Yes, you read that right! As digital currency becomes more mainstream and its acceptance grows, it’s no surprise that it is slowly making its way into countries around the world. In this post, we’ll take a look at what you need to know if you’re thinking of using bitcoin in Morocco. We’ll cover topics such as where to buy bitcoin in Morocco, how to use it, and some key things to be aware of when trading in Bitcoin in Morocco.
What is Bitcoin?
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. This currency has no physical form and it can be used to make transactions without involving banks, credit card companies, or other third parties. Bitcoin as a whole is not regulated by any institution and this makes it difficult to control its use.
Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Bitcoins can be bought from bitcoin exchanges, such as Coinbase, Bitfinex, Kraken, Localbitcoins, CEX.IO, Gemini, etc., which accept funds from a bank account in exchange for bitcoins or from another cryptocurrency such as Ethereum (ETH).
Cryptocurrencies… A new way of transactions?
Cryptocurrencies are a new and innovative way of conducting transactions. They are digital currencies that use cryptography to secure their transactions and to control the creation of new units. Bitcoin was the first and is the most well-known cryptocurrency.
Is Bitcoin allowed in Morocco?
Although crypto-currency and more specifically Bitcoin is really starting to attract more and more followers in Morocco, it is important to know that virtual currency transactions are formally prohibited in the kingdom and officially constitute a breach of the country’s foreign exchange regulations. Morocco’s foreign exchange regulations clearly state that resident Moroccans can only have foreign accounts under certain conditions (being an exporter of goods or services). Any violation of these rules is punishable by coercive measures in force, and liable to 5 years imprisonment and a fine ranging from 500 to 20,000 dirhams.
However… This is also a fact
Despite its illegal status, the Kingdom of Morocco is the leader in Bitcoin trade in North Africa in 2021.
According to Triple-A, a Singapore-based cryptocurrency distributor and aggregator, 0.9 million Moroccans, or about 2.4 percent of the overall population, own cryptocurrency.
This places the kingdom as the most populous country in North Africa and in the top 50 countries with the highest percentage of cryptocurrency users, just ahead of Portugal.
The current Moroccan status
Morocco is the 4th largest cryptocurrency trader on the African continent in 2021, behind Nigeria, South Africa, and Kenya, with trade reaching $6 million in Morocco, the highest in North Africa. These figures reported by cryptocurrency research platform, Triple-A, also announce that nearly 2.4% of the Moroccan population, or 0.9 million Moroccans, currently own cryptocurrency.
Countries With a Full Ban on Cryptocurrencies…
Nine countries – Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia – have currently a full ban on crypto, according to a November 2021 Law Library of Congress report.
Crypto’s rising popularity in Morocco
How do Moroccans view crypto?
Cryptocurrencies are a new and exciting way of conducting business and making payments. However, their legality and acceptance vary from country to country. In this article, we will explore how Moroccans view cryptocurrencies and their potential uses.
Cryptocurrencies are not yet legal tender in Morocco. This means that they are not yet accepted as a form of payment in the country. However, this may soon change. In February of this year, the Moroccan government announced that it was working on a bill that would legalize cryptocurrencies and regulate their use.
The Moroccan people appear to be open to the idea of cryptocurrencies.
Number one in Africa!?
Morocco has surpassed Egypt as the leading country in North Africa for bitcoin trade in 2021, despite the lack of regulation (its use is not yet legally recognized). According to Triple-A, a Bruneian corporation that imports and trades crypto-currencies, around 2.5 percent of the Moroccan population owns them.
Several portals specializing in this subject have corroborated the report. Morocco is number one in North Africa, and it also joins the top 50 nations with the most citizens owning cryptocurrency, ahead of Portugal, according to Cointelegraph, another cryptocurrency-related website. The story was corroborated by the UsefulTulips website, which also stated that the Alawite country is the second largest in the MENA area in terms of bitcoin exchanges, trailing only Saudi Arabia.
Over the last three years, the kingdom’s bitcoin trade volumes have been continuously increasing. LocalBitcoins reports that transfers of this currency have reached unprecedented levels in 2021, with February being the highest month ever. According to Jukka Blomber, the platform’s marketing director, about 900,000 dollars were exchanged in the Alawite country in just one month during this season. He also revealed that user registrations climbed by 30% compared to previous years, with over 700 new accounts registered to use cryptocurrency.
What Do You Need to Invest in Bitcoin?
To invest in Bitcoin, you don’t need a lot of money. Only the following items are required:
- Documents of personal identification
- Information about your bank account
- A safe and reliable internet connection
Keep in mind that if you’re buying coins through a stockbroker, you may not need to provide any personal or financial information because your stockbroker will most likely already have it on file.
5 Steps to Investing in Bitcoin
Are you ready to jump into the world of cryptocurrency? You’re in luck because purchasing Bitcoin is much easier than you may imagine. In five simple steps, here’s how to invest in Bitcoin:
- Participate in a Bitcoin Exchange: Open an account and sign up
- Get a Bitcoin wallet
- Add a payment method by connecting a bank account to your wallet
- Make a Bitcoin Purchase
- Maintain Control Over Your Bitcoin Investments
How can I buy Bitcoin from Morocco?
Now THE question: Can I buy bitcoin in Morocco? Here below is a quick guide on how you can buy bitcoin in Morocco safely. As Morocco is not a country that supports Bitcoin legally yet. However, there are a few ways to do so without getting into any legal issues. Just follow step by step the video below to know how to safely proceed and be able to buy Bitcoin in Morocco in 2022.
Is Binance legal in Morocco?
Yes, you can use Binance, Coinbase, Kraken, and other cryptocurrency exchanges in Morocco. In fact, Morocco’s banks and government are actively looking toward the blockchain and investing in cryptocurrencies, so it wouldn’t be surprising if it were the first country to adopt and create a national cryptocurrency.
FAQ: All the other questions you might ask yourself!
Can Bitcoin be converted to cash?
Bitcoin can be converted to cash, but it’s not as simple as going to a local bank. The first step is to find a bitcoin exchange that will convert your bitcoin into cash.
Once you have found a reputable exchange, you will need to create an account and verify your identity. This process usually involves submitting proof of identity and residency. Once your account is verified, you can add funds to your account by transferring bitcoin from your wallet or by purchasing bitcoin with a credit card or bank account.
Once you have added funds to your account, you can convert your bitcoin to cash by selecting the currency you would like to cash out to and clicking the “Convert” button.
Is Bitcoin a good investment for beginners?
In 2022, you could become extremely wealthy by investing in cryptocurrencies, but you could also lose all of your money. As risky as investing in crypto is, it can also be incredibly profitable.
If you want to obtain direct exposure to the demand for digital currency, cryptocurrency is a good investment. Buying the equities of firms with bitcoin exposure is a safer but potentially less rewarding option.
Is Bitcoin safe to buy? Know the risks…
It’s important to do your own research before investing in Bitcoin.
Cryptocurrency exchanges, more than stock markets, are susceptible to hacking and theft, and other types of criminal activities. Investors who have had their digital currencies stolen have suffered significant losses as a result of security breaches, prompting many exchanges and third-party insurers to begin offering hacker protection.
Unlike stocks or investments, cryptocurrencies are significantly more difficult to store safely. Cryptocurrency exchanges like Coinbase (NASDAQ:COIN) make buying and selling crypto assets like Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) relatively simple, many people, however, choose not to retain their digital assets on exchanges because they are concerned about the risks of trusting any firm to control access to their assets.
You don’t have complete control over your assets if you store cryptocurrencies on a controlled exchange. A government request could cause an exchange to freeze your assets, or the exchange could go bankrupt, leaving you with no way to reclaim your funds.
Some bitcoin users prefer offline “cold storage” options like hardware wallets, however cold storage has its own set of issues. The most serious danger is losing your private key; without it, you won’t be able to access your cryptocurrency.
There’s also no assurance that a cryptocurrency project you invest in will succeed. Thousands of blockchain projects compete for attention, and many of them are nothing more than scams. Only a small portion of cryptocurrency projects will succeed in the long run.
Regulators may potentially take action against the entire crypto business, particularly if countries regard cryptocurrency as a threat rather than a cutting-edge technology.
Cryptocurrency’s cutting-edge technology features also enhance the hazards for investors. Much of the technology is still under development and hasn’t been thoroughly tested in real-world circumstances.
Where does the money go when you buy Bitcoin?
“When you buy Bitcoin, where does the money go?” This is a question that a lot of people seem to be curious about. When you purchase Bitcoin, the money doesn’t go to the company that created it. Instead, it goes to the miners.
Miners are the people who maintain the Bitcoin network. They use special software to solve mathematical problems and are rewarded with cryptocurrency for their efforts. This helps to ensure the security of the network and prevents fraud.
So, when you buy Bitcoin, the money goes to the people who are maintaining the network. This helps to ensure that
Bitcoin is slowly but surely gaining a foothold in Morocco. Despite the fact that the digital currency is not yet recognized by the government, it is being traded on several local exchanges. In this article, we took a closer look at how to buy and sell Bitcoin in Morocco in 2022, as well as some of the risks associated with using digital currency in the North African country.
We also explored some of the ways in which Bitcoin is being used in Morocco, from online payments to trading and investment. Finally, we provided a brief overview of the current state of Bitcoin regulation in Morocco and gave our thoughts on the future of digital.