly using FIAT currency. Hence, exchanges introduced stable coins like Tether USDT.
These stable coins are cryptocurrencies that you can purchase and later exchange them to the currency you want to purchase. The term stable-coin comes from its linkage to the USD, as these coins' value is pegged to the US dollar. Before buying your chosen cryptocurrency, it’s wise to check which coins are paired with the one you want to buy. For instance, some coins only pair with Bitcoin or Ethereum, while others also pair with stable coins.
The benefit of using stable-coins
Since some cryptocurrencies can be volatile, stable coins are often linked to the USD. As a result, their price is kept fairly stable, which helps reduce the risk when trading FIAT currency into other crypto coins, and vice versa.
Step 5 - Prepare for the crypto future!
As said at the beginning of this article about purchasing Bitcoin (BTC), it's important to prepare yourself by creating multiple secured accounts on different exchanges. This way, you’ll be prepared when you want to purchase a new cryptocurrency that isn’t listed on the exchange you’re currently using.
Top 5 - help yourself
List of exchanges including our TOP 5 to buy Bitcoin (BTC) or other altcoins. Most of these exchanges have large trading volumes.Step 6 - More information about Bitcoin
DYOR - Do Your Own Research
When putting money in Bitcoin, always make sure to conduct thorough research on the coin, its technology, and the team behind it. Before making an investment in any coin, it's important to understand the coin itself, its underlying technology, and the team developing it.
DCA - Dollar Cost Averaging Strategy
Dollar Cost Averaging (DCA) is a commonly used strategy in the investment and crypto-world. It’s a tactic where you invest periodically a certain amount of a coin or investment you believe in. For example, you may invest 100 CFA Franc BCEAO every month. By purchasing systematically, you reduce emotional involvement, and by spreading your investments, you also spread the risk of a changing market.
- Invest small amounts
- Less stress about volatile markets
- Less chance on losses as you never buy full amounts on peaks
Cons DCA
- Won't make optimal trades as you don't invest all on the bottom
- Takes longer, as you're not rich after one trade
- If you DCA on one investment you can pick a loser investment what will only go down. Better is there to spread your investments while doing DCA.
Explanation Video DCA Dollar Cost Averaging
Explanation Video How to Buy Bitcoin
Below you'll find a video tutorial about how to buy Bitcoin (BTC). Simply replace BTC with Bitcoin in this video and you'll learn how to buy Bitcoin within a couple of minutes.Official Bitcoin BTC sources
- Website: https://bitcoin.org/
- Whitepaper: Click here for the whitepaper of Bitcoin
- Bitcoin Announcements
- Bitcoin Twitter
- Bitcoin Reddit
- Bitcoin Chat
- Bitcoin Explorer
Benefits of cryptocurrencies
Cryptocurrencies offer a range of advantages that have caught the attention of individuals, businesses, and governments worldwide. One notable advantage is the potential for increased financial inclusivity. Cryptocurrencies empower individuals who are without access to traditional banking services to engage with the global economy, supporting the unbanked and underbanked populations. Moreover, cryptocurrencies provide faster and cheaper cross-border transactions compared to traditional banking systems, removing the need for intermediaries and reducing transaction fees.
Another important benefit is the safety and privacy provided by cryptocurrencies. The use of cryptographic techniques guarantees that transactions are safe and cannot be tampered with, while also safeguarding the privacy of users by providing pseudonymous transactions. Lastly, cryptocurrencies provide a decentralized and transparent financial system through the use of blockchain technology. The distributed nature of blockchain ensures that no single entity has control over the network, reducing the risk of manipulation or censorship.
Pros of cryptocurrencies:
- Financial Inclusivity: Cryptocurrencies allow financial services for the unbanked and underbanked, supporting financial inclusion and empowerment.
- Fast and Affordable Transactions: Cryptocurrencies enable quick and low-cost cross-border transactions, reducing the reliance on traditional banking systems and intermediaries.
- Security and Privacy: Cryptocurrencies employ robust cryptographic techniques to secure transactions while protecting the privacy of users through pseudonymity.
Cons of cryptocurrencies:
- Volatility and Risk: Cryptocurrencies are recognized for their price volatility, which can result in significant fluctuations and potential financial losses for investors.
- Regulatory Challenges: The regulatory landscape for cryptocurrencies is still evolving, leading to uncertainty and potential barriers to widespread adoption.
- Scalability and Energy Consumption: Some cryptocurrencies encounter scalability challenges, resulting in slower transaction times and higher fees. Additionally, the energy consumption associated with certain consensus mechanisms, such as Proof-of-Work, has brought up concerns about environmental impact.
It’s important to note that the pros and cons of cryptocurrencies depend depending on the specific cryptocurrency and its implementation. Furthermore, the cryptocurrency market is dynamic, and ongoing developments may influence the advantages and disadvantages associated with these digital assets.
FAQ about Bitcoin
How can I buy Bitcoin in Burkina Faso?
You can acquire Bitcoin on most leading cryptocurrency exchanges like Binance, Coinbase, or Bybit. First, you'll need to register and then choose a payment method like a credit card, or digital currency to purchase Bitcoin.
Is it safe to invest in Bitcoin?
Investing in Bitcoin comes with the same risks as any crypto investment due to price swings. It's important to DYOR and only invest funds that you can afford to lose. Using secure wallets and exchanges can help protect your investment.
What are the transaction fees for Bitcoin?
Transaction fees for Bitcoin vary based on the network’s load and the specific exchange you're using. Some networks have dynamic fees based on activity, while others have stable fees. Be sure to check the fee structure before conducting a transaction.
Can I convert Bitcoin to other cryptocurrencies?
Yes, you can often convert Bitcoin to other cryptocurrencies using exchange platforms or services that offer digital currency trading pairs. Many exchanges support swapping Bitcoin for other popular assets like USDC.
How do I track the price of Bitcoin?
You can track the price of Bitcoin using a variety of platforms, including cryptocurrency market data websites like Tradingview, CoinMarketCap, or CoinGecko. Many exchanges also provide live price updates via their trading interface.
How do I sell Bitcoin from Burkina Faso?
To sell Bitcoin, you can use a cryptocurrency exchange that supports it. Simply move your Bitcoin to the exchange, choose your preferred trade option (market or limit order), and opt to receive to get the funds in fiat currency.
How is Bitcoin different from Bitcoin?
Bitcoin differs from Bitcoin in several ways, including its application, settlement times, and underlying technology. For example, Bitcoin is primarily seen as a long-term asset, while Bitcoin might have additional use cases like powering smart contracts.
How can I keep my Bitcoin secure?
To ensure your Bitcoin secure, it's essential to use strong passwords, enable two-factor authentication on your exchange or wallet, and consider using a hardware wallet for long-term storage. Avoid disclosing private details and be alert of phishing scams.
What is the best time to buy Bitcoin?
There is no exact "best time" to buy Bitcoin due to the fluctuations of the cryptocurrency market. Many investors use strategies like dollar-cost averaging (DCA) to buy at regular intervals, lowering the risk of market swings.
What affects the price of Bitcoin?
The price of Bitcoin is influenced by factors such as trading volume, wider crypto market conditions, developments related to the coin, government actions, and broader global market trends. Price volatility are typical in the cryptocurrency market.