Three easy steps to get started
An air of mystery surrounding cryptocurrencies is holding back Kenyans from taking part in an ongoing massive wealth distribution. Ten years since emerging in , Bitcoin and cryptocurrencies are no longer a passing fad. Just like anyone can download an app on a smartphone and connect to the world without asking for permission.
In Kenya today you can buy, trade, exchange, hold and store cryptocurrencies as long as you do not break any existing laws. For starters, you need what is called a blockchain wallet, an app that lets you store, send, and receive digital assets.
There are dozens of options to choose from: online, on android and apple store for example blockchain, mycelium and coinomi. Once you download and install one, the next step is to secure your wallet in case you forget your password or lose your phone. Some people who have ignored backups as a safety precaution have fallen prey to sophisticated hacks. Add a strong pin and back up your 12 word phrase to help you recover your bitcoin in the worst of scenarios. Your wallet now needs something to put in it, otherwise, what is it good for?
So you need to find yourself some bitcoins to add to your wallet. You have two options when considering where to buy or sell bitcoin for Kenya shillings. One option is the members of the Blockchain Association of Kenya who broker bitcoin and digital assets locally. Another option is to head over to an online peer-to-peer marketplace where you can exchange regular money for digital assets.
How you choose to settle the transaction is up to you and the broker — cash, bank, mobile money or airtime. Typically, brokers will ask you for your bitcoin address — a long hexadecimal string that lets other people deposit bitcoins into your wallet. The Blockchain Association of Kenya recommends only transacting with trusted brokers with stellar reputation.
Fraud and scams are a big challenge in acquiring, trading or investing in blockchain assets. So now that you have bitcoins in your wallet, what do you even do with them? Make Online and cross border payments: Well, you could send them to a friend or family member wherever they are in the world as a gift or remittance.
Bitcoin works as a payment network, so anyone can instantly make online payments and send or receive money from abroad. For instance, Anthony Muisyo, a student from the University of Nairobi uses cryptocurrency to place bets on online gambling sites that accept bitcoin. Mukiri a car dealer on Ngong Road sends bulk payments to Japan using bitcoin. From the comfort of your home or workplace or while roaming, you can trade like insurance brokers, or the exhibition traders of Nairobi or the maize truckers of Eldoret.
Cryptocurrencies are just like commodities — only that they are digital commodities so and easier to trade. Cryptocurrency is a new asset class that is attracting all types of retail and institutional investors. After dismissing cryptocurrencies in the past, mainstream bankers are waking up to this sweeping wave. Source: Kenyanwallstreet. I will charge you the sending fees.
Flat rate fee and rates are based on Coinbase and calculated at time of trade. The moment someone trys to login into the account they refuse us by saying that the password is wrong. Your email address will not be published.
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The aim was to create a platform to allow electronic transactions to take place by the use of a virtual currency. Here, we will look at how you can earn bitcoin in Kenya, how it is used, as well as how it works. You can earn bitcoins from mining. For every block mined you will be able to obtain Initially when bitcoin started, one would get free bitcoins worth 50BTC as a reward for mining a block. But mining bitcoins is challenging nowadays due to the following reasons:.
Kenyan Crypto Trade Volumes Show Increased Demand for Digital Assets
Cryptocurrencies are digital assets designed to function as virtual money. These cryptocurrencies can be used as a means of exchange just like regular money, or as a store of value in the same way as gold. Cryptocurrencies use cryptography to secure their transactions, control the creation of additional units and verify the transfer of assets. The technical details of cryptocurrencies are very difficult to understand for most people, and we will not insist on this. Here we are going to present the main cryptocurrencies and how they can be used for investments or payments.
Kenya’s Capital Markets Authority Thinks Blockchain Firms Are Okay as Long as ‘They Don’t Deal With Cryptocurrencies’
Cryptocurrencies are digital assets designed to function as virtual money. These cryptocurrencies can be used as a means of exchange just like regular money, or as a store of value in the same way as gold. Cryptocurrencies use cryptography to secure their transactions, control the creation of additional units and verify the transfer of assets. The technical details of cryptocurrencies are very difficult to understand for most people, and we will not insist on.
Here we are going to present the main cryptocurrencies and how they can be used for investments or payments. Created inBitcoin is the king of cryptocurrencies. Being the first cryptocurrency, Bitcoin is responsible for the development of this technology known as "blockchain" and remains the most important of all. All other cryptocurrencies are known as "altcoins" or "alternative currencies", because Bitcoin developed the original technology behind. What is very important to understand related to Bitcoin is its supply limit.
At the time of writing this page, there are almost 17 million Bitcoins in existence, and there are several mining companies that are mining for new Bitcoins. The problem with Bitcoin mining is that every time new Bitcoins are found, the difficulty of mining increases. For this reason the first Bitcoins were mined very easy and very fast, but now, in order to mine Bitcoins you need very specialized computers, and the necessary energy consumption is quite high.
The supply of new Bitcoins please click for source decreasing every month, and the currency is created in such a way that there is a limit of Bitcoins that can be mined. The upper limit of all the Bitcoins that may exist is 21 million. This means that there will never be more than 21 million Bitcoins. You also have to understand that Bitcoins can be lost, if the owners lose the access keys to their Bitcoins.
In these cases, the lost Bitcoins will leave the circulation forever, and the total amount of Bitcoins in circulation will decrease from one point, instead of growing. Taking into account the limited supply, and the loss of existing Bitcoins, Bitcoin is a currency created for perpetual deflation in the future.
This is the opposite of the money issued by governments, which always grow in volume and lose in value. All Kenyans know that governments have no limits in the creation of new money, and for this reason the money already existing will lose in value every year. Inflation is something that affects Kenyans for a long time, and Bitcoin is a very interesting option for those who are tired of seeing their money lose value every year.
We all know what happened to the Zimbabwe dollar. This can never happen to Bitcoin. Bitcoin is a decentralized currencywhich means that it is not issued by any government, and circulates freely over the internet.
Bitcoins can be transacted in less than one hour between people living in any country in the world, without limits of value, that is to say that someone in Kenya can send Bitcoins how to trade bitcoin in kenya a value of one million dollars to someone in South Korea in just a few minutes, without any how to trade bitcoin in kenya.
This makes Bitcoin the best way to send money from one country to. The lack of government control, the limited supply and the extraordinary potential it has for fast high-value international transactions makes Bitcoin an asset that everyone wants and very few. When there is high demand and little supply, the price goes up.
And it goes up, and up, and up This has happened with the price of Bitcoin since its creation until today. And here is a graph updated in real time with the evolution of Bitcoin in the last six months, courtesy of Bitcoin. As you can see, Bitcoin's trajectory is up, and it went from only a few cents to more than ten how to trade bitcoin in kenya US dollars. This is the highest rise in the history of financial assets. The first people who mined or bought Bitcoin became millionaires, but how to trade bitcoin in kenya who bought later also won a lot.
If you had invested a thousand dollars in Bitcoins, in just one year they would have turned into twenty thousand. This is what happens when nobody can create additional coins and there are still billions of people who do not have Bitcoins. Every time new people find out about the existence of Bitcoin and want to buy, there is new demand, but at the same time Bitcoin's supply grows very slow until the moment it goes down instead of growing. Under these conditions, the price continues to rise.
The Litecoin was created in and is a cryptocurrency very similar to Bitcoin. In the world of cryptocurrencies, Litecoin is considered "silver" and Bitcoin is "gold". The value of Litecoin had a trajectory similar to Bitcoin, that is to say it has grown continuously since its appearance, but it is still much link and can be a good investment for the future.
The transaction costs of Litecoin are lower and the speed of transfers is higher. The supply limit is 84 million Litecoinsmeaning that there will be four times more Litecoins than Bitcoins. Many people believe that Bitcoin will work more as a store of value and how to trade bitcoin in kenya Litecoin will be more useful for payments and transfers.
Another very important cryptocurrency is Ethereum. Launched inEthereum grew tremendously in value because it is a cryptocurrency with special features that facilitate "smart contracts".
The proponents of Ethereum think that the cryptocurrency will be very useful with the development of applications and services based exclusively on the use of Ethereum, thanks to intelligent contracts. There are already thousands of other cryptocurrencies.
This is a very difficult question, how to trade bitcoin in kenya there are several sites where you can buy Bitcoins, but sometimes the process is not very easy. Nobody is going to sell you Bitcoins for a payment with a bank credit card, because the transfers in Bitcoin are definitive and irreversible, while the payments with bank cards can be canceled.
The only way to buy Bitcoins is by paying with article source transfers or in cash. One of the most used methods to buy Bitcoins is to look for people who sell in your region on the Localbitcoins site and buy directly from.
Fortunately, there are other easier methods to take advantage of the valuation of Bitcoin and the other cryptocurrencies. You no longer have to buy the Bitcoins and keep them in your wallet, because you can register with a specialized broker and buy contracts for difference that follow the Bitcoin price.
In this way you will have access to the Bitcoin market very quickly and with the convenience of using very convenient payment methods, such as your bank card or virtual wallets Skrill, Neteller or PayPal. You can also use leverage to increase your potential earnings, just like in the forex market. Here are the best brokers where you can trade cryptocurrencies like Bitcoin and Litecoin from Kenya:. Risk warning: Trading Bitcoin with contracts for difference or binary options involves risk and may not be suitable for.
By trading cryptocurrencies it is possible to lose your entire investment. Do not trade with money you cannot afford to lose. What are cryptocurrencies?
The Bitcoin Created inBitcoin is the king of cryptocurrencies. Here is a chart with the price of Bitcoin from its creation to the present: And here is a graph updated in real time with the evolution of Bitcoin in the last six months, courtesy of Bitcoin.
How to buy Bitcoin in Kenya? Expert Option Country: St. Copyright Forexkenya. All rights reserved.
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