It is not news that Bitcoin is the number one cryptocurrency and it’s also not news that the value fluctuates. Just like the stock market, it is wise to buy when it’s low and sell when it’s high. If you trade wisely you can make a bit of a fortune from it. The Bitcoin market looks like it is here to stay as it bounces back stronger every time it crashes. this is why people buy and also sell Bitcoin in Ghana for reasonable cash.
Why People Sell Bitcoin In Ghana
1. To Make Profit
Bitcoin is a digital asset with potential for moonshot – meaning that it can have price upswings at any time, just as it rallied to an all-time high of over $73,000 in mid-March 2024. So selling your BTC when the price is high portends profit for you.
Therefore, just as the goal of every business is to make a profit, the hallmark of selling your Bitcoin in Ghana is to maximize profit through buying low and selling high.
2. For Emergency Cash
It is becoming popular knowledge that crypto trading is one of the fastest ways to make money online. This means that you may not run out of cash if you have a Bitcoin to sell. If you are cash-trapped ad need urgent money to pay some bills, all you need to do is to find a trading platform to sell your BTC and you can get money as fast as possible.
One such platform to sell Bitcoin in Ghana is Prestmit, which offers lightning-fast payment when you sell your crypto, just like gift cards. There is no hassle in selling your BTC on Prestmit, as the platform is tested and trusted by hundreds of thousands of users.
3. To Change BTC To Cedis
While some businesses accept Bitcoin payments worldwide, most businesses in Ghana do not support Bitcoin payments to access their products or services. This is because the Ghanaian cedi remains the legal tender for all transactions and payments in the country.
Therefore, you may need to convert your Bitcoin to cedis to enjoy your funds. A trading platform like Prestmit offers you a payment option in cedis that allows you to sell your Bitcoin for fiat easily. There is also a Bitcoin rate calculator on the platform that gives you the real-time value of your BTC in cedis.
How To Sell Bitcoin In Ghana On Prestmit
Here are the quick steps to sell your BTC on Prestmit:
- Visit the official Prestmit website or download the Prestmit app on the Google Play Store or Apple Store.
- Create a Prestmit account and log in.
- Click “Crypto” and choose “Sell Bitcoin.”
- Generate a BTC wallet address and copy the address.
- Follow the prompts to sell your BTC.
- You will receive payment immediately after your transactions are confirmed.
Frequently Asked Questions (FAQs) About Changing Bitcoin To Cedis In Ghana
What Is The Best Way To Convert Bitcoin To Cedis In Ghana?
The best way to exchange Bitcoin for cedis in Ghana is through credible and reliable crypto exchanges, peer-to-peer (P2P) platforms, and over-the-counter (OTC) platforms that support cedis.
Is Bitcoin Trading Legal In Ghana?
The Ghanaian authorities have not outrightly banned Bitcoin and other crypto assets. However, the legality of Bitcoin in Ghana appears to be having a direction with the unveiling of drafts for digital asset regulations by the Bank of Ghana in August 2024.
How Do I Sell My Bitcoin For Cedis?
You will need to choose your exchange or trading platform and create an account. Most of these exchanges require you to complete a know-your-customer (KYC) procedure to verify your identity in compliance with anti-money laundering (AML) regulations.
When you’ve verified your identity, you can create a Bitcoin wallet on your preferred trading platform to enable you to send and sell your BTC. Choose to sell your Bitcoin for cedis on the platform.
Conclusion
The reason for selling Bitcoin in Ghana is relative, and its primary goal is to give Bitcoin users financial independence. This is either to make profits, serve emergency purposes, or earn cedis to pay for products or services in Ghana.
However, it is essential to know when, where, and how to sell your Bitcoin to maximize profits while trading your asset safely on an exchange or trading platform.
