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5 ways you can buy Bitcoin if you are in Uganda

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Bitcoin is virtual currency used around the world for various transactions. Basically Bitcoin is a form of digital money that use encryption to secure transactions and control the creation of new units.

There are various common terms used in Bitcoin transactions. They include:

Bitcom wallet – A better way to describe a wallet is something that ‘stores the digital credentials for your bitcoin holdings’ and allows one to access and spend them.

Blockchain –  The blockchain is a public ledger that records bitcoin transactions.

Mining – Mining is a record-keeping service done through the use of computer processing power. Miners keep the blockchain consistent, complete and unalterable by repeatedly verifying and collecting newly broadcast transactions into a new group of transactions called a block.

For beginners, below are 10 things to note about Bitcoin:

1.Unlike traditional payments, Bitcoins are sent from one person to another without going through banks or other middlemen.

2. Bitcoins are controlled by you and you alone. No one can ever prevent you from sending or receiving Bitcoin.

3. The bitcoin network is always on and working at full capacity regardless of time or date.

4. Bitcoin can be bought and sold from online exchanges using dollars, euros, and other currencies. They can also be purchased using a credit card.

5. Users can even swap cash for bitcoin at special ATMs or by using over-the-counter (OTC) services that match buyers with verified sellers nearby.

6. Bitcoins are stored on your smartphone, computer, or other mobile device using software called a ‘bitcoin wallet’.

7. With a bitcoin wallet, you can spend or receive bitcoin with ease from your smartphone.

8. The Bitcoin network is made-up of millions of individual users just like you and me.

9. Miners are special users that use computing power to verify and secure bitcoin transactions. For their work they receive some bitcoin as a reward.

10. Bitcoin’s value is determined by supply and demand. New Bitcoins are released at a rate of about 25 new coins every 10 minutes. But the flow will dry up as they have been designed to ensure that no more than 21 million will ever exist. Today, around 16 million are in use.

So how do you get Bitcoins when you are in Uganda?

You can buy Bitcoins directly from individuals or special websites called ‘exchanges’ that will swap Bitcoins for regular currency.

Below are a list of 5 websites that trade Bitcoins:

1.Localbitcoins

2. Paxful

3. Remitano

4. BitPesa 

5. SpectroCoin

 

 

 

 

 

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About James Lubogo

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