Bitcoin is among the most traded cryptocurrency in Kenya and across the world. Due to its increased adoption, it is important to know how you can buy bitcoin in Kenya. One of the ways you can buy bitcoin in Kenya is through Mpesa.
It is important to note that cryptocurrencies are not regulated by the Central Bank of Kenya. However, that should not worry you. Kenya is a financial hub with many bitcoin miners and investors. Nevertheless, you can buy, trade, exchange and hold bitcoin in Kenya.
To buy bitcoin in Kenya, you need first to have a blockchain wallet. A blockchain wallet is an app that allows you to store, hold, send and receive cryptos. There are many companies that offer blockchain wallets.
Where to Buy Bitcoin in Kenya
You can buy bitcoin in Kenya from any of these blockchain.
Once you have opened a blockchain wallet, you need to secure it with a strong password to prevent it from getting hacked. With that, you now need to put bitcoin into your wallet.
There are a few options to buy bitcoin in Kenya unlike in other countries where bitcoin is regulated.
Read also: Investment opportunities in Kenya.
How to Buy Bitcoin using Mpesa
You can buy bitcoin in Kenya using Mpesa or bank. You can do so using LocalBitcoins.com.
Follow these simple steps:
- Create an account at LocalBitcoins.com
- On the top of the menu, click Signup for free and enter your details
- Open your email and check the registration details
- Select a trader that meets your financial ability. Make sure that you only transact with a trader with a good reputation.
- If you trust the seller, click on buy bitcoins from the seller
- You will be directed to a new page that contains the terms and conditions of the seller. Read them carefully
- If you agree with the terms, enter the amount of Bitcoin you wish to buy in Kenyan shillings. You will see bitcoins you will receive from the seller
- Then make Mpesa transaction
- You will receive bitcoin from the seller and you are done
Other Ways to Buy Bitcoin in Kenya
Before buying bitcoin in Kenya, it is important that you ensure that you transact with trusted brokers only to avoid getting conned.
The first way to buy bitcoin in Kenya is through peer-to-peer lending marketplaces where you will exchange fiat currency for bitcoin. You can use Localbitcoins.com to connect with sellers locally.
The other way to buy bitcoin in Kenya is through Blockchain Association of Kenya. There are many brokers here which will help you buy bitcoin. You and the broker will agree how you will settle the transaction. It can be either through cash, Mpesa, bank or airtime.
To receive bitcoin into your wallet, the broker will ask you to provide him with your bitcoin wallet address. Bitcoin address is a long hexadecimal string that allows people to receive bitcoin Go to your wallet and click receive. You will see the hexadecimal string and you can copy it and send it to the broker.
How to Use Bitcoin in Kenya
You may be wondering how you can use Bitcoin in Kenya once you have bought them. You can use bitcoin in the following ways in Kenya.
1. Use bitcoin for online shopping. There are many merchants that accept bitcoin and you can use bitcoin to pay.
2. Earn a profit. This is where you buy bitcoin when prices are low and sell them when prices are high. This way, you will earn a profit. For instance, you can buy bitcoin at Ksh 1,000 and sell them at Ksh 2,000.
Bitcoin is one of the most progressive and commonly used cryptocurrency in Kenya. It is easy to buy and hold it in your wallet while you can easily buy it using Mpesa in Kenya. You can buy bitcoin when its prices are low and sell it when its prices shoot. This way, you can make a lot of profit depending on the number of bitcoins you hold.