The financial situation in Zimbabwe, characterised by foreign currency shortages has made it difficult to make payments outside the country, just like several other African countries.
This makes any sort of importing a bit of a nightmare especially if you do not have any access whatsoever to foreign currency.
The good news though is that Bitcoin, the famous digital currency that can now be bought locally is a solution for this.
However, it hasn’t been adopted by a lot of people yet because of a number of hurdles.
- It still takes time for people new to bitcoin to learn what bitcoin is, how it works and how to use it.
- You can only buy bitcoin from a bitcoin exchange like Golix.
- Learning how to use a bitcoin exchange is another learning curve for most people.
At the end of the day, the customer only wants to buy a car, they don’t want to grapple with the process of learning how to pay for a car with bitcoin.
For the reasons listed above, at Golix we have been making payments on behalf of people who want to buy cars on BeForward so that they don’t have to worry about finding Bitcoin themselves or learning how to use it.
The following is a guide on how you can buy a car on BeForward with Bitcoin that you can buy from Golix using local currency.
How to buy a car on Be Forward with Bitcoin
- You log onto BeForward and select the car of your choice.
- Request to make a payment and receive an invoice quoted in US dollars.
- You then share the invoice with the Golix support team via firstname.lastname@example.org
- For BeForward payments, you also have to come to the Golix offices
- Golix will confirm from BeForward how much the car costs in bitcoin and inform you of the equivalent amount you have to pay in local currency. (Payment has to be made immediately to guard against volatility)
- You then make a payment using either EcoCash, Zimswitch POS (swipe), Steward Bank Kwenga or ZIPIT (electronic transfer).
- Golix will proceed to secure the required bitcoin and clear your invoice within a period of 48 hours
- You will receive confirmation from both Golix and BeForward.
- In some cases, Golix may fail to source the bitcoin required to make the payment within the 48 hour period. In such a case, you can choose to wait a little bit longer or have your money refunded to you.
- If you choose to wait a little bit longer, Golix will liaise with BeForward to keep the invoice open. If you choose to get your money refunded to them, Golix will send it back.
What else you should know about this Bitcoin payment process
- There is a transaction fee of between 3 % for all transactions on Golix.
- We use your money to buy bitcoin and then use the bitcoin to pay the invoice on your behalf.
- The payment process happens while you wait, and is typically concluded within 15 minutes.
- While we require you to come to the Golix office in person, we do not accept any cash
- RTGS deposits will only be accepted when they have reflected in our account
- We buy bitcoin for you at the best price on the market at the time of receipt of your payment.