In today’s article, I would like to highlight the top 5 cryptocurrencies in Ghana and what you need to know about each of them. Cryptocurrencies such as Bitcoin are increasingly getting engaged in Ghana and other parts of Africa, including Kenya, Zimbabwe, and South Africa. At first, Ghanaians were too cynical about how cryptocurrencies work and how they can benefit.
But as of today, the demand for Cryptocurrency in Ghana is very high. However, very few people know about cryptocurrencies and how it works. As part of our research, we discovered that the very people who are into Crypto trading and investment here in Ghana are mostly the youths. We also discovered that most Ghanaian entrepreneurs are passionate about using Cryptocurrencies for their online transactions. Cryptocurrencies have become the best option to exchange money with peers and businesses with a small transaction fee.
If this is your first time hearing about cryptocurrencies in Ghana and you are also skeptical about it, don’t worry; I got your back. Make sure you tarry to the end of this article not to miss out on any helpful information. Want to know more about Cryptocurrency? Let’s dive into it!
What is Cryptocurrency?
Cryptocurrency is defined as a digital asset designed to work as a medium of exchange, using cryptography to secure the transactions and control additional currency units’ creation. It is decentralized digital money based on blockchain technology. Cryptocurrencies are labeled as digital currencies and also serve as a means of trade and payment option.
On the BTCGhana platform, users can purchase cryptocurrencies through established exchange platforms and can, within minutes, send the payment to local payment platforms, including TigoCash, Airtel Money, and MTN Mobile Money. You can use Cryptocurrency to buy goods and services, although many people invest in cryptocurrencies like stock trading.
Top 5 Cryptocurrencies Operating In Ghana
You may know some of the cryptocurrencies in operations, but there are more than 2000 different cryptos. According to facts and information gathered from the internet, below are the top 5 Cryptocurrencies operating in Ghana.
Bitcoin is one of the most popular Cryptocurrencies operating in Ghana. Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without intermediaries’ need. You can’t have Bitcoins in your hands as we have our cedis, but it is stored on a public record to be used as payment options, exchange, etc.
Bitcoin Cash (BCH)
Bitcoin Cash was officially released in August 2017. Its technology is very similar to Bitcoin. Bitcoin Cash was started by bitcoin miners and developers equally concerned with Cryptocurrency’s future and its ability to scale effectively.
Ethereum is an open-source, blockchain-based, decentralized software platform used for its Cryptocurrency, ether. Ether has become one of the most popular Cryptocurrency in Ghana after Bitcoin.
Litecoin functions the same as Bitcoin, and it is also one of the top 5 cryptocurrencies in Ghana. For many cryptocurrency traders and users, Litecoin pricing acts more rationally than Bitcoin and has a more sustainable future.
Binance Coin (BNB)
Binance Coin is the crypto-coin issued by the Binance exchange. It is mostly used as a payment method for the fees associated with trading on the Binance Exchange. It can also be exchanged or traded for other cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, etc.
Is Cryptocurrency legal in Ghana?
Cryptocurrencies are not legally announced by the Bank Of Ghana (BOG) as an official currency. However, it is not against our constitution to trade or invest in cryptocurrencies or use them as a payment option on any platform.
What is the most widely used Cryptocurrency in Ghana?
Bitcoin is one of the top cryptocurrencies operating in Ghana. As part of our research, we found out that most people showing interest in Bitcoin are from the Northern Region, followed by Volta Region, Brong-Ahafo Region, Eastern Region, and Greater Accra region.
Final Thought On Cryptocurrencies in Ghana
Although we have provided you with the top Cryptocurrencies operating in Ghana, we do not give financial advice on which ones you should be investing in for profit. According to consumer reports on Crypto trading, investments are sometimes risky and the most challenging investment choice. Therefore, we advise you to understand the risks involved before trading in any cryptocurrency, as there are swift market changes in prices. As part of our diary updates, youths4success we will be providing you with any updates on Cryptocurrencies and any useful information you need to know. Therefore keep visiting youths4success, so you don’t miss out on anything, and make sure you share this article if you find it helpful too.