Zimbabweans have been plagued by economic distress and periods of hyperinflation for almost two decades. As a result, Zimbabwe now has an unofficial multi-currency economy where US dollars, South African rands and British pounds are used in local commerce as the value of the Zimbabwean bond note, the country’s current official legal tender, has tumbled since its introduction in late 2016. Somewhat unsurprisingly, therefore, bitcoin has become a welcome currency alternative as well as a store of wealth in the Southern African nation.
If you are a Zimbabwean looking for an alternative store of wealth, a new investment or a way to send and receive cross-border payments, then this guide on how to buy bitcoin in Zimbabwe is for you!
Currently, the three best exchanges to use to purchase bitcoin in Zimbabwe are Bitfundi, the country’s only local exchange, and the to global peer-to-peer bitcoin exchanges LocalBitcoins and Paxful.
BitFundi is Zimbabwe’s first and only local bitcoin exchange. It was launched by the Harare-based bitcoin startup BitFinance to bring bitcoin to Zimbabweans.
To buy bitcoin on BitcoinFundi, you simply sign up on the platform using your email address. Then, you verify your email address for level 1 verification status. You can also verify your mobile phone number and your identity for level 2 and 3 verification, which allows you to increase your transaction limit. Once you are verified you can get started!
On the BitcoinFundi platform, you can buy bitcoin using either US dollars or South African rand. To fund your account, you need to deposit either USD or ZAR using Ecocash or a bank transfer. Then, once your account is funded you can type in the USD amount of bitcoin you want to buy and at what price. The order will then be put into the order book and once it has been filled you will receive your bitcoins, they will appear in your bitcoin wallet on the BitcoinFundi platform.
Alternatively, you can also use the popular peer-to-peer bitcoin exchange LocalBitcoins. LocalBitcoins matches up buyers and sellers who can post their bids and offers on the platform as well as the desired payment method they would like to transact in. This opens up the opportunity for individuals to buy (and sell) bitcoin using bank transfers, PayPal, online gift cards or even cash-in-hand.
To buy bitcoin on LocalBitcoins, simply sign up using your email address and fill out your account profile. Then, verify your account and proceed to the platform to type in your country and desired payment method.
Once you have found a person you would like to deal with you can click on their advertisement and input the amount of bitcoin that you want to buy with the offered payment method. You then have one hour to complete the transaction with your counterparty.
Once you have completed the transactions, make sure you transfer your bitcoins into your personal bitcoin wallet.
Paxful works in a similar fashion as LocalBitcoins as it is also a peer-to-peer marketplace for bitcoin buyers and sellers to come together.
To purchase bitcoin on Paxful you need to pick your payment method and the amount of bitcoin you want to buy. Then you need to find individuals who are willing to sell bitcoin to you using your desired payment method. Once you have found someone, you can make a transaction and receive your bitcoin on your wallet on Paxful. Once you have your bitcoin, make sure you send them to your own personal bitcoin wallet for safe keeping.