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Senegal is a member of the World Trade Organization and has developed a great tourist industry. Other sectors of the Senegalese economy include mining, fishing, agriculture, construction, and foreign trade. Unfortunately, the country is negatively affected by a poor education system, high degrees of polticial corruption, an inefficient justice system, and grinding bureaucracy, hampering development.

In 2016, Senegal announced it would be the first country to have a cryptocurrency based on its national currency. A Senegalese financial institution was ment to manage the development and the integration of eCFA (the digital currency). Also, the government of Senegal declared that this new digital currency would have the same legal framework as a legal tender. The project ultimately failed (unsurprisingly), however the country remains farily open to Bitcoin and other cryptocurrencies.

Dakar - the capital of Senegal

One of the easiest ways to buy Bitcoin in Senegal is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Senegal, 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.

Another option for Buying Bitcoins in Senegal is through peer-to-peer exchanges like LocalBitcoins. On platforms like these, users buy and sell with other individuals directly. More on how these work in Chapter 6.

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Senegal 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 Senegal:

• 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 Senegal 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 Senegal that allow you to buy litecoin and other crypto assets for good exchange rates.

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As of January of 2021, we could find no exchange hacks or significant scams affecting Senegal or its citizens. We will update this page if/when any news of scams or exchange hacks occur in Senegal.

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Electricity is one of the most important factors to consider when determining mining profitability. If the value of your newly mined Bitcoin is greater than your electricity bill, you're profitable.

Using mining hardware with a high hash rate to power consumption ratio is one way to improve Bitcoin mining profitability. But even with the most efficient mining hardware, you won't make a dime if electricity is too expensive.

Most large mining operations are in countries with dirt-cheap electricity - $0.05 per kWh or less. Senegal's electricity prices, on the other hand, are approximately $0.16 per kWh.

While Senegal's electricity isn't too high on the global scale (for comparison, the United States averages $0.12 per kWh), it's far too high for profitable Bitcoin mining.

Even with the latest and greatest mining hardware, you'd lose several thousand dollars per year per miner, on top of your significant upfront investment.

For most, buying Bitcoin directly from a Senegal supported exchange is the easiest and fastest way to acquire Bitcoin.

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Does Coinbase work in Senegal?

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

Where Can I Find a Bitcoin ATM in Senegal?

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

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 Senegal?

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 Senegal?

Any exchange with a West African CFA franc trading pair will allow you to sell your Bitcoin for fiat currency. eToro has XOF trading pairs for many popular coins.

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.