Bitcoin, the world’s most popular cryptocurrency, is gaining traction in Ethiopia. It is becoming increasingly popular among the country’s tech-savvy population, who are looking for alternative investment options amid economic uncertainty. In this article, we will explore the steps involved in selling Bitcoin in Ethiopia.
Step 1: Create a Bitcoin Wallet
The first step to selling Bitcoin in Ethiopia is to create a Bitcoin wallet. A Bitcoin wallet is a digital wallet that allows you to store, send, and receive Bitcoins. There are several Bitcoin wallet providers available online, including Coinbase, Blockchain, and Bitpay. You can choose any of these providers and create a wallet for yourself.
Step 2: Find a Bitcoin Exchange
Once you have created a Bitcoin wallet, the next step is to find a Bitcoin exchange that operates in Ethiopia. A Bitcoin exchange is a platform that allows you to buy and sell Bitcoins. Some popular Bitcoin exchanges include LocalBitcoins, Remitano, and Paxful. Choose an exchange that is reputable and has a good track record.
Step 3: Verify Your Account
Before you can start selling Bitcoin on an exchange, you need to verify your account. Account verification is a necessary step to ensure that the exchange complies with local regulations and that you are a legitimate user. You will need to provide some personal information, including your name, address, and ID card. The verification process may take a few days, so be patient.
Step 4: Transfer Bitcoin to Your Exchange Account
Once your account is verified, you can transfer Bitcoin from your wallet to your exchange account. To do this, go to your Bitcoin wallet and select the option to send Bitcoin. Enter the amount you want to transfer and the recipient’s address, which will be provided by the exchange. Follow the instructions to complete the transaction.
Step 5: Sell Bitcoin
With Bitcoin in your exchange account, you can now sell it for Ethiopian birr. To do this, go to the sell Bitcoin section of the exchange and enter the amount you want to sell. The exchange will show you the current market price, and you can choose to sell at that price or set your own price. Once you have entered the amount and price, click on the sell button. Your Bitcoin will be sold, and the money will be deposited in your exchange account.
Step 6: Withdraw Ethiopian Birr
Finally, you can withdraw the Ethiopian birr from your exchange account to your bank account. To do this, go to the withdraw section of the exchange and select the option to withdraw birr. Enter your bank account details, including the account number and routing number. The exchange will initiate the transfer, and the money will be deposited in your bank account within a few days.
In conclusion, selling Bitcoin in Ethiopia is a straightforward process that involves creating a Bitcoin wallet, finding a reputable exchange, verifying your account, transferring Bitcoin to your exchange account, selling Bitcoin for Ethiopian birr, and withdrawing the money to your bank account. With the increasing popularity of Bitcoin in Ethiopia, more exchanges are expected to enter the market, making it easier for people to buy and sell Bitcoin.