Having been buying and selling bitcoin in Zimbabwe for a number of years now. In this article, I am going to share the different groups of people that use bitcoin in Zimbabwe. These stats are just based on my day to day trades, the number of people that need to buy bitcoin from me. If you do a search on google or youtube about bitcoin in Zimbabwe chances are high that you will come across my article or video.
What is bitcoin and how does it work in Zimbabwe?
Before I dive into the groups of people that use bitcoin in Zimbabwe. I can safely say most people that want to use bitcoin don’t have any idea what bitcoin is. This inspired me to create a bitcoin for beginners course which can be accessed here
The course will guide you through the basic information you need to know before you start using bitcoin, I highly recommend you take the course.
1. People that use bitcoin in Zimbabwe: network marketers
Some MLM (Multi-level marketing) companies have added bitcoin as form of payment on their systems. This has allowed companies to expand in regions where there are cash challenges. Countries like Zimbabwe where there are high inflation rates, moving money through the bank can be a challenge. Hence most network marketers prefer to use bitcoin as a form of payment.
2. People that are just getting started with online investments
It is sad that most of the bitcoin investment programs end up scamming people. Well. like I said earlier I buy and sell bitcoin. At times I ask people what they need to use bitcoin for? Their goal would be to invest through a person or company for some return on investment. This group of people has no idea what bitcoin is all about all they care about is to buy the bitcoin and invest. Having tried to warm most of the people about the risk and reward on bitcoin they still want to invest without understanding what bitcoin is all about.
3. The group that use bitcoin in Zimbabwe: Online forex traders
If you aspire to trade on the forex markets one of the payment methods that is commonly used in Zimbabwe is Bitcoin. Some forex traders use bitcoin to deposit and withdraw their trading money from online brokers like hotforex and binary . These two brokers accept bitcoin. The number of online forex traders is increasing in Zimbabwe over the past few years.
4. Bitcoin buyers and sellers
Though one can buy and sell bitcoin online just like how forex markets are traded. I am talking about peer to peer selling. A good example could be, a network marketer/forex trader looking to buy bitcoin to use in their program. Buying and selling bitcoin in Zimbabwe is one of the things I do online to make money online. I buy low and sell high. There are a number of people doing this as well. In most cases, buying and selling are done through bitcoin WhatsApp groups in Zimbabwe. Of course, people in Zimbabwe can buy and sell bitcoin on websites like localbitcoins, paxful and so on. People prefer to meet the person or find someone who can assist them hence they prefer face to face deals or speaking on the phone first. I am sure this is because the majority of people buying bitcoin have no idea how bitcoin works.
5. Affiliate marketers
This is not common to many people in Zimbabwe. I am one of the few people that do affiliate marketing and get paid in Bitcoin. Binary and hotforex have affiliate programs that reward in bitcoin when you refer members to their websites. If affiliate marketing is done so well it can bring a good residual income. If you live in Zimbabwe like me, you may need to consider this on a serious note.
6. Long term investors
I hate telling the story that happened a few years back. When it happened I realized that I am not a long term investor. In fact, most people in Zimbabwe are not. I bought bitcoin when it was about $450.00 each bitcoin my goal was to keep the bitcoin for many years to come. The price went up ($600.00) down ($350.00) up ($1200.00) down( $800.00) and so on. I kept checking my account almost every day. I would get excited when the price goes up and get really depressed when the price down. I ended up selling all the bitcoins I had. With this experience, I cannot deny that there are a number of people in Zimbabwe are buying bitcoin and keeping their money in bitcoin value. Besides due to the high rate of inflation a few people would trust the banks with their money.
A number of individuals on social media offer remittance services through bitcoin. Say James is a Zimbabwean based in UK and he needs to send money to family in Zimbabwe. James will connect with Peter who is based in Zimbabwe. Peter will then give money to James’s family members in Zimbabwe and Peter will receive bitcoin from James. This process cuts off bank charges and it turns out to be cheaper for both parties. In most cases, transactions are done based on trust. Because of the peer to peer method.
What else can you do with bitcoin in Zimbabwe?
The next time you hear someone talk about bitcoin in Zimbabwe chances are high that they fall in one of the categories I mentioned above. You will less likely hear a business/company asking to buy bitcoin. There are many opportunities around bitcoin I don’t even know all of them. Coindesk has a list of many other things you can do with bitcoin like paying for a flight and so on What lacks in many people is awareness/education of how bitcoin works. I am yet to witness other ways of how Zimbabweans will be using bitcoin.
Are there companies that accept bitcoin as form of payment in Zimbabwe?
Some years back bitcoin and other cryptocurrencies use increased in Zimbabwe until the government issued a statement. I have not come across any company in Zimbabwe that accepts bitcoin as a form of payment except for be-forward (I am not sure if it is a Zimbabwean company as well). Be-forward website sells cars from Japan. Most people in Africa use this website to purchase cars and they are shipped to Africa. One of the payment methods used by this website is bitcoin. This means If you live in Zimbabwe you can pay for your car on the website using bitcoin.
The bitcoin topic is really interesting. I know I may have missed a number of things or you have questions about bitcoin in Zimbabwe. Please leave a comment below or instead if you would like to be part of our community were we share ideas on different ways to make money online in Zimbabwe see how best you can ask questions by following this article here