How to Buy Bitcoin in Lebanon 2021

3 Easy Steps to Buy Bitcoin in Lebanon

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This is the Lebanese guide to buy Bitcoin in Lebanon (or other cryptocurrencies). If you already know what these are, feel free to jump to the 4th section.

1- What is Bitcoin?

To start, cryptocurrency (aka crypto) is a digital form of exchange. People have started using it as a form of payment for the last decade and businesses are starting to seriously thinking of joining the new gold rush.

Bitcoin is the first cryptocurrency invented in 2008. It is protected by cryptography, hence the prefix crypto. It came into use in 2009 after releasing it as open-source software. You can think of Bitcoin as the “Gold” of digital currency.

Any other cryptocurrency is referred to as Altcoin (short for alternative coin). Gold, silver, bronze, and other minerals have different uses and values. The same concept applies to cryptocurrency; the difference is not only by price, but by characteristics. These could be security, speed, convenience, low transaction fees, application, etc.

2- Why I invest in cryptocurrency

Rising value: From its humble beginning with an average of $100 per Bitcoin in 2014, the first cryptocurrency is now soaring in the tens of thousands. Check the Bitcoin Chart.

Why is this a good thing? Go into a room of 50 people and ask who knows what cryptocurrency is. You’ll probably find one who has just started and a couple who just know what crypto is. That means the market is still in its early adopter stage. With Bitcoin aiming to become the new digital Gold, there’s no telling what the price will be in 5 or 10 years as the new generation picks it up.

Easy start: Unlike physical gold, you don’t need to buy a full coin to start investing. Since cryptocurrency is digital you can start with what you can afford. In fact, most of beginning investor who are testing the water will start with a couple hundred dollars.

Ease of transfer: Because it’s decentralized, your crypto is not bound by the jurisdiction and rules of the country you’re in. You can move your money freely around the world without a hick up.

No time needed: I work as a marketer and a university instructor. Investing in cryptocurrency is my side hustle. By following the below steps, you’ll have your coin working for you with no effort.

3- Why it’s different in Lebanon

More countries around the world are starting to accept Bitcoin as a currency. Other countries are treating it like a commodity so the government can tax it. Some countries even have Bitcoin ATMs for easy withdrawal. If you live in a supported country, you can simply buy Bitcoin or any cryptocurrency using your debit/credit card just as you would buy any item online.

The laws in Lebanon forbid you to buy Bitcoin in Lebanon, or dealing in cryptocurrency, so Lebanese bank cards are blocked and do not work. I’ll share how I buy my crypto below.

4- How to buy cryptocurrency in Lebanon

Step 1: Create a wallet to store your coins (free)

I personally store my crypto on Binance for several reasons:

  • It’s the largest cryptocurrency exchange in the world, and it’s valued at $86B.
  • Zero fees on peer-to-peer transactions.
  • Peer-to-peer transactions protected by escrow for smooth trades.
  • It supports multiple currencies, both fiat and crypto.

Step 2: Buy cryptocurrency in Lebanon

When buying cryptocurrency as a beginner, you’ll start by buying a stable coin like USDT or BUSD. They are called that because their price doesn’t fluctuate (1 coin = 1 USD).

The two sources I trust for buying and selling Bitcoin (or other crypto) in Lebanon

Localbitcoins: a global platform that acts as a mediator between buyers and sellers using Escrow to ensure no scams happen online. (i.e: you pay LocalBitcoins, the seller sends them the coins, LocalBitcoins oversee the trade for a small fee).

Telegram Community: Download the Telegram app and join this active group of Lebanese cryptocurrency investors.

You only need to learn these two acronyms to start:

WTB = Want to buy or WTS = Want to Sell

Orders follow this logic: WTB [dollar amount] [coin] in [area].

So, your first order would be something like: WTB $200 USDT in Beirut.

Step 3: Exchange Your Coins

Bonus: Invest your coins (without trading)

Binance has some tools that enable you to employ your assets for interest, just like you would do at the bank. The beauty here is that you’ll be getting more crypto while its value is still increasing. This is especially growing with the BNB coin, the official coin of Binance.

Here’s an example:

Let’s say you have 1 BNB (equivalent to $648 on May 4, 2021).

You stake that coin for 90 for interest (APY around 17%).

After 90 days, you’ll have made more BNB (example 1.1 BNB) AND the value of the BNB coin would have gone up (example 1 BNB would be $710), so you have made money in two ways, all happening in the background while you live your life!

Here are the steps:

If you would like to invest and this seems confusing, drop me a message on Instagram or shoot an email and I’ll be glad to help. And, If you think would like to know any other information, drop me a comment below.

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