The peer-to-peer functionality of Paxful and the direct sales of cryptocurrency approach by Coinbase have been combined into a multi-functional app by Ghanaian-based cryptocurrency trading platform Mybitstore.
Ghanaian tech developer Benjamin Anderson designed a program that allows cryptocurrency traders from all over the world to buy Bitcoin and sell Bitcoin using peer-to-peer means or local payment systems.
The Mybitstore app provides a platform for the purchasing, selling, and receiving of bitcoin as well as the conversion of mobile money into bitcoin. Customers can also convert leftover gift cards into bitcoin and vice versa.
In addition to providing users with a free bitcoin wallet, Mybitstore, which can be accessed through the Google Play Store and the Apple App Store, supports over 250 payment methods, including mobile money (such as Tigo Cash, Vodafone Cash, and MTN Mobile Money), bank transfers, in-person cash payments, Chipper Cash, Paypal, Perfect Money, and Western Union.
According to Mr. Benjamin Anderson, the Ghanaian cryptocurrency trading industry has received a significant boost, which is the single biggest boost for the purchasing, selling, and using of cryptocurrencies.
He asserted that little to no trust exists in cryptocurrency transactions, particularly those that rely only on blind peer-to-peer trust, despite the comparatively widespread use of cryptocurrencies in Ghana.
The Bank of Ghana has taken note of recent changes in the use, possession, and trading of virtual or digital currencies like Bitcoin. In order to secure electronic and online financial transactions, the Bank of Ghana is currently allocating a sizeable portion of its budget to improving the payments and settlements system, including the usage of digital currencies.
In addition, Anderson noted that a reform is currently being implemented that should bring the electronic payments sector up to speed with global standards and align it with the fast-evolving electronic payments landscape globally.
Mr. Anderson assured users that the software is built to resist and get rid of all external dangers in terms of cyber security.
“Trust and security are at the heart of every financial transaction. By utilizing a few particular features, the app is designed to allay any uncertainties and safety worries. Mybitstore holds the bitcoin in its safe escrow until you sell any of the tradable cryptos. Mybitstore moderates all transactions with inconsistencies through the raise dispute option to ensure smooth and successful trades,” he continued.
Mr. Anderson further said that users of the app have the option to rate, review, and most crucially, make secure transactions.