Buy Bitcoins in Kenya: Bitcoin is a digital currency that is used to purchase products and pay for services online. Having Bitcoins is like having cash on the internet though you can convert them to solid cash anytime.
In Kenya, Bitcoins are not commonly used so they are suitable for traders who engage in online business (for instance, they can be used for buying products online).
Unlike Paypal, Mobile, and Digital Banks, Bitcoin is not controlled by any person or government.
What Can I use Bitcoins for in Kenya?
They are various ways in which you can make use of Bitcoins in Kenya as illustrated below;
- Like shares, you can acquire Bitcoins and wait for the price to rise before selling them. Bitcoin prices do Fluctuate and if you are patient, you can make some pretty good money (For instance, You can buy Bitcoins at $50 and sell them when they are going at t $100 (read case story on Bloomberg)
- Several Businesses accept online payment through Bitcoin Currency. Some of the top companies that allow the use of Bitcoin currency to purchase their products and services include (WordPress, Microsoft, Reddit, Namechap, Expedia, Newegg, Bloomberg, Shopify, Badoo e.t.c) Find the full list of companies that accept Bitcoin payments in this page.
NOTE: Unlike Paypal, Bitcoin transactions cannot be reversed. So, only deal with people you trust.
How to Buy Bitcoins in Kenya through Mpesa
There are various applications and websites that you can use to buy and sell bitcoins in Kenya. In this case, I am going to use LocalBitcoins. With LocalBitcoins you can buy Bitcoins through mpesa or bank. Below is how to go about it;
- Visit Local Bitcoin website and Create an account: https://localbitcoins.com/country/KE
- On the top menu of the website click signup for free then create account.
- Check your email to confirm your registration details
- Select the kind of trader that meets you ability. Some traders limit selling of Bitcoins to Ksh. 1,000 others to Ksh. 20,000. Also, ensure to check on the seller’s reputation before buying. Only trade with sellers with a Feedback score of 100%.
- After trusting the seller, click on Buy Bitcoins online from (his/her name) to buy.
- You will be directed to a page that shows the terms and conditions of the trader.
- Carefully read his/her the terms and conditions (they are normally short)
- After agreeing the terms Enter the amount you wish to Buy in Kenyan Shillings and you will be able to see how many bitcoins you will get for the same.
- Make Mpesa Payment
- Confirm payment and you will receive the Bitcoins from the seller.
- You are done!
NOTE: Always take note of the seller’s reputation. Be aware of phishing attempts!