Bitcoin In Lebanon: Everything You Need To Know

Lebanon is in a deep economic crisis, and the country’s citizens are exploring alternatives to traditional banking that would free them from the strict restrictions imposed by their government. As the world’s largest and oldest cryptocurrency, Bitcoin is an obvious choice, but there are some hurdles to overcome if you would like to purchase it from Lebanon.

What Is Bitcoin?

Bitcoin is a cryptocurrency created by an unknown person called Satoshi Nakamoto in 2008. Since then, its market capitalization has reached an all-time high of more than $1 trillion, which is roughly half the value of all cryptocurrencies combined.

The main aspect that separates Bitcoin from other similar projects is the technology behind it, called Blockchain. Bitcoin’s blockchain is basically a public distributed database of transactions, which are verified by network nodes through cryptography, ensuring their immutability. In other words, once a transaction is recorded, it can’t be retroactively changed.

The process of transaction verification is referred to as mining, and it requires a substantial amount of computing power. Those who participate in it are rewarded with newly created bitcoins and transaction fees. If you would like to understand how Bitcoin actually works under the hood, then we highly recommend you watch the video explanation by 3Blue1Brown.

As a user, you just need to know that Bitcoin is a convenient (albeit volatile) alternative to fiat currency, allowing you to quickly and securely send and receive payments across borders without having to go through any third party.

How To Buy Bitcoin In Lebanon?

Unfortunately, buying Bitcoin in Lebanon is not as easy as buying Bitcoin in most other countries. Due to the United States embargo over Lebanon and the banking restrictions imposed by Lebanese authorities, almost all reputable cryptocurrency exchanges refuse to serve Lebanese customers.

While you could technically create an account on exchanges like Coinbase, Kraken, or Gemini, features such as account verification and fund deposits (as well as crypto purchases) will not work even if you have an international credit card or bank account abroad.

Binance In Lebanon

One of the very few respected exchanges that does offer its services in Lebanon is called Binance.

Binance is an excellent option for buying Bitcoin as well as hundreds of altcoins (including the popular Dogecoin). Creating an account is fairly straightforward. Use your email or Lebanese phone number to sign up, fill in your basic information, and upload your Lebanese passport or ID card to complete the verification process. Once your account has been verified (this process may take a couple of hours), you’ll be able to make your first Bitcoin purchase. It’s important to mention that you will only be able to make purchases using a “fresh” dollar account credit/debit card.

Use this link to create a Binance account and get $100 USD of free credit when you make your first trade.

If cryptocurrency exchanges aren’t your thing, there are at least three alternative options available, so let’s take a closer look at them.

Peer-To-Peer

As we’ve already explained, Bitcoin makes it possible for any two people to trade directly without the involvement of a centralized financial authority. This means that you can simply find someone in Lebanon who already has BTC and purchase some from the person in exchange for cash.

You can find local traders on peer-to-peer Bitcoin marketplaces like:

• LocalBitcoins.com
• HodlHodl.com

Alternatively, you can join a Bitcoin community such as @lbbtcm on Telegram and find someone willing to trade with you that way. Just make sure to verify the person’s trading reputation to avoid getting scammed.

Bitcoin Retailers

If person-to-person trading seems a bit too daunting to you, then you should consider buying BTC from a retailer like Bitcoins Lebanon, BTCLeb, or CryptoLeb. Lebanese Bitcoin retailers typically accept payments in person or via Western Union, and they offer professional customer support to put your worries at ease during the buying process.

Mine Them Yourself

New BTC is issued as a reward to those who verify Bitcoin transactions by solving extremely complex computational math problems in a process called mining. To participate in Bitcoin mining, you actually don’t need any specialized equipment, but don’t expect to earn any significant amount of BTC unless your computer is extremely powerful — the competition these days is simply too steep.

While you can increase your profitability by investing in specialized mining hardware and joining a mining pool, which is basically just a large group of miners who evenly split their rewards, you may not be able to break even unless you have access to free or nearly free electricity.

Tips To Avoid Bitcoin Scams

Money attracts scammers — that’s how it’s always been. The cryptocurrency space is, unfortunately, full of them, so you really need to take some time to learn how to protect yourself. Here are five tips to help you avoid Bitcoin scams:

• Verify, verify, verify: You should never send money to anyone you don’t 100% trust. Remember that screenshots can be faked, email addresses spoofed, and security credentials stolen.
• Don’t put all your eggs in one basket: If this is your first time buying Bitcoin, we recommend you start small and avoid putting all your eggs in just one basket. That way, you won’t lose all your money even if you make a serious mistake and fall for a scam.
• Use two-factor authentication: When trading BTC online, always enable two-factor authentication whenever possible. 2FA is the most effective protection against password-based attacks.
• Never let anyone remotely use your computer: Even if you really could use IT support, we strongly urge you to not let anyone remotely access your computer unless you know the person and fully trust them.
• Buy a hardware wallet: A hardware wallet is a special device that resembles a USB thumb drive. It lets you store your Bitcoin private keys in a secure manner, protecting them against malware and hackers.

Conclusion

Unfortunately, people who live in Lebanon don’t have the same options when it comes to buying Bitcoin as people living in most other countries. But having fewer options to choose from is still better than having no options at all. Peer-to-peer trading, for example, is easy to get into, making it a great choice for those who would like to bet on Bitcoin’s steadily growing (at least in the long-term) price.

If you found this guide helpful, you’ll definitely want to check out our beginner’s guide on how to make money with NFTs (Non-Fungible Tokens).