There are specific rules and regulations in different countries to purchase bitcoins. First of all you need to look for an exchange operating in your country. Then trade your local currency for bitcoins and move your coins into a secure bitcoin wallet. In this post lets look at how to buy bitcoins in Afghanistan.
There are various payment methods to purchase bitcoins, the popular ones arebank transaction, credit card, debit card, PayPal and cash transaction. Buying bitcoins with cash deposit is the most private way to purchase bitcoins.
There are various exchanges operating in Afghanistan, the widely used ones are Cex.io, Bitcoin.af,LocalBitcoins and Coinmama. Among all Coinmama gives a wide range of options for buying and trading digital cryptocurrency to customers through credit and debit card in Afghanistan. You can also buy bitcoins instantly without any verification for your first $150 worth of bitcoin purchase. It is one of the only credit card brokers that allows purchase of any amount of bitcoin without any ID verification.
LocalBitcoins is a like a peer to peer market place similar to ebay. Buyers and sellers create offers and must agree on a price and terms of a trade before a transaction can be made. It’s possible to buy bitcoins with no ID on LocalBitcoins either by buying bitcoins in cash deposit or meeting in person and trading cash. LocalBitcoins are available everywhere where there is a willing seller.
The next thing you need to know is the exchange rate. There is no official bitcoin price. Use BitcoinAverage or CoinDesk to see the average price of bitcoin across all major international bitcoin exchanges and compare that to the price on your chosen exchange.
As a customer learning how to buy bitcoins in Afghanistan, you need to know how long the exchange has been in service. Is the exchange trustworthy? There are various bitcoin exchange reviews available on the internet which can help you find a trusted exchange.
If you want to convert regular money into bitcoins quickly, a bitcoin ATM can be the fastest way if you are lucky enough to have one in your area. You can locate bitcoin ATM’s worldwide from the website CoinATMRadar.com
As an investor, one of the concerns is how much does the exchange charge for its services. The fee will vary greatly based on the payment method you chose to use. The service charge will include deposit and withdrawal fees as well as trading fees. Some exchanges will lower their fees if you trade a lot of bitcoins.
The payment method is the most important factor you have to keep in mind while purchasing bitcoins in Afghanistan. Some exchanges require a bitcoin wallet before you make a purchase. You can think of a wallet as your personal interface to the bitcoin network, similar to how your online bank account is an interface to the regular monetary system. Bitcoin wallets contain private keys, secret codes that allow you to spend your bitcoins. In reality it is not the bitcoins that need to be stored and secured, but the private keys that give you access to them. In short a bitcoin wallet is an app, website or device that manages Bitcoin private keys for you.
There are various types of bitcoin wallets. A hardware wallet is a physical electronic device which must be connected to your computer, phone or tablet before bitcoins may be spent. The three most popular and best bitcoin hardware wallets are Ledger Nano S, Keepkey and Trezor. Hardware wallets are a good choice if you are serious about secure and convenient reliable bitcoin storage. Your all-important private keys are maintained in a secure offline environment even should the device be plugged into a malware infected computer. Generating and storing private keys offline using a hardware wallet ensures that hackers have no way to reach your bitcoins. Don’t worry about your hardware wallet getting stolen, lost or damaged either as long as you create a secret backup code.
Then there are hot wallets that run on internet connected devices like a computer, mobile phone or tablet. Private keys are secret codes. Because hot wallets generate private keys on an internet connected device they can’t be considered 100% secure.
Now as a wise investor you must be worried about when is the right time to buy? As with any market, bitcoins are traded 24/7 and its price changes every second. Use tools like Cryptowatch to analyze charts from other bitcoin trading sites. These charts help you understand bitcoin’s price history across the many bitcoin global bitcoin exchanges.
An African company Kipochi just released a bitcoin wallet that piggybacks on the popular M-Pesa cellular system. M-Pesa has already taken the first steps in integrating with the dominant cellular carrier in Afghanistan, Roshan.
Lastly, how to buy bitcoins in Afghanistan and spend them? There are a lot of ways in which you can spend your digital currency. Gift cards, food, hotels, travel are a few among others. In much ways paying with bitcoin is similar to sending an email, except that instead of sending a message to an email address, you are sending an amount of money to a bitcoin address. One of the nice things about paying with bitcoin is that you don’t need to give up much personal information. You only need to give your name and address if you are purchasing physical goods. If it’s a digital item then your email address will usually suffice, and if you are making a donation then you may not need to provide any information at all.
After you provide the required information, rather than asking for a credit card number, the website will display the bitcoin payment information which will consist of atleast one of the following:
- A link to “Sign in to Coinbase”
- A QR code
- A Bitcoin address
If the merchant you are paying is using coinbase to accept bitcoin payments and you also have a funded coinbase account, you can complete the transaction by simply signing into your coinbase account and confirming the order. QR codes make it easy to pay from a bitcoin wallet app on your smartphone. Simply scan the QR code and it will pre-fill the recipient bitcoin address and the requested payment amount. Once you send the transaction the payment is complete. To pay to a Bitcoin address you’ll need to provide two pieces of information to your bitcoin wallet, the recipient’s bitcoin address and the amount of bitcoin to send. Both of these will be displayed on the payment during checkout. Hope you learnt how to buy bitcoins in Afghanistan. Please let us know your questions in the comments section below.