November 27, 2022

PNG Bitcoin investment – Where to buy Bitcoin in Papua New Guinea

PNG Bitcoin investment – Where to buy Bitcoin in Papua New Guinea. There are incredibly large amounts of scammers and hackers in the crypto space, due to the decentralized nature of cryptocurrencies. It has been extremely important since day 1 to do your research before buying Bitcoin and the need for analysis is becoming more crucial every single day.

You don’t want to feel your palms sweat and anxiety take over as you realise your hard earned money is gone. As you might have already read, more than $11 Billion worth of crypto has been stolen since 2011.

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Things to note when choosing your digital currency exchange

  • Geographical availability

    Is it even to possible to use the exchange in Papua New Guinea? Due to increasing government KYC (Know Your Customer) and AML (Anti Money Laundering) regulations it’s difficult for companies to do business in a lot of countries simultaneously.

  • Payment methods

    Is the type of payment you need available? Some exchanges let you purchase Bitcoin with a credit card in Papua New Guinea, but not with a bank transfer. Peer to peer exchanges let you find crypto sellers for cash, but can take a lot of time to do the transaction.

  • Delivery times

    Time is money. How fast do you need to get your coins from the moment you land on the exchange’s website? If you need the coins fast, you need to pay with credit or debit card for instant payments. If you need to deposit EUR via SEPA transfer, you might need to wait 1-2 days for the deposit to hit your account. Are you trying to buy bitcoin with cash in Port Moresby city center or in the countryside near Lae? You’re going to need a p2p (peer to peer) exchange for that.

    A lot of exchanges take ages to go through the KYC process, possibly losing you days before you can finally make the purchase. By then you might have lost a good entry opportunity. Some exchanges listed in our Top exchanges to buy BTC in Papua New Guinea list allow you to buy Bitcoin anonymously without KYC verification in very small amounts (~$100).

  • Fees

    How much are you willing to pay in fees? If you want to purchase Bitcoin with credit or debit card, be prepared to pay higher fees. When in peer to peer exchanges, make sure to watch the price as a lot of sellers set prices higher than the market price.

PNG Bitcoin investment

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How to buy BTC in PNG | PNG Bitcoin investment

1. Choose the exchange

Choose your pick from our list of Top crypto exchanges in Papua New Guinea. Remember to use links from this website to make sure you don’t end up on scam / phishing websites.

2. Register + KYC

Register on the exchange and go through the KYC process. The most popular exchanges use automated Know Your Customer services.

3.Deposit fiat & buy bitcoin

Depending on the payment method this step can take minutes, all the way up to 5 business days (for example if you want to deposit with international bank transfer).

Choose debit or credit card payments if you want to skip the funding process and are willing to pay a bit more in fees. Otherwise, once the money hits your account you are free to purchase BTC.

Bonus Step!

Now that you finally have your precious bitcoin, it’s not a great idea to leave it on an exchange. To avoid losing your wealth in exchange hacks, move the crypto funds to your personal wallet.

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