An African-based crypto trading platform has merged the peer-to-peer functionality of Paxful and the direct sales of crypto approach by Coinbase into a multi-functional app.
Using its secure escrow system, a program created by Ghanaian tech developer Benjamin Anderson, 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 offers a platform for the exchange of mobile money for bitcoin as well as the buying, selling, and receiving of bitcoin. Additionally, consumers can exchange their unused gift cards for bitcoin and vice versa.
Mybitstore, which is accessible through the Google Play Store and the Apple App Store, offers users a free bitcoin wallet and supports over 250 payment options, such as 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.
Mr. Benjamin Anderson stated in an interview that the Ghanaian cryptocurrency trading industry has received a significant boost, which is the single biggest boost for the purchasing, selling, and using of cryptocurrencies.
Despite the relatively extensive use of cryptocurrencies in Ghana, he claimed that little to no trust exists in cryptocurrency transactions, particularly those that rely purely on blind peer-to-peer trust.
The use, holding, and trading of virtual or digital currencies, such as Bitcoin, have recently undergone changes, which the Bank of Ghana has taken note of. The Bank of Ghana is now spending a significant part of its budget to improve the payments and settlements system, including the use of digital currencies, as well as to establish cyber security policies to protect electronic and online financial activities.
According to Mr. Anderson, a change is presently being made that should bring the electronic payments industry up to speed with international standards and match it with the rapidly changing global electronic payments landscape.
Regarding cyber security, Mr. Anderson gave the assurance that the app is designed to combat and eliminate all outside threats.
"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 went on to say that traders have the option to rate, review, and most importantly trade trade safely on the app.