Buying Bitcoin Cash using a mobile money payment platform is perhaps one of the fastest, most satisfying experience one can have.
On local.bitcoin.com, it starts with the buyer selecting their preferred seller, normally by looking up their reputation and number of trades to help them build trust. They then confirm whether they have a good deal on the unit price pegged to BCH.
The buyer then contacts the seller, who then inquires if they can move the Bitcoin Cash to an escrow account to initiate the trade and provides the payment details, normally a mobile number and the name they should expect in a confirmatory message received after payment goes through.
The buyer on their smartphone or feature phone goes to the mobile money payment menu on their phone and sends the amount agreed upon. The seller then confirms receipt of the funds through an SMS notification and the BCH is released instantly. This happens in under 1 minute.
The escrow system keeps scammers at bay although it is important for buyers to initiate trades with sellers who’ve been on the platform longest with a large number of trades and a good review from other buyers.
According to PCM Kenyans moved nearly half of the half the equivalent of the country’s Gross Domestic Product through their mobile phones in 2018. Although some mobile service providers have APIs integrating their systems with other business systems. Integration solutions involving exclusive exchange of cash for Bitcoin Cash or vice-versa remain prohibited.
Other African countries like Tanzania and Ghana are quickly catching on and already exchange cryptocurrencies on other platforms using mobile money payments.
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