Buying bitcoin in Zimbabwe is becoming easier. You can now buy bitcoin in Zimbabwe using Telegram’s official wallet bot released by the messaging app. In addition, you can receive, exchange and send bitcoin to other wallets for free using the same app. The wallet is linked to your Telegram account.
Zimbabwe used to lead in bitcoin adoption in Africa. Before it shut down in 2019, Golix, a local crypto exchange, used to handle over one million US dollars worth of trade in a month and used to have over 50,000 subscribers locally.
Fearing that bitcoin will facilitate foreign currency exportation without its control, Zimbabwe’s government declared bitcoin as illegal tender in Zimbabwe. Moreover, the Reserve Bank of Zimbabwe also issued some warnings regarding the usage of Bitcoin noting that any Zimbabwean who trades, invests, or participates in any transactions related to cryptocurrency will not have any legal protection.
Fortunately, Bitcoin is a decentralised cryptocurrency that works without the need of a central authority such as central banks.
How to Buy Bitcoin with Telegram
To use the Telegram’s wallet, you need to open the Telegram messenger app and search for “wallet”. Open the Telegram’s wallet bot, click “/start” and select "buy" option. Note that you need to share your phone number linked to Telegram to verify your account
You need to add the bot to the menu by clicking "add attachment to menu" to easily access it from any chat window.
Apart from buying bitcoin, you can also send, receive or deposit bitcoin using Telegram’s wallet for free.
If you go to "My Wallet" button, you will see options for depositing, withdrawing, exchanging and buy crypto by bank card.
We strongly advice you to keep your bitcoin in a non custodial wallet (wallet that you have full control of the private keys) as opposed to custodial wallets. Once you have received bitcoin in your Telegram wallet, you can easily send to your personal bitcoin wallet. Custodial wallets are wallets whose private keys are held by a third party. As it is said in the bitcoin community, "Not your keys, not your bitcoin."
Telegram Bitcoin Bot Use Case in Zimbabwe
Telegram’s bitcoin wallet, combined with Ecocash’s foreign currency wallet, may offer a solution to Zimbabweans inability to on-ramp and off-ramp into bitcoin.
- Local businesses can now start accepting bitcoin payments by using Telegram’s wallet without risking business profitability due to Zimbabwe’s hyperinflation.
- Individuals can now sell bitcoin to anyone around the world and receive funds through EcoCash foreign currency wallet.
- Zimbabweans can easily buy bitcoin using Telegram’s peer to peer network without having to use a cryptocurrency exchange.
- You can exchange cryptocurrencies.
This is a guest post by Alexandria Gowera. Opinions expressed are entirely their own and do not necessarily reflect those of Bitcoin for Fairness (BFF). Any post regarding a product or service is not necessarily an endorsement from Bitcoin for Fairness.