Here’s Why You Should Choose Yellow Card For Bitcoin Trading In Ghana
July 26, 2021, 11:47 a.m.
Across the world, cryptocurrencies are quickly gaining acceptance. From individuals to businesses to countries, the crypto craze seems to gain momentum as each day passes.
In Ghana several peer-to-peer (P2P) cryptocurrency trading platforms have popped up in the last few months, seemingly to provide crypto enthusiasts and newbies the opportunity to trade cryptocurrency.
Peer-to-peer platforms allow individuals to move currencies from their accounts to the account of others without having to go through a financial institution.
Peer To Peer Bitcoin Trading: A Double-Edged Sword
P2P trading is usually done directly between individuals where a person wants to sell and another wants to buy. When this type of trading happens between two people, no “Know Your Customer” (KYC) checks or documentation is required so you don’t know who you are buying from or selling to. Lots of people have unfortunately fallen victim to several scams through this. Even in cases when p2p exchanges facilitate trading, many still lose money as scammers are known to open fake accounts and offer to buy or sell crypto.
Globally, more than GHS 24,000,000,000 (US$4 billion) was lost to cryptocurrency scams in 2019. In Ghana, for example, criminal investigation estimates that over 100,000 Ghanaians lost investments valued at GHS 135,000,000 (US $25 Million) to cryptocurrency-related investment scams and hacks in the year 2018 alone.
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Security, Trust & Cryptocurrency Adoption
Clearly, the cryptocurrency industry generally needs to work on its burgeoning scams or risk stunting the growth of this very promising and fast-growing industry. For many crypto users, it all comes down to who can they trust and make them feel safe about their funds?
This is the very reason why Yellow Card was founded. It is in their DNA to provide that trust that customers across the African continent are looking for. This is because they know how crucial it is to the growth of the industry across countries like Ghana and beyond. Everyone at Yellow Card right from its founder understands this and is looking to turn around the way in which Africans use and benefit from everything bitcoin and other cryptocurrencies have to offer.
Years ago, Yellow Card CEO Chris Maurice made what he believed to be a smart financial move at the time when he used up his life savings to buy bitcoin. Unfortunately, he was using a peer-to-peer bitcoin marketplace. He lost several thousand dollars and learned a rather expensive lesson.
It is no surprise that he has a vision for a safer digital landscape where people gain rather than lose. This vision has permeated into Yellow Card’s ethos.
Rather than operating on a peer-to-peer basis, Yellow Card uses a business-to-consumer (B2C) model. This significantly boosts safety and reduces risk when people buy and sell bitcoin and other cryptocurrencies by doing away with fraudulent intermediaries that plague P2P crypto trading.
Cryptocurrency & Financial Inclusion
Thanks to its low fees, mobile accessibility, and ease of use, Yellow Card has managed to boost financial inclusivity. Just as it has done in several other African countries, the company aims to advance security and financial inclusivity in Ghana as well.
If you’re a crypto newbie or an individual who has no idea of how to go about cryptocurrencies but has an interest in them, the Yellow Card Academy serves as a way to inform and educate, therefore building financial literacy by enabling people to make more informed decisions regarding their money.
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