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How to Buy Bitcoin in Malawi

Unfortunately, Malawi doesn't have a ton of exchanges available to it. Popular exchanges are available in Malawi, like Coinmama, one of the most popular exchanges in the world. Most exchanges are easy ways to buy Bitcoin, but they require identity verification before facilitating trade.

In March 2021, the Reserve Bank of Malawi (RBM) general council and bank secretary George Chioza, said they are consulting with stakeholders regarding the use of cryptocurrency in the country and will soon make a decision. Chioza was also quoted by the local Times newspaper saying, “At the moment, Malawi is really on the borderline. We have not said yes or no but we know there is cryptocurrency. Take caution when you are dealing in these currencies.”

LocalBitcoins is a better option if privacy is a concern for you - the platform matches buyers and sellers on the Bitcoin network, allowing them to trade safely without needing to verify their identities. You may trade with someone in Malawi, or on the other side of the globe.

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Malawi is located in the center of the African continent. Most of Malawi's citizens live in rural regions, which is why the economy is largely agrerian. The main challenges facing the Malawi government are environmental problems, poor education, and healthcare. And to make matters worse, the economy is largely dependent on economic assistance from the IMF and the World Bank.

This is why many in Malawi are trying to flee their domestic currency, the Kwacha, in favor of difigtal assets like Bitcoin.

Malawi does not consider Bitcoin legal tender, nor do they approve of its use in place of fiat currency. However, Malawi has not restricted cryptocurrency in the country. Citizens of Malawi are allowed to buy and sell Bitcoin as they please, provided they're not using it to break any laws.

Lilongwe - the capital of Malawi

One of the easiest ways to buy Bitcoin in Malawi is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Malawi, allowing you to select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.

Additionally, Bitcoin buyers need to keep in mind that certain exchanges might require you to get a wallet of your own before being able to buy the digital currency. Even if there is no requirement, it is recommended to have a wallet of your own for security reasons (preferably a hardware wallet). If you don’t have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.

LocalBitcoins is another option for Malawians who want to pay with cash. LocalBitcoins matches buyers and sellers on its website, both in Haiti and around the world, facilitating peer-to-peer Bitcoin payments.

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Malawi has access to many large Bitcoin and cryptocurrency exchanges.

Have a look at our favorites below:

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There are three main types of Bitcoin wallet and all of them are supported in Malawi:

• Software (desktop or mobile - iOS and Android wallets
• Hardware wallet
• Cold-storage (paper or steel wallets, the latter of which are used to backup your main wallet.

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Ethereum (ETH) has established itself as the second most popular digital currency, after Bitcoin. Its smart contract features allow unique apps to be built on top of its platform. Below you will find exchanges in Malawi that allow you to buy ethereum. Once you buy, you should withdrawal your ETH directly to your own crypto wallet.

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Thanks to Tesla founder Elon Musk, Dogecoin (DOGE)—a coin that started as a meme about the shiba inu dog—has recently become a popular digital currency. Below you can find crypto exchanges in Canada that allow you purchase Dogecoin.

About Dogecoin: Dogecoin has become one of the most famous altcoin blockchains. Dogecoin was founded by Jackson Palmer and Billy Markus on December 6, 2013. Thanks to its popularity on Robinhood, it hit an all time high of $0.42 on April 20. Doge started the year at under $0.01 USD. It is an open source blockchain, meaning its code is publicly available for anyone to see.

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Litecoin (LTC) is one of largest cryptocurrencies by market cap. Below you can find a list of brokerages in Malawi that allow you to buy litecoin and other crypto assets for good exchange rates.

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Crypto scam in Malawi

In 2019, it was dicovered that many Malawian citizens were scammed by Coin Chambers. The scammers advertised themselves through Facebook and a website (which are now shuttered), where they encouraged people to invest their money in exchange for tiered guaranteed returns.

But like all schemes that advertise guaranteed returns, the project ended up being a ponzi scheme and all the money was eventually stolen.

The police eventually arrested two of three scammers and charged them with conspiring to commit fraud, defrauding investors, and money laundering.

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Most people buy their Bitcoin directly from an exchange, rather than investing in expensive mining hardware and paying an arm and a leg for electricity.

Electricity is one of the leading factors used to determine mining profitability. If the value of your mined Bitcoin is greater than electricity costs, you're profitable. There are a few other factors at play here like the hash rate and power consumption of your hardware, but we're not going to go into detail about that now.

Here's what you need to know if you want to mine in Malawi:

Mining is only profitable in countries with dirt-cheap electricity, and unfortunately, Malawi doesn't fit the bill. Most mining operations make use of electricity costs at or below $0.05 per kWh, and Malawi's electricity costs well exceed that number.

Even with the best Bitcoin mining hardware, you'd be hard-pressed to turn a profit. You'd most likely lose a few thousand dollars each year (per miner) minimum, on top of your initial investment.

Bitcoin mining isn't what it used to do. Buying Bitcoin directly from an exchange is the fastest and easiest way to acquire Bitcoin. It's the best option for most people.

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Does Coinbase work in Malawi?

Coinbase does NOT support customers in Malawi as of September of 2020.

Where Can I Find a Bitcoin ATM in Malawi?

At this time, there are no Bitcoin ATMs in Malawi.

You can use our Bitcoin ATM finder tool to check back in occasionally and see if one has opened.

What is the price of Bitcoin in Malawi?

Bitcoin prices are changing every second.

The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.

How do I cash out of Bitcoin in Malawi?

Any exchange with a Malawian Kwacha trading pair will allow you to sell your Bitcoin for fiat currency. Coinmama has MWK trading pairs for many popular coins.

As of January of 2021, there are unfortunately no Bitcoin ATMs in Malawi.

LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.

You could also use a service like eGifter to sell your Bitcoin for gift cards.