Guidelines to Buy Bit coin In Morocco

Guidelines to Buy Bit coin In Morocco 

 

 

The most popular and biggest digital currency across the globe is otherwise called Bit coin, and its popularity is gaining momentum each day.  

 

There is lots of confusion among the three concepts, that is, block chain, crypto currency, and bit coin and sometimes might be used interchangeably. 

 

Before dealing with digital currency, it is important to distinguish the three. 

 

Block chain is also broadly known as the distributed ledger technology (DLT). Along with block chain, there are other technologies that underline crypto currencies. In other words, all crypto currencies that do not rely on block chain.  

 

For instance, the IOTA crypt currency developed by Popov (2015) is not based on block chain. The mechanisms of IOTA rely on a mathematical concept known as a directed acyclic graph or tangle. Though the tangle system is efficient and cheaper to operate, block chain has seniority over the tangle system in terms of security and adoption rate.  

 

Hash graph, which was developed by Leemon Baird in 2016, ensures efficiency in the sense that the contribution of every network member is not lost.   

 

All the three (block chain, tangle, and hash graph) are considered part of the distributed ledger technology.  

 

Crypto currencies, otherwise called digital assets or virtual money, are only one application of the block chain. 

 

The Scope of Block chain Technology Is beyond Crypto currencies. Block chain is also widely used in areas, such as voting, digital IDs, protection of copyright and royalty, ownership of equity and real-estate, non-fungible tokens' ownership, ownership of art or other assets such as gold, etc. 

 

Bit coin is only one crypto currency among thousands of other crypto currencies. It is the most popular digital currency because It dominates about 50 to 60% of the whole crypto currency market capital. Moreover, its large market is because it is the first crypto currency that has been developed. 

 

There are thousands of crypto currencies competing in crypto currency market capital. Even corporations and governments of different nations are attempting to create their own crypto currency.  

 

However, a truly decentralized crypto currency will always have more popularity than government or corporation control crypto projects. 

 

The promise of crypto currency is a currency of the people, by the people, and for the people, increasing the popularity of crypto currencies.

 

The consequence of the 2008 financial crisis is the reason for the invention of the blockchain1, that is, the underlying crypto currency technology, 

 

Development of bit coin and other crypto currencies are the progress of the Internet. The features of decentralization are the main aspect of crypto currencies. There is no question of failure as the copies of crypto currency ledgers exist in millions of computers around the world, and the copies of the bit coin ledger are also available in orbiting satellites called NASDAQ.  

 

The satellites, which self-corrects, do not need human intervention, and they cannot be cheated nor destroyed.  

 

Although crypto currencies are banned in Morocco, their use and popularity increases over time.  

 

As long as people have smartphones and the internet, there is no practical way for any government to enforce the ban.  

 

Anybody can be part of the crypto currency public ledgers, as no identification (ID) or signing up is required.   

 

Whether you are an animal or human is not an issue to the crypto currency network. It is a widely demanded network with fewer restrictions. 

 

How to Buy Bit coin At Morocco? 

 

If you’re a beginner and have never purchased bit coin in Morocco, the best way is to opt for a regulated and trusted online brokerage service.  

 

Some of the best exchanges for Moroccan citizens are  

 

EToro ‚Äď Best overall broker¬†

 

Binance ‚Äď Cheap Centralized Exchange¬†

 

Kraken ‚Äď Popular Centralized Exchange¬†

 

EToro ‚Äď It is the best option to purchase bit coin in Morocco in a cost-effective and simple manner. EToro facilitates creating your trading account within 10 minutes, and the minimum deposit requirement is only $200 for Moroccan users.¬†

 

One can use credit/debit cards, online bank transfers, and e-wallets such as PayPal for trading. The minimum purchase amount is only $10. 

 

There are no deposit fees on the eToro platform. As of now, the platform supports over 40 different digital currencies, and you can purchase any type of digital currency such as bit coin and others. 

 

Binance- It is one of the most popular crypto currency exchanges in Morocco. It is a cheap centralized exchange. You can create an account through email and a secure password. It provides access to more than 100 crypto currencies with low fees and security. 

 

Kraken- It is another user-friendly centralized exchange with a very easy-to-understand platform. For new users, it is providing easy to understand guidelines. It explains in detail how to invest, where to invest, and the latest developments about crypto currency. 

 

It guides you to take your investments to the next level. 

 

In addition to the online platforms, you can also purchase bit coin by using PayPal, Credit Card, Neteller, or skill and Cash. 

 

Use of PayPal is a good option to purchase bit coin in Morocco. Transaction through PayPal is very quick, and it also adds an added protection layer to bit coin transactions. 

 

In Morocco, eToro is the most suitable online broker for buying bit coin by using PayPal with a 0.5% fee. In eToro, if you use PayPal as your payment option, you’ll need to add at least $200 to your account to meet the minimum deposit requirement. 

 

Buying bit coin with credit and debit cards is a trusted and extremely popular method of payments.  

 

Brokers impose a deposit fee, which is the big cost on debit or credit card purchases. 

 

Use of eToro as a platform to purchase bit coin in Morocco helps you to avoid paying large fees because it only costs 0.5% of the total value of your order. 

 

You can buy and sell bit coin by paying and receiving money via your e-wallets such as Neteller and Skill, with a charge of 0.5% fees. 

 

Neteller and Skill are both electronic wallets that act similarly to PayPal as they add another layer of security and perform transactions quickly.  

 

You can buy or sell bit coin also by using cash. It is a reliable way to buy and sell bit coin, but often, this requires you to acknowledge your buyer or seller in person.  

 

Even though the objective of bit coin is to be completely anonymous in your transaction and online payments protect your anonymity, use of case will show your identification. 

 

Valuable Information on bit coin 

 

Before buying bit coin in Morocco, you need to collect information regarding the benefits and limitations of digital currencies.  

 

The following points you have to consider if you are planning to buy bit coin for the first time in Morocco. 

 

Bit coin Continues to explore the Stock Markets throughout the world, the demand for bit coin is increasing.   For instance, In its early days in 2010, one single bit coin was worth 0.8 cents, and its value grew to $63,588 as of April 2021. 

 

The usage of bit coin and other crypto currencies increases tremendously with no sign of slowing down, with the development of technology and the acceptance and understanding of online currencies and marketplaces. 

 

If we compare the returns of investment, Bit coins returns have the largest average of 18 per cent as compared to other investments. 

 

The regular stock market provides relatively low returns in comparison to the crypto market. For instance, in the previous five years, the NYSE Arca Tech 100 index value has climbed by 150%, while the NYSE Composite value has increased just by 52%. But the value of bit coin has climbed by 4,200% in the same length of time. 

 

In March 2020, the COVID-19 pandemic which affected the entire economy also affected the stock market greatly, and it still has not recovered its pre-COVID-19 value. Inflation has further decreased the value of traditional stocks. 

 

On the other hand, the value of bit coin increased in an unexpected way 

 

In March 2020, the value of one bit coin token was just $6,000, and it reached $68,000 within one year, when the economy is most affected.  So, you can protect your capital by investing in bit coin, as its value is not impacted by situations like inflation and COVID-19. 

 

The small outlay requirement is an added advantage to invest in crypto currency. For instance, in Toro the minimum requirement to purchase bit coin (per trade) in Morocco is just $10. 

 

Fluctuation In bit coin Price 

 

Just like other purchases such as natural oil and gas, online exchanges and brokers trade and quote the bit coin price in US dollars. Instead of US dollars, you can also use Moroccan Dirham to fund your trading account. The concerned exchange or broker will convert it to US dollars automatically. 

 

In January 2022, the price of bit coin reached $35,000 per token, and it’s increasing again. Currently, the price of one bit coin token is more than $39,000. The value of the digital currency fluctuates similar to conventional market stocks. The value of digital currency increases and vice versa as per market demand.  

 

Bit coin Price Prediction 

 

Some predict that bit coin is likely to cross the $100,000 mark (per token) by the end of 2022. While deciding to invest, you should avoid bit coin price prediction and perform your research. 

 

Guidelines before Buying bit coin 

 

There is a high risk of losing more money than you have deposited. Before attempting to participate in digital currency, it is important to understand the digital currency market and if you can afford to lose your money. 

 

Before buying bit coin, find the best exchange that is suitable as per your preference.  By using pear to pear exchanges like Bisq, Paxful, Local Swap and local Bit coins, you can trade safely and anonymously  

 

By completing the KYC requirement, you can use your debit/credit card payment options to avail bit coin.  It is recommended to store your bit coin or other currencies safely in a hardware wallet, as it keeps private keys safe and entirely offline. 

 

Morocco Leads North Africa in bit coin trading Peer-to-peer trading in crypto currency in Morocco is showing no sign of slowing down as the county tops North Africa’s trading volume. 

 

Despite government scepticism and nationwide bans of crypto currency, worldwide adoption of digital currencies is at an all-time high, and Morocco is no exception. 

 

Growing Tendency of bit coin In Morocco 

 

With crypto currency ownership reaching 2.4% of Morocco’s population, bit coin trading in the country is the highest among North African countries in 2021, according to triple, a crypto currency research platform. 

 

With crypto currency trading reaching $6 million in Morocco in 2021, the country is the fourth-largest trader of crypto currency on the African continent, behind Nigeria, South Africa, and Kenya. 

 

Unhinged by the COVID-induced economic crisis, crypto currency ownership in Morocco reached all-time high levels in 2020, reaching $2.18 million. 

 

Despite Morocco’s ban on crypto currency, bit coin purchasing is soaring in the country, with peer-to-peer trading reaching record-high levels on Local Bit coins, a trading platform, in February 2021. 

 

With a 30% year-to-year increase in registration on the Local Bit coins trading platform, crypto currency adoption is gaining momentum through a base effect. 

 

While some traders are benefiting from the rising speculative value of digital currencies, others view crypto currencies as a bank-free form of trading. 

 

Morocco’s Exchange Office, the country's foreign exchange watchdog, banned trading in crypto currencies in 2017, regarding them with scepticism. However, the Moroccan Central Bank, BAM, announced that its board was in the process of deliberating the economic benefits of adopting crypto currencies.  

 

Conclusion 

 

Governments around the world are now exploring the benefits of using block chain-backed crypto currencies, with countries like Ecuador already adopting digital currencies.  

 

The increasing demand of these digital currencies and their widespread involvement in cybercrimes is a cause of concern for individuals, investors, civil societies as well as to the governments in the foreseeable future. 






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Author

Hi I am Snigdha Mishra. I served in the position of HR Generalist for more than 10 Years. About my education, I have completed my Masters in History and MBA in HR and Marketing. The 2020 pandemic made me to do something for the people who are suffering. so I joined Vivekananda Kendra, Kanyakumari. At present I am working as a sevabruthi to help the poor and needy. I have passion for reading and writing. My creative and analytical skills, my cultivated working experience and the environment where I am staying, encourage me to contribute something with my writing skills. Thank You

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