How To Buy Bitcoin In Cuba – Transactions in any form need a form of exchange. Whether you are paying by money or goods to complete one there is an exchange. Today, the world is fast becoming a global market where people from different regions meet to do business. However, there is always a limitation of currency where the buyer needs to make an exchange on his currency before he can buy from others.
Cryptocurrency has been on the wave since its introduction in 2009, and now several cryptocurrencies are striving to bid for the master of digital currency, however, Bitcoin has reminded the best and is widely recognised around the world.
Though bit is widely recognised, however, some countries have made it illegal to transact in Bitcoin in the country such as Egypt, Qatar, Nepal, Bangladesh, China, Iraq, Tunisia, and Morocco. However, there are some Bitcoin-friendly countries like Cuba, The United States, Europe and others.
Cuba is one of those countries that allow the use of Bitcoin. You must be wondering how you can get Bitcoin in the North American country, We would be explaining how you can get Bitcoin in the country.
CryptoCurrency: Bitcoin
Each country has their physical currency which is regulated by the government. To trade or carry out any form of transaction in a particular country you probably would need to transact in the currency of that country.
Bitcoin is a digital currency that was introduced in 2009 and has remained the best of all cryptocurrencies. They are several cryptocurrencies competing with Bitcoin, however, cannot beat the digital currency. The virtual currency which serves as money for payment or transaction is not regulated by any government, group or person.
The Peer-to-Peer digital transaction currency, 1 BTC is equal to $18,843.85. Making this kind of investment in Cuba is a great deal. Bitcoin works on a distributed digital record that is called a Blockchain.
Blockchain technology is a highly secured structure that secures and stores transactions that are signed by the owner of the transaction making it impenetrable to hackers.
What Are The Characteristics Of A Bitcoin?
The digital currency that is accepted by many is one of the finest payment peer-to-peer technology. This Digital currency is classified by some features which include;
Nobody, power or government regulates Bitcoin, everyone is in charge of the digital currency and not controlled by a central authority, just like the traditional currency. It is decentralized, this is one of its unique features.
Also, Bitcoin is a system that is clear on transactions. who made a transaction, how transactions were made, who it was made to and the account status of the sender. Bitcoin is a transparent platform.
Bitcoin is a fast transaction platform. Unlike banks where protocols have to be followed before a transaction is completed while time is delayed. With bitcoin, your transaction to other parts of the world is in minutes.
Although you have to be extra careful when transacting with Bitcoin as once a transaction is completed there is no way to get it back unless the receiver would send it back. It is non-refundable.
Unlike the banking process which is very difficult to create an account, the bitcoin platform is very easy to set up with less documentation and could be done in minutes.
This is something you are aware of that the currency is in digital form, Bitcoin is a digital currency which is portable, durable, accepted and highly recognised.
How To Buy Bitcoin In Cuba
Cuba is an island country in the hemisphere of North America. The country is a striving country with a stable economy taking advantage of its tourism and manufacturing sectors. Cuba is a beautiful place with a lot of great opportunities.
Thinking of buying Bitcoin in Cuba can be done easily as it takes little effort to buy Bitcoin in the country of Cuba. Here are the simple steps to take to buy Bitcoin in Cuba.
- Step 1
Firstly, you have to create an account to start buying, there are several platforms to register with, Binance is one of the trusted platforms to create on to buy Bitcoin.
- Step 2
Once you have registered and created a secure account, you then search for Bitcoin to buy and also determine how much Bitcoin you want to buy. You can decide to buy in a bit.
- Step 3
Now that you have determined how much Bitcoin you want to buy, you will have to deposit your money. There are several options to deposit your funds. You can deposit your Cuban Peso or use other means such as credit cards, PayPal, and Bank deposits.
However, you have to log in to check for the payment option that is available in Cuba.
- Step 4
Once you deposit your money or FIAT which is a legal tender issued by the government and the money hits your account then you can start buying your Bitcoin.
with this simple process, you should be able to purchase Bitcoins. As stated earlier there are several exchange platforms you can register with to buy Bitcoin. Here are some exchange platforms to trade on, Binance Cuba, FTX, Huobi, Crypto, Coinbase, and others.
Conclusion
Bitcoin is one of the most accepted cryptocurrencies in the world with a presence in several countries. The Currency is durable, portable and a peer-to-peer technology that requires no intermediary. Several cryptocurrencies compete with Bitcoin, however, Bitcoin has standout.
Trading in Bitcoin is great, if you are looking at how you can buy Bitcoin in Cuba which is simple, we have provided a step-by-step process to buying Bitcoin, we hope you find this insightful for your next purchase.
Frequently Asked Questions
Binance is a trusted Cryptocurrency exchange app that is trusted in Cuba and widely use. The App has several payment options to deposit and buy your Binance coins.
Cuba is known for several things which include its beautiful beaches, production of Sugar, Cigars, Rum, Coffee and Vintage cars.
Though the country recently approves the use of Cryptocurrencies in 2021. Cuba is Crypto friendly.
There are several ways to send money from Cuba to USA, apps, credit cards and others. You can use Western Union, WISE, PAYSEND and others.
References
- Goinvest.io – How To Buy Bitcoin In Cuba
- Forbes.com – What Is Bitcoin And How Does It Works?
- Startup.info – Characteristics Of Bitcoin
- Buybitcoinsmart.com – How To Buy Bitcoin In Cuba In 3 Easy Steps
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