Beginner Guide: How To invest In Bitcoin In Kenya
If you want to invest in bitcoin in Kenya, the easiest way to do it is to open a cryptocurrency wallet. Once you have a wallet, you can use that address to send and receive funds. Bitcoin wallets are digital ledger entries stored on your computer, phone or connected device. Your public address (that’s what you share with other people) is your portfolio balance for that bitcoin wallet and the private key (what you keep safe) unlocks access to all of your bitcoin addresses. Currently the value of one bitcoin is equivalent to $29,000 or KSh3.3 million
Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks, managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
How To buy Bitcoin In Kenya
Buying Bitcoin is the first step to investing in cryptocurrency. There are many ways to buy bitcoin, but none are as simple and efficient as using an exchange platform like Coinbase, Binance, Etoro and Paxful. With more than 10 mln users, Coinbase is the largest Bitcoin exchange in the the world and Kenya as well. Binance and Etoro have widely been used by many investors in Kenya to buy Bitcoin. This platforms offer a way for users in almost every country to buy bitcoin using cash or credit/debit cards.
You can buy bitcoin in your Coinbase account using either a bank transfer or supported debit/credit cards, depending on the payment method you choose. You can also buy bitcoin from an individual with cash, PayPal and other options. The great thing is that now you can buy bitcoin directly using M-pesa through the Mpesa Global pay method that links you to Visa.
Lets look at each of this Bitcoin Exchange Platform ant What they have to offer
Best Bitcoin Exchange Platforms
1. Coinbase
Coinbase is the easiest way to buy, sell and store digital currency. With Coinbase, you can buy and sell bitcoinand ony other cryptocurrency like, ether, and Litecoin using Coinbase App’s built-in wallet. You can also use the wallet to make in-store purchases with your Coinbase Card or Buy bitcoin online in Kenya with a credit card, Mpesa or bank account. Coinbase supports thousands of users in more than 50 countries among them Kenya with millions of digital wallets created on the Coinbase platform so far.
2. Binance
Binance is a cryptocurrency, designed for exchanging and for payments. It’s an open source project that allows the users to use their crypto wallet using mobile devices or desktop platform. Binance stands as one of the most reliable cryptocurrency trading platforms that allow its customers to trade between different coins without any hassle.
It allows users to trade cryptocurrencies for other cryptocurrencies, and for conventional currencies, like the US dollar, or Euro. It also has a mobile app available for both iOS and Android devices. You can easy buy bitcoin through Binance with Mpesa as well
3. Etoro
It is a global, digital asset exchange based in the UK and Europe. The platform allows trading more than 107 currencies, including Bitcoin and other cryptocurrencies. Etoro customers can buy and sell assets on the exchange that has over 6 million traders around the world.
4. Paxful
Paxful is a peer-to-peer marketplace that allows you to buy and sell bitcoin, ethereum, altcoins and many other cryptocurrencies easily. With Paxful you can buy Bitcoin in Kenya cheaply, enjoy zero transaction fees, and use over 300 ways to pay – including bank transfers, M-Pesa, Chipper Cash, and Paypal. Paxful has a large inventory of digital currencies and payment methods for trading. It also serves as a daily ATM for depositing or withdrawing funds in their native currency.
Now that you now know how to buy Bitcoin in Kenya, How do you trade and make profit?
Guide To Start Trading With Bitcoin In Your Wallet and make Profit
How and when should I sell my Bitcoin? This is one of the most common questions asked by newbies who first heard about bitcoin. The answer often depends on your goals and expectations. However, as a guideline, you should consider selling your Bitcoin (BTC) after it has reached its peak price point, which is when it goes up at a slow pace without any major fall downward
Knowing when to sell your bitcoin is crucial for making a profit. If you decide to sell at too high a price, you may not make as much money as you could have if you waited another day or so for the coin to increase in value. Conversely, selling at too low a price can mean missing out on substantial profits. If you attempt to use overly simplistic mathematical techniques, such as a short-term moving average that’s above the long-term average or a rising trendline, then you might miss out on some trades where these signals would have worked.
Beginner Guide: How To invest In Bitcoin In Kenya
In Simple Terms, you can effectively invest in Bitcoin and make profit by following this simple guidelines;
- Get and signup with a bitcoin exchange platform
- Buy Bitcoin in your online wallet
- Watch the Market and sell your bitcoins during price peak points
- Buy more bitcoins for less during low peak points
- Withdraw your profits direct to bank or mobile wallet at anytime.
Apart from Bitcoin Which other Cryptocurrencies are available on the market?
You can go beyond bitcoin and invest in other cryptocurrencies. Apart from bitcoin, their are other cryptocurrencies that operates on Blockchain technology available on the market. These Include:
Tether
Tether is a cryptocurrency that was created to provide users with a stable alternative to Bitcoin. You can purchase Tether from the company’s website and its tokens are backed 1:1 by US dollars, meaning you can use them to easily transfer money across borders or convert them into USD on the fly, without having to worry about exchange rates changing during the course of your transaction. Currently the value of tether is KSh117.
Etherium
Ethereum is a cryptocurrency, or digital asset, which uses blockchain technology to create and operate peer-to-peer smart contracts. These contracts are executed on the Ethereum Virtual Machine (EVM), which is an accessible, decentralized computer designed to automate many tasks related to a cryptocurrency’s operation. This technology allows you to “create your own bread” through smart contracts, in an ethical and sustainable way. Currently Etherium goes for KSh210,000 a coin on the market exchange
Binance Coin
Binance coin (BNB) is a cryptocurrency issued by the Chinese cryptocurrency exchange Binance. Binance is one of the largest cryptocurrency exchanges in the world by trading volume. With nearly 200 million users, Binance has its own token that serves as payment on their platform. Currently Binace Coin is valued at KSh35,685
Dogecoin
Dogecoin is a cryptocurrency featuring a likeness of the Shiba Inu dog from the “Doge” Internet meme as its logo. Introduced as a “joke currency” on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014. Currently Dogecoin is valued at KSh91.26
Solana
Solana is a new blockchain technology stack designed to enable high-throughput transaction speeds, while offering the promise of substantial scalability and an intuitive user experience. Solana provides a platform for managing microservices across multiple data centers, supporting both functional and non-functional requirements. Solana is currently valued at KSh5,031
Cardano
Cardano is a general purpose blockchain, similar to Ethereum. It’s similar in that it allows developers to create smart contracts or decentralised applications using the platform. Cardano is unique in that it uses Proof of Stake technology rather than Proof of Work. In the cryptocurrency world, Proof of Stake (PoS) is seen as a solution to many issues facing blockchain technology.
Cardano provides a smart contract platform, known as a “Layer 2” solution and aims to run decentralized applications and smart contracts for businesses or individuals. Cardano is currently valued at KSh55
XRP
XRP is the fastest and most scalable digital asset, enabling real-time global payments anywhere in the world. XRP provides banks and payment providers with a reliable, on-demand option to source liquidity for cross-border payments. XRP is valued at KSh46.
Polkadot
Polkadot is a decentralized network that connects different kinds of blockchains. It provides the means to transfer value and data across blockchains with trustless, high-performance smart contracting. Polkadot will allow users to set up their own public or private chains that can interoperate with other chains within the network. Polkadot is currently valued at KSh1,140.
USD Coin
USD Coin is a new digital USD-backed stablecoin developed by the TrustToken team. The project has been supported by the Winklevoss twins and aims to help the crypto industry overcome one of its greatest challenges — price stability. USD Coin is currently valued at KSh117.
Is Bitcoin Tangible?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros — they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. It’s the first example of a growing category of money known as cryptocurrency
Is Bitcoin A Scam?
Bitcoin is an open-source digital currency, which means that it does not have a central issuing authority. Instead, it relies on its own users to validate and confirm payments. Released in 2009 by Satoshi Nakamoto, a name that may be a pseudonym for one or several people, Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.
Read>>>Top 10 Dominant Cryptocurrencies to Buy
What is The Central Bank of Kenya Stand On Bitcoin?
As no doubt you have heard all around the world, Bitcoin and other cryptocurrencies are in a state of flux. With some countries like China and Indonesia banning them altogether, Kenya’s Central Bank has been struggling to determine whether this digital currency could be a threat to the country’s financial system.
The Kenyan Central Bank recently announced that it would not take any action to regulate Bitcoin and its network effect. The force behind the announcement was driven by the potential benefits in adoption against more detrimental effects that exist with no regulation.
