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How To Buy Bitcoin In Zimbabwe

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buy bitcoin in zimbabwe

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.

BitcoinFundi

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.

buy bitcoin in zimbabwe

BitcoinFundi also allows you to purchase DASH, litecoin, and bitcoin cash in exchange for US dollars so you can diversify your digital currency investments.

LocalBitcoins

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.

how to buy bitcoin in zimbabwe

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

buy bitcoin in zimbabwe using paxfulPaxful 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.

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Bitcoin Wallet Luno Adds SegWit Support to Lower Transaction Fees

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Luno Adds SegWit Support

Luno, one of the most popular bitcoin wallets in Africa, has announced full SegWit integration for bitcoin send and receive transactions. Previously, Luno customers could only receive BTC through a legacy wallet address, which was not integrated with the recent Bitcoin blockchain upgrade SegWit. Only send transactions were SegWit compatible.

With the full integration of SegWit, Luno users can now enjoy cheaper and faster bitcoin transactions.

“By implementing SegWit internally, Luno has managed to reduce the send fees paid by customers by over 25% already. As customers start switching over to new SegWit addresses, this will translate into a further reduction in sending fees in the coming weeks and months,” Werner van Rooyen, head of marketing and communications at Luno stated.

Luno currently operates in South Africa, Nigeria, Malaysia, UK, and in 35 other European countries.

What is SegWit?

Segregated Witness (SegWit) was an upgrade to the Bitcoin blockchain that is intended to address Bitcoin’s scalability challenges as well as fix the issue of transaction malleability. With SegWit, signature data is separated from transaction data in order to enable more transactions to fit into each block. The signature data is kept in an extended block called the witness. As a result, bitcoin transactions become faster and transaction fees become lower.

In theory, the Bitcoin network can handle seven transactions per second. However, in reality, it is around four transactions per second. With the number of bitcoin transactions increasing as bitcoin’s popularity grows, transactions take longer as the unconfirmed transactions pool increases. Therefore, bitcoin users who can afford it have been paying higher transaction fees to incentivise miners to prioritise their transactions and, thereby, increase the speed of their transactions. At the end of 2017, this has led to the average bitcoin transaction fee spiking to over 35 dollars.

However, when SegWit addresses are used, bitcoin transactions become faster and the required resources decrease as well. Consequently, the transaction fees reduce.

How Can You Add a SegWit Wallet Address on Luno?

To add a SegWit address on the Luno wallet you have to follow these steps:

  • Open your Luno account either on the mobile app or the web app
  • Choose “wallets” from the menu
  • Click on your “BTC wallet”
  • Choose “receive bitcoin”
  • Click “add address” and follow the prompt

To receive bitcoin, use your SegWit bitcoin receive address. Legacy bitcoin addresses begin with 1 while SegWit bitcoin addresses begin with 3. Even after adding a SegWit wallet address, bitcoins sent to your previous legacy bitcoin address will still work. In addition, you can still send bitcoin from a SegWit wallet to a legacy wallet and vice versa since the transactions are still taking place on the same blockchain. But if you are sending bitcoins to and from a SegWit wallet, you can benefit from reduced fees.

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Bitmart Opens Cryptocurrency Mining Hardware Store in South Africa

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Bitmart Opens Cryptocurrency Mining Hardware Store

Bitmart, South Africa’s leading supplier of mining hardware, has opened a cryptocurrency mining hardware store in South Africa. This makes Bitmart’s retail outlet the first cryptocurrency mining store in Africa.

Products and Services Offered by Bitmart

Bitmart was founded by CEO Jacques Serfontein in 2015 to offer cryptocurrency mining hardware to South Africans. Currently, Bitmart offers GPU rigs, ASIC miners, GPU rig mining software, graphics cards, international mining rig monitor app, cryptomatic watches, hardware wallets, and motherboards. Customers can find GPU mining rigs that mine cryptocurrencies such as zcash, monero, decred, bitcoin, and litecoin.

Additionally, Bitmart provides services such as bitcoin mining farm design and deployment, mining training, antminer repair tickets, mining farm management using Genesis Hive, and shepherd services.

Through its shepherd services, Bitmart helps owners of second-hand miners to find buyers. Therefore, both sellers and buyers are assured of safe and secure transactions through Bitmart’s SSL-secured online shop.

According to MyBroadband, Bitmart is an authorised distributor of Avalon Miners, Genesis Hive, Trezor, Ledger wallets, KeepKey, and UniSat (satellite mining solutions) in Africa.

The company also supplies mining hardware to countries such as Japan, Dubai, North America, Australia, and England.

What Does Bitmart Plan for the Future?

Bitmart will be holding seminars in Johannesburg and Mbombela. The seminars will focus on bitcoin basics and advanced cryptocurrency trading. In addition, Bitmart will be introducing a satellite mining connection in partnership with Uniwisp that will allow mining rigs to mine from any place in the world. Uniwisp is an Internet service provider based in Nelspruit, South Africa.

 

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Kenya’s BitPesa Acquires Spanish Money Transfer Platform TransferZero

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BitPesa Acquires TransferZero

On February 8, 2018, BitPesa announced that it has acquired TransferZero, a Madrid-based online money transfer platform, which operates in over 200 countries using more than 50 currencies.

Why Did BitPesa Acquire TransferZero?

BitPesa, which is already operating in Africa and Europe, will be able to “set deep roots to UK and European licensing, bank accounts, and integrations” through this acquisition, according to the company’s statement on its blog.

“Europe is a hub for global remittance and payments companies. Digital currencies and decentralized technology have hit critical mass in the financial services and payments space. It is no longer a question of whether this technology will have staying power [but] which specific technology and what product iteration will launch and scale first […],” Elizabeth Rosiello, founder and CEO BitPesa said.

“BitPesa has the support of top-tier, institutional investors and a network that will help to bring TransferZero’s technology to the next level. With this support, we will be able to provide even more efficient transfers and user experience,” Luis Cambronero, former TransferZero CEO and present Managing Director, BitPesa stated.

Setting Up Infrastructure Across Europe and Africa is a Priority

“Setting up infrastructure across Europe and Africa has always been a focus of ours. […] We’ve just doubled our bank accounts, our infrastructure, and it’s licensed by the Bank of Spain as a payment institution. So we are fully compliant with PSD2 regulations […],” Rosiello said.

“This is truly a partnership where the whole is greater than the sum of the parts, allowing BitPesa to solidify our leadership in this space. By bringing our regional and technological expertise together, we will further accelerate our month-to-month growth,” Rossiello asserted.

TransferZero will neither change its name nor its headquarters. In addition, its employees will remain with Bitpesa.

This acquisition from an Africa-based bitcoin startup of a European fintech startup shows that leading African startups can make waves beyond the borders of the continent and create a positive impact on a global scale.

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