Cryptocurrencies are some kind of art in modern finance. Investors all over the world are highly impressed with purchasing cryptocurrencies. Even in Sri Lanka, many individuals have gained considerable profits by investing in crypto assets. But still, there are strangers who expect to invest in cryptocurrencies but suffer from a lack of knowledge about the industry. The main concern among those new individuals is how to buy Bitcoin in Sri Lanka. The Central Bank of Sri Lanka has documented public awareness notices on investing in virtual currency in the past April. The notice discusses the potential risks and volatility of those cryptocurrencies. Therefore, new investors should be very mindful and knowledgeable while investing in cryptocurrencies.
Cryptocurrency purchasing in Sri Lanka cannot be directly done by a credit/debit cards of a local banks. The credit/debit cards of local banks are banned/blocked from making international payments. Though there are numerous peer-to-peer sites for buying and selling cryptocurrency, Sri Lankans are banned from purchasing cryptocurrency from the majority of those sites. Fortunately, it is able to buy cryptocurrency from a few peer-to-peer sites such as PAXFUL, Binance, and localbitcoin. This is a quick step-by-step guide to buying Bitcoin through PAXFUL.
Before proceeding, you have to get registered by creating an account on PAXFUL. Then you will be welcomed to the below interface. Fill in your e-mail address and password, then click “Create Account.“
Verify that you are a human by matching the puzzle which is provided by PAXFUL, which looks as below.
You will receive a verification code through the provided e-mail address. Enter it in the relevant place and complete the verification. Then the next step is to verify your phone number. Mention your phone number and enter the verification code that you received. Once you enter the following interface, you will see three more verifications, including ID verification, address verification, and video verification. ID verification is a quick process, but address verification takes about a week. But no matter, you can proceed until those verifications get completed.
Now you can proceed with buying Bitcoin. Simply click buy and select your preferred cryptocurrency. In this case, it’s Bitcoin.
Now you can see an interface which you need to submit your bank details. To view the grey or inaccessible sellers, you have to state your bank details. Alternatively, you can make a bank transaction and buy BTC by addressing the sellers who are already accessible.
Make sure you check the seller’s profile before purchasing BTC. If you are satisfied with the seller and his price, you can enter the amount and simply click on “Buy Now.” Then you can communicate with the seller through messages.
In these kinds of cases, the seller normally requests a copy of your ID or driving license. Then, he will send a text and request you to submit it as a hand-written note along with the ID/Driving license copy. These notes consist of general information such as name, amount, etc. Then after agreeing, the seller will send his bank details. What you have to do is make the payment and submit the slip or the screenshot of the payment.
While doing this, you have to click on the “Paid” button on the left side. Once he received the payment, he will confirm it and release BTC. When you receive BTC, you will see a green color text mentioning “Trade Completed.” The BTC will be credited to your account’s wallet, which is provided by PAXFUL. This guild will be a better supplement in addressing “how to buy Bitcoin in Sri Lanka.” Happy buying!