How do I invest in Bitcoin in Zimbabwe?

Investing in Bitcoin can seem complicated, but it is much easier when you break it down into steps. You don't have to understand computer programming to realize that banks, businesses, the bold, and the brash are cashing in on cryptocurrencies. This guide will help you to get started, but always remember that Bitcoin investing carries a high degree of speculative risk.

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What Is Bitcoin

It may seem hard to believe that a digital currency could be worth thousands of dollars. Although the lines of code that make up each bitcoin are worthless in and of themselves, markets value each bitcoin at thousands of dollars. Bitcoin has value in part because it has transaction costs that are much lower than credit cards. Bitcoins are also scarce and become more difficult to obtain over time. The rate that bitcoins are produced cuts in half about every four years. This rate is expected to halve again sometime in 2020. The total number of bitcoins in circulation is gradually approaching the limit of 21 million set in 2009 by Bitcoin's creator, Satoshi Nakamoto.

If the demand for bitcoins exceeds the rate at which it can be produced, the price will increase. As of Jan. 2020, 18.15 million, or 86.42%, of total bitcoins have already been created.1 This situation does not guarantee increasing prices. Cryptocurrencies are wildly unpredictable, even ones as popular as Bitcoin. Bitcoin was worth $19,116.98 on Dec. 17, 2017, but the price fell substantially and had yet to recover as of the beginning of 2020.2 The value of Bitcoin is heavily dependent on the faith of investors, its integration into financial markets, and public interest in using it. The performance of Bitcoin compared to other cryptocurrencies, such as Ethereum, is also crucial in determining its value.

Before Beginning

There are several things that every aspiring Bitcoin investor needs. A digital wallet, personal identification documents, a secure connection to the Internet, a method of payment, and an account at a cryptocurrency exchange are the usual requirements. Valid methods of payment using this path include bank accounts, debit cards, and credit cards. It is also possible to get bitcoin at specialized ATMs and via P2P exchanges. However, be aware that bitcoin ATMs were increasingly requiring government-issued IDs in early 2020. There are additional details on buying bitcoin that we will not cover here.