What is a cryptocurrency, in simple terms?

Digital money that you send, receive and keep from a phone without going through a bank. Transactions are recorded on a blockchain, a shared public ledger.

What is the difference between Bitcoin and USDT?

Bitcoin's price moves sharply. USDT is a stablecoin designed to track the US dollar: its price moves much less, although it can drift slightly from the dollar.

Do I need a bank account to own crypto?

No. On Mufasa X, a purchase is paid with Mobile Money and a sale is paid out to it. All you need is a wallet to receive your crypto.

What happens if I lose my seed phrase?

If you also lose access to your phone, nobody can recover your crypto for you. That is why you write it down on paper and keep it somewhere safe.

Cryptocurrency: a simple definition

A cryptocurrency (or simply “crypto”) is digital money: you can send it, receive it and keep it from your phone, without going through a bank.

Here are the basics: what it is, what it is used for in Senegal, where to keep it, and the risks to know before buying any.

You send

You receive

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Cryptocurrency: what is it?

A cryptocurrency only exists in digital form: no banknotes, no coins. No bank keeps the accounts.

The accounts are kept on a blockchain: a public ledger, shared between many computers, where every transaction is recorded and can no longer be changed.

To hold some, you need a wallet: an app that keeps your crypto and gives you an address to receive it.

Three examples: Bitcoin, USDT, Ethereum

Bitcoin (BTC): the first and best-known cryptocurrency. Its price goes up and down sharply, sometimes within hours.

USDT (Tether): a stablecoin, meaning a crypto designed to track the US dollar. It is often called a “digital dollar”; its price can still drift slightly from the dollar.

Ethereum (ETH): a blockchain that runs many apps and other cryptos, including a version of USDT. The price of ether moves, like Bitcoin's.

What is cryptocurrency used for in Senegal?

Receiving and sending money, including from or to abroad, from one phone to another.

Keeping an amount in digital dollars (USDT), with no banknotes to carry, then selling it for CFA francs when you need to.

Going from CFA francs to crypto, and back, with Mobile Money: no bank account needed.

Where to keep your crypto? In a wallet

A wallet such as Trust Wallet is an app where you, and only you, control your funds: Mufasa X has no access to it.

When you create it, the wallet gives you a secret phrase of 12 or 24 words, the “seed phrase”. It is the key to your funds: write it down on paper and never give it to anyone.

Our tutorial shows how to create your wallet and find the address to give to receive your crypto.

Trust Wallet: create your wallet and find your address

How to get crypto in Senegal?

On Mufasa X, you buy crypto in CFA francs and pay with Mobile Money (Orange Money, for example). It lands straight in your wallet: Mufasa X does not keep it.

The other way round, you sell your crypto and receive CFA francs on your Mobile Money number.

The exchange screen shows the exact amount, fees included, before you confirm: nothing is committed before that.

The risks to know

Prices move: Bitcoin and ether can lose a large part of their value in a short time, and even a stablecoin can drift from the dollar.

Scams exist: beware of anyone who promises to multiply your money, or of an “advisor” who contacts you first, on WhatsApp or elsewhere.

The seed phrase opens your funds: anyone who knows it can empty your wallet. Never share it, even with someone claiming to be support.

A transaction sent on the blockchain cannot be cancelled: check the address and the network before every transfer.

Video tutorials

Short videos, in French.

In pictures on Instagram

Frequently asked questions

What is a cryptocurrency, in simple terms?: Digital money that you send, receive and keep from a phone without going through a bank. Transactions are recorded on a blockchain, a shared public ledger.
What is the difference between Bitcoin and USDT?: Bitcoin's price moves sharply. USDT is a stablecoin designed to track the US dollar: its price moves much less, although it can drift slightly from the dollar.
Do I need a bank account to own crypto?: No. On Mufasa X, a purchase is paid with Mobile Money and a sale is paid out to it. All you need is a wallet to receive your crypto.
What happens if I lose my seed phrase?: If you also lose access to your phone, nobody can recover your crypto for you. That is why you write it down on paper and keep it somewhere safe.

Crypto-assets are volatile: only commit what you can afford to lose.

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