So, you want to own a cryptocurrency in Uganda? Yes, you can, and very simply put, you can buy bitcoin using mobile money.
By the time you are looking out for this, you have an idea of what Bitcoin is, or any other Bitcoin alternatives (Ethereum, Dogecoin, etc.), however, we have labored to explain what this cryptocurrency is and how it goes.
Read: Buy Bitcoins In Uganda With BitPesa
Contents
What is bitcoin?
Simply put, Bitcoin is a decentralized digital currency. It has no central bank nor single administrator. These bitcoins are sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Uganda has its own currency, and bitcoin is also a currency. You might wonder, how much is a bitcoin exactly if we are converting it into the Ugandan shilling? 1 Bitcoin =126,685,380.40 Ugandan Shilling (as of 22/01/2022). Yes, I know what you might be thinking right now. 126 Billion Ugandan shillings is a lot of money for just 1 bitcoin. I agree it is a lot of money to buy one bitcoin in Uganda.
As we all know with currencies, they fluctuate. This means the prices go up or down depending on a number of factors. The price of a bitcoin may be different when are reading this article.
How to buy bitcoin in Uganda using mobile money
Yellow card has made it possible to buy bitcoin in Uganda using mobile money. It is the easiest way to buy and sell (trade) Bitcoin, Ethereum, and Tether instantly at the best rates with zero fees.
Disclaimer: Football fans, this is not the yellow card you are used to seeing :).
Follow install the Yellow Card app on your Android device from the Google play store or via the Apple Store for the iOS users. After installing it, follow these steps to buy bitcoin;
#1. Firstly; launch or open the Yellow card app.
You will see the word “YellowCard” at the center. At the bottom lies the options “Get Started” button and below it is a “Login” option.
Login if you are already registered. Choose “Get Started” if it is your first time using the app.
#2. Secondly; Create an account with Yellow card
A tab asking you to input your phone number is opened and below it is where you insert an optional referral code in case you were referred by a friend or relative. Click “Next” when done inputting the required details. The next screen should be asking you to verify your phone number with a code that was sent to it.
Make sure the phone number you are using is in your phone or someone’s phone who is nearby such that you can easily retrieve the code.
Choose Resend code in case you have not yet received the code. Tap on verify after inputting the code that was sent to your phone’s message inbox. Afterward, a screen asking you to input your email is shown. Input your email and click next. Guess what comes after the email. The password! Here you will be prompted to input a strong password with at least 8 characters (an uppercase letter, lowercase letter, special character, and a number). Tap on “Done” after this is done. A screen saying “Your Yellow Card account has been created, but we’ll need a few more details to get you fully set up” is shown. Go to Login and use your phone number and password you chose to log in.
#3. Thirdly; complete your account set up.
NOTE: You need to complete your account setup before you can start trading. You CAN NOT “Deposit” or “Withdraw” any funds without first finishing your account set up.
To finish your account set up; you need to;
- Verify your email.
- Verify your identity by sharing your National ID details with Yellow Card.
- Share your address and other documents.
- Share additional documents.
After successfully completing all these steps, you can deposit money from your mobile money account onto your yellow card account by tapping on the yellow button with the words “Deposit” on it immediately after logging into your account. The amount of money you deposit is reflected on the app. Now you can start buying Bitcoin in Uganda using your mobile money.