Bitcoin In Cameroon: How To Create Wallet, Buy/Withdraw 2024

Bitcoin In Cameroon: A Leading Cryptocurrency

Bitcoin in Cameroon is gaining popularity. However, bitcoin availability in Cameroon remains limited and is somewhat a cryptocurrency used by 'tech-savvy' individuals.

Bitcoin is the most popular decentralized peer-to-peer cryptocurrency. It is one of the hundreds of digital assets and has gained wild popularity in Cameroon. It is used for various purposes, including online payment and hedging.

Introduction to Bitcoin

Backed by Blockchain technology, Bitcoin was developed in 2008 by an anonymous person or group under the pseudonym "Satoshi Nakamoto. "

Bitcoin makes payment on mobile devices easy: when a wallet is installed on a smartphone. Many stores that accept Bitcoin display a barcode that can scan from the smartphone to make a payment.

It is backed by military-grade security that keeps the cryptocurrency wallet secured and intact. Of course, you need to take steps to keep your coins to ensure are breaches are not impossible.

It works anywhere and everywhere (across international borders) at any time. It allows users to choose their fees (lower fees can result in slower bitcoin transactions) and pay relatively anonymously.

BitWorld Cameroon

While Bitcoins already had some usage in Cameroon, they became mainstream in 2018 due to the massive popularity of a Ponzi scheme known as Bitworld. The local subsidiary of this pyramid scheme or alleged 'network marketing company' is traded as Bitworld Cameroon.

Bitcoin was one of the payment methods promoted by BitWorld. The scheme exposed many of the about 200000 participants to the digital wallet.

See Also: Why Chymall is Ponzi Scheme designed to Scam You.

How to open or create a Bitcoin Wallet In Cameroon?

  • The time needed to create a bitcoin wallet or account is 5 minutes.

Just like your physical wallet or bank account, you would need storage for the coins. Installing a Bitcoin wallet on your computer or smartphone to store the coins is possible. 

The wallets would offer a bitcoin address or addresses for you to accept coins from other users. They also store the private key or keys to authenticate the spending. You can choose any of the 4 methods to keep your coins—their features and level of security.

These are the four different bitcoin wallets and accounts you can create or open in Cameroon:

  1. Desktop Wallets
  2. Hardware wallets
  3. Mobile Wallets
  4. Web Wallets

1. Desktop Wallets

They come as Windows, Mac, or Linux apps installed on laptops or desktop computers. The 9 apps listed are available on 3 platforms: Bitcoin Core, Bitcoin Knots, Bither, Electrum, mSIGNA, Armory, Wasabi, BitPay, and Green Address.

2. Hardware Wallets

They come as USB drives, keyrings, or some other form of portable hardware. These include BitBox, Coldcard, KeepKey, Ledger Nano S, and Trezor.

3. Mobile Wallets

The availability of the apps varies according to the smartphone's operating system. Bither, BitPay Wallet, BRD,, Coin, and Edge are available on Android and iOS. Eclair Mobile, Electrum, Mycelium, Bitcoin Wallet, and BLW are available on Android only.

4. Web

These are services that offer bitcoin wallets through their website. Some of them are BitGo,, and Coin Wallet.

How can I buy Bitcoin in Cameroon?

Thousands of companies and individuals offer the conversion of Cameroon's fiat currency FCFA and money from other digital currencies to Bitcoins. 

They would mainly be split into exchanges and trading platforms.

  1. Companies: Dozens of these offer the sale or exchange of bitcoins primarily through their respective websites or mobile apps. They typically accept XAF payment via MasterCard, Visa, Verve cards, online bank transfers, or mobile money platforms.
  2. Trading platforms allow individuals to buy and sell bitcoins and typically offer a secure platform that includes escrow. They usually attempt to verify who trades on their platform to guarantee a safe environment for their users. Notable examples are Localbitcoins and Paxful.

How to accept Bitcoin Online

It is possible to accept bitcoin payments through your own e-commerce website in Cameroon for your business. There are dozens of online solutions that make this possible. Many of the web wallets listed above also offer merchant services that are fit for purpose.

They would typically offer an API that makes their service work with online store platforms. Popular bitcoin gateways include Coingate, BitPay, etc.

It is also possible to go the simple route of simply giving your bitcoin address to the payer. They can then simply send bitcoin from their own wallet. This option would typically apply to freelancers and is straightforward.

Read: How To Get A US Google Voice Number For Free Calls And SMS

How To Transfer Bitcoins To Mobile Money In Cameroon (Buy, Sell and Withdraw)

Cameroon has two dominant Mobile Money services; Mtn Mobile Money and Orange Money. Here is how to transfer your bitcoins (buy or withdraw) from your wallet to your Mobile Money Account without charges (secure):

  1. Contact temogroup secured Bitcoin service via WhatsApp on +237655004189 or Telegram.
  2. Indicate the number of Bitcoins you want to withdraw
  3. Wait for currency conversion of the number of bitcoins to Dollars and FCFA.
  4. Submit your phone number that has your MTN Mobile Mobile Money Account or Orange Money Account.
  5. Securely send the number of bitcoins you wish to trade or withdraw to our designated Bitcoin wallet.
  6. A MoMo transfer will be initiated automatically to your Mobile Money Account.
  7. A confirmatory SMS indicating a successful bitcoin transfer will be sent to your phone number.

Where to use Bitcoin in Cameroon?

There are thousands of merchants that accept bitcoin across the world. For example, Web4Africa accepts Bitcoins and dozens of other cryptocurrencies like Bitcoin Cash, Ethereum, Litecoin, etc. for all the services we offer:

  • Buying a website domain
  • Money Transfer services
  • Bitcoin To Mobile Money
  • Buying online goods and services
  • Some merchants accept bitcoin for a wide range of products and services.

FAQ About Bitcoins

Here are some Frequently Asked Questions about Bitcoins and answers:

What is the current Price for Bitcoin In Cameroon?

The price of bitcoin relative to traditional currencies varies by the minute. For example, as of 9:57 am on 6th November 2020, 1 BTC = 8753775 FCFA in Cameroon. The price at the moment you are reading this should be different. It is very volatile.

Read: How To Get A PayPal Account And Withdraw To Your MoMo Account In Cameroon

Is Bitcoin legal in Cameroon?

The banking regulator and issuer of Cameroon's FCFA notes and coins, the Central Africa Banking Commission (COBAC), actively discourage Bitcoin in Cameroon. 

Bitcoin has no known legal status and is not encouraged in Cameroon. One can say their position is neutral to the extent that the government cannot control bitcoins. They are, however, paying attention to the time they can.

However, Bitcoin is available in Cameroon.

Which is the best bitcoin wallet in Cameroon?

There is no objective way to access which wallet system is the best for Cameroon. One safe way to decide which wallet to go for would be backed by a legally registered company in Cameroon that maintains local bank accounts. That way, there is some leverage regarding access and accountability.

Since the government does not regulate bitcoin, there is hardly any customer or legal protection.

What is the best website to buy bitcoins In Cameroon?

You would need to research and make the decision yourself. It is, however, imperative to consider a few factors. 

Confirm their legal status and office location when dealing with an exchange company. If dealing through a trading platform, ensure the individual is an experienced trader with many confirmed trades and excellent ratings.

Some used platforms in Cameroon include:

  • Paxful Cameroon
  • Pursa Cameroon

Is Bitcoin safe to invest in?

Like every other investment scheme, it is essential to know that investing in bitcoin is complex, the same way Forex Trading can be risky. 

It is possible that the value of bitcoin can still improve drastically in the future. Do not invest what you cannot afford to lose.

See Also: 

Temo Group

Temo Group Writes About the Latest Tech, Business, Health, Education, Insurance, Law, Guides, Loans, and Reviews.

Post a Comment

Previous Post Next Post