Bitcoin presents a decentralized cryptocurrency. It was worked out by Satoshi Nakamoto in 2008. The meaning of the word “decentralized” is that there are no centralized servers to mint new coins, to process financial operations or to store funds. This cryptocurrency has limited emission since the amounts of coins should not be more than 21,000,000. In correspondence with calculations, the bitcoin release will be stopped in 2045.
Not so long ago bitcoin had been prohibited in Egypt. However, in 2019 cryptocurrencies became legal in this country. So, today bitcoin becomes more and more popular in Egypt.
Today we will represent you the information about how to buy bitcoin in Egypt.
In order to buy bitcoin, it is not necessary to register on the Itez website. In a handy calculator, you can quickly calculate the cost of BTC based on the amount you plan to use for payment. The smallest purchase amount in dollar terms is 30 USD. By the way, the same applies to the euro - the starting purchase threshold starts at €30. Well, in our instructions, as promised, we will go through all the stages of purchase BTC for dollars step by step.
After converting the currency to BTC, you will see the final result in the "You Get" field and on the "Buy" button. Click the button and enter your email address in the following window.
Confirm your email with a 6-digit code sent to the previously indicated e-mail and click the "Verify" button.
Specify the purchase amount in the Itez dialog box. Copy the recipient address - your bitcoin wallet - from the “Accept” section.
Important: you should not manually copy the bitcoin wallet address. The blockchain system does not give any information about bitcoin addresses problems, and if an error occurs during manual entry, all the buyer's funds may be lost.
For example, this is how the copy address button looks like in the Exodus wallet:
After copying the bitcoin wallet address, paste it into the dialog box.
Check your data — it is important to make sure that the address is entered correctly.
After pushing the “Card details” button, enter the required card information: card number and expiration date, the cardholder name and CVC-code — three numbers on the back of the card.
Push the “Pay” button and enter the one-time bank code in the following window. As soon as the transaction receives 6 confirmations in the blockchain network, your bitcoin wallet balance will be top-up.
Important: the transaction will wait for confirmations for time. After six network confirmations, bitcoin will be on your e-wallet; when buying with Itez it will take for about 15 minutes. This is a very good speed for the Bitcoin network since transactions in the most popular blockchain network are somewhat slower than in other networks due to its properties and high load.
In Egypt people can purchase Bitcoin (BTC) with every local bank card. Afreximbank is the most well-known bank in Egypt. The second one is Ahli United Bank, the third one is Al Baraka Bank Egypt. Others include ALEXBANK and Arab African International Bank.
If you happen to be in Egypt you will be able to use real debit and credit cards of Visa, Mastercard, Maestro and Skrill payment systems. You may also buy virtual cards made by special services.
It is well-known that BTC has a decentralized system. It means that in case you have a private key and a seed phrase, your digital money will get full safety. The explanation of this phenomenon is the following: other users cannot use your bitcoin. If you are interested in other wallets just go to bitcoin.org