How to Withdraw Money from Bitcoin in Botswana

Bitcoin is a safe and reliable way to keep and invest money. Despite its modest population of 2.4 billion people, Botswana is one of the most active bitcoin users. Botswanans can benefit from Bitcoin in a variety of ways. They can carry out both domestic and international transactions at a minimal cost. International transactions might take hours or even days to complete for traders and international exchange students, but they can be accomplished in minutes with bitcoin.

How to Cash out Bitcoin Using a Broker Exchange

  1. Decide which third-party broker exchange you want to use.
  2. Sign up and complete the brokerage’s verification process.
  3. Deposit (or buy) bitcoin into your account.
  4. Cash out your bitcoin by depositing it into your bank account or PayPal account (applicable to some services).

In contrast to the traditional banking system, which requires a lengthy process to even get a bank account, Bitcoin allows the unbanked and underbanked to easily access financial services from anywhere in the globe. Buying bitcoin in Botswana, on the other hand, hasn’t been easy.

In fact, in extreme cases, Botswanans have had to travel to the neighboring country, South Africa, to perform bitcoin transactions. They have had to depend on third parties to get their cryptocurrency. The absence of a locally based crypto exchange has made it difficult to fund their bitcoin wallet. 

The government’s failure to adopt or regulate cryptocurrencies in the company has contributed to the difficulty in buying bitcoin in Botswana. The people of Botswana have been forced to compete for the few cryptocurrencies in circulation in Botswana, making bitcoin even more expensive to access. Although a Bitcoin ATM was installed in Gaborone, the nation’s capital, it has done little in alleviating the challenges of buying bitcoin in Botswana. Citizens have often been found complaining about the 15% percentage charged on purchases.

How then can you buy bitcoin in Botswana? Yellow Card, a fintech company, is driven towards “financial inclusion for all”, it has not only set a base in Botswana but is dedicated to making cryptocurrencies more accessible to them. Botswanans no longer need to drive far to obtain cryptocurrency; instead, they may do so using their mobile devices. Botswanans can even purchase cryptocurrencies in their local currency, Pula. In fact, you can buy bitcoin in Botswana for as low as P150 at no extra cost.

Buying bitcoin with Yellow Card has never been easier. You can buy bitcoin in Botswana with just a few taps or clicks on your internet-connected device. Here is how to get started:

  1. Sign up for an account
    Creating an account with Yellow Card is absolutely free with no hidden charges. All you have to do is visit the official Yellow Card website on your device and sign up and fill in your details. You can also download the Yellow Card app available on iOS App Store and Google play store.
  2. Fund your account with Botswana Pula (BWP)
    Once you’ve created your Yellow Card account, log in and select “deposit” from the drop-down menu on your dashboard. Select the payment option available on display, Standard bank transfer.
    – Deposit the amount you wish to add to your wallet into the bank account displayed on your screen
    – Once your deposit has been confirmed, the funds would reflect in your BWP balance. 
    – You can withdraw your funds at any time of your choosing as any amount added to the wallet belongs to you and you alone.
  3. Buy Bitcoin
    Once your account has been funded, you can purchase bitcoin instantly. Select the “Buy Bitcoin” option in your bitcoin wallet and input the amount of bitcoin you want to buy on the buy screen.
    You can either enter the amount in bitcoin or the amount you want to buy in Pula. Just under the box, a live bitcoin exchange rate is provided. This can be used to check the Pula equivalent of the bitcoin you wish to buy. Place the buy order after you’ve confirmed your order. Your bitcoin will appear in your wallet immediately after the buy order has been confirmed.

Which Bitcoin wallet works in Botswana?

Coinbase makes it simple and safe to buy, sell, and hold cryptocurrency. Sign up with Coinbase and manage your crypto easily and securely. Now available in Botswana and in 100+ countries around the world.

Is Bitcoin legal in Botswana?

No, cryptocurrency or the use of blockchain technology is not regulated in Botswana, but currently, it is not illegal to trade it. It is however not possible to transfer cryptocurrencies into Botswanan Pula.

Is there a Bitcoin ATM machine in Botswana?

Botswana’s first Bitcoin ATM, a Skyhook model, has landed in the country.

Which bitcoin app is best in Botswana?

Most Popular Bitcoin Exchanges in Botswana

  • Popular. Kraken is the most popular Bitcoin exchange in Botswana with 6,000,000 users. Visit Kraken.
  • User-friendly. FTX allows buying and selling Bitcoin with 6 forms of payment. Visit FTX.
  • All Around. accepts users and payments from 178 countries.