Bitcoin trading is gradually gaining ground as an online income-generating activity among Ghanaians.
The activity basically involves trading online using virtual currency.
It attracts mainly young people who see it as a lucrative alternative to conventional employment.
“I would engage in bitcoin because it makes life easy,” says a young man living in Accra, another says he has heard about bitcoin trading and really contemplate venturing it “because I believe when I engage or invest in bitcoin, I will earn a lot of profit without doing much work.”
For some, still, it is an opportunity to seize by as a matter of emergency.
Bitcoin is most often used as a generic term to refer to digital currencies and their trading.
Common cryptocurrencies include Ethereum, Dogecoin, Gemini, Coinbase. Cryptocurrency trading involves speculating on digital currencies’ value and exchanging them for assets.
According to Global Market Insight, the business currently has a global market share of over 1.8 billion dollars; a figure that seems to account for the rising motivation to embark on the business.
“Cryptocurrency is such a lucrative job, you can make thousands of cedis a day, to be honest, you don’t have to be going up and down, you are just in your room seated at the comfort of your room, trading making the money that money that it will take them 30 days before they can get that amount,” says Micheal Boakye, a young Ghanaian that has been in the bitcoin business for years now.
For him, the business is a means to obtain “financial freedom” and keep safe from office-job slavery and all that it entails including strikes, transportation.
Considering the nature of the business, and the transactions pertaining to it, the Ghana Securities and Exchange Commission has, labeled them as illegal and warned Ghanaians not to engage in such activities.
The warning is, however, not strong enough, to deter young Ghanaians from what they see as a very lucrative activity.
“These are just mere warnings. It is hard for the government to say I am putting sanctions on cryptocurrency, well you can say, but you cannot stop us unless you are shutting the whole Internet down. If you can shut the whole Internet down that means you can stop cryptocurrency trading in your country,” comments Micheal.
According to him, the business is very safe except for the speculation side of it. Just as in e-banking and other online transactions, you simply need to keep your login details well.
While waiting for the relevant authorities to regulate the sector, cryptocurrency traders continue to operate illegally as the activity attracts more people who see it as an opportunity not to miss.