While the Reserve Bank of Malawi (RBM) is yet to issue an official statement on Bitcoin, the digital currency seems to make snail strides in its operations in the country happening while international media is awash with news of how the digital money is making headways in the financial market on a daily basis.
As of this time of this guide, 1 Bitcoin equals to 2,923,523.68 Malawian Kwacha on coindesk.com. Making it really the next generation of digital currency globally. Bitcoin is unstoppable digital technology like the evolution of the internet in the 21st century.
Considered as an alternative currency in substitute to fiat largely sharing hands in Malawi, Bitcoin exists online with no official regulations or leaving the powers in the powers in hands of middlemen to have control over it.
In the recent moons, there has been rise usage of Bitcoin making purchase of Airtel recharge vouchers. Below we are going to take a look how you can buy Airtel recharge voucher using Bitcoin.
This is Bitrefil official website where you can you can recharge any prepaid mobile phone using Bitcoin. Bitrefill has footprints in over 150 countries with over 900 supported operators. As of the time of writing this guide, Bitcoin has value above $6000 and stands as a popular currency.
Airtel Recharge Voucher Buying Procedure
- Open Bitrefill website
- Choose country – Malawi
- Select the operator – Airtel
- Select the operator for the number you want to refill belongs to.
- Enter phone number & amount. By default Min: 659 MWK, Max: 25025 MWK displays on the viewer screen and you opt by scrolling up or down menu depending on the value you want you pay 0.010090 Bitcoin. For example, you can punch in on phone number 0999123788, the amount you want Bitrefill to refill K20,000.00
- Mode of payment, choose Bitcoin
- Your payment confirmed within minutes
- Confirmation of payment.
- Once your payment is confirmed you will get your refill sent out
Bitcoin recharge is easy and simple, but sometime you may have some questions or need some additional information. Below are more frequently asked questions:
Is it secure?
Yes, no third party accesses your Bitcoin other than the coins that you send to a trading company you transact with. In most cases, traders involved in Bitcoin business subscribe to regulations by laws and EU directives, implement EU and international standards AML and client funds are processed through regulated EU financial institutions. While this is done, Bitcoin still remains a none regulated virtual currency.
What is Bitcoin?
Bitcoin is open source such that no government or bank owns it and everyone can take part in improving it. It stands as the most popular virtual cryptocurrency, dominating the crypto space with its Blockchain technology and scarcity.
Created in year 2009 by a pseudonym Satoshi Nakamoto, believed to be an individual or a group of people, where no intermediaries are involved it is the digital currency which targets of excluding any third parties in it transactions.
Since its invention the number of Bitcoin users keeps increasing every year. On daily basis, people globally embrace the beauty of this digital currency making it to continue gaining adoption and acceptance as people uses it real time, to make purchase of mortgage, new car.
How to buy Bitcoins in Malawi?
People buy Bitcoins on bit coin exchange websites. The first step in buying Bitcoin is to create a web-based account, the Bitcoin wallet. Then a payment is made through credit card to the exchange websites who then pays the equivalent Bitcoin amounts. Another way to own Bitcoin is through the process of Bitcoin mining. With a minimum of $20 you can buy Bitcoins and charges 3.5% transaction fees. By using an online calculate I learnt that MK1000 is equal to 0.00012409 BTC(where BTC stands for Bitcoin)
Bitcoin local exchange Today with the increasing growth of digital technology, many African governments embracing digital money – cryptocurrency, Malawi is missing on the list due to lack a local cryptocurrency. It is possible to trade Bitcoin in Malawi
Popularity of Bitcoin
Use of Bitcoin is becoming popular globally here below are some of the reasons:
- It is easy and fast to send money, it takes a few minutes.
- Transactions area peer-to-peer hence there are no regulatory cross border barriers
- Low transaction flat fee, hence preferred method of transferring large sums of money
- It is a potential alternative for dysfunctional currencies/economies
What is Bitcoin mining?
It is the process whereby people solve mathematical problems to generate Bitcoin. To start mining Bitcoin software is installed on the user’s computer. Mining depends on the computer processing performance.
How is Bitcoin value determined?
Bitcoin is a free-floating currency. Market forces of supply and demand determine the value of bitcoins. Bitcoin coin value rises when demand is high. Its value also depends on the strength of the currency of a particular currency.
Where to shop with Bitcoin?
Bitcoin is used to make online purchases like any other digital currencies. Bitcoins are used worldwide. Several shops in the western countries and china accept payments using Bitcoin. In Africa use of Bitcoin is on the rise in South Africa, Zimbabwe, Nigeria and Kenya.