Bitcoin is a form of cryptocurrency that exists virtually allowing transactions to be carried out on the internet without involving any banks or governments. They are therefore unregulated and transactions are carried out between two people and can connect different countries and across different currencies. In this article, we will see about ‘Does Kenya Accept Bitcoin?’
Does Kenya Accept Bitcoin?
Yes, the country has businesses that accept Bitcoin as a form of payment. Such businesses are asked to exercise caution because bitcoin transactions cannot be reversed.
Where Does Bitcoin Come From?
Bitcoins are created through a process called mining, where a complex mathematical formula is used to solve puzzles generated by bitcoin’s algorithm to acquire new coins.
Each bitcoin transaction is verified to make sure you can track coins spent and your available balance.
When considering investing in bitcoins you’ll need to familiarise yourself with cryptocurrency exchange companies and cryptocurrency brokers.
Businesses That Accept Bitcoin Payments
Betty’s place is a restaurant located in Nairobi’s central business district and Nyeri. It serves its customers’ different dishes from the country’s diverse cultures such as pilau which is a Swahili dish, fish mostly associated with Luo hailing from the Lake Victoria region and many other delicacies
Cryptocurrency Exchange Companies In Kenya
- Bit pesa.
- Coinbase.
- Binance.
- Kraken.
- Local bitcoins.
- Paxful
- Block chain.com.
- eToro.
- Luno.
- Kucoin.
Brokers In Kenya.
Exchange brokers mediate the relationship between the traders and the market.
Brokers In Kenya Include:
- Avatrade.
- Capital.com.
- Eight caps.
- Admirals.
- BD Swiss.
- Easy markets.
- IC Markets.
Bitcoin in Kenya is relatively new and has received positive reception however a large number of the population is still hesitant to transact through and invest in bitcoin. This is because:
Competition from telecommunications companies such as Safaricom that provides mobile money services such as m-pesa. M-Pesa is Africa’s most successful mobile money service and is present in Kenya, Uganda and Tanzania. Customers using M-Pesa are assured of the safety of their money that is tracked by the company. The growth of the service has recently seen Safaricom partner up with visa to launch a virtual card that supports global digital payments. This dominance continues to slow the growth of bitcoin use in Kenya.
Government institutions such as the Central Bank of Kenya issued disclaimers and warnings in December of 2015 to citizens warning about the volatility and fraudulent cases that have been known to happen with the use of bitcoin as a form of currency and investment.
Learning to trade and use bitcoin can be rather challenging for beginners. This is attributed to the currency’s highly volatile nature and prices can easily change in mere hours triggered by global events such as a pandemic, which can lead to losses or gains.
Kenya has heavily invested in other options such as land, stock exchange, money market funds and treasury bills and bonds. Such investments guarantee profit and initial capital investment is retained.
Rural areas have little knowledge about bitcoin. Some of the areas are still struggling with electricity and internet connectivity. Such infrastructure is crucial for mining, transacting and keeping up with bitcoin prices.
Tips For Beginners
Do your due diligence by researching. Knowing which broker and company offer competitive leverage has the lowest costs and has many currencies to trade.
Demo accounts are used by beginners to practice trading as they continue learning, helping a trader gain experience in executing trades such as buying and selling, setting buying and selling limits and stopping loss.
Brokers can facilitate pairs of over 250. This gives traders options when executing trades they can also facilitate the pairing of bitcoin with other currencies such as the Dollar and Pound.
Look for a broker or exchange company with low transaction rates maximizing your profits after every transaction.
When choosing a wallet, look for one that is secure and easily accessible.
Invest a small initial capital. Since you are still learning, try and start with the minimum amount.
How To Open A Bitcoin Account?
- Create an account with your preferred broker. You’ll be asked to provide your email address or phone number and to type in your password.
- You’ll be asked to authenticate your account. A code will be sent to your email address or phone number via SMS.
- You may be required to provide further information by creating a profile with your credentials such as an identity card and also provide your preferred mode of depositing and withdrawing.
Your account is all set up. Keep doing your research. You can read through different PDFs, watch tutorials on YouTube or listen to podcasts.
Advantages Of Using Bitcoin:
- Bitcoin can be a great way to receive and send foreign currencies. Bitcoin as a form of currency can be used all over the world.
- Since bitcoin is still growing it continues to show great potential and traders and investors continue to gain profits.
- By allowing your computer to be used as a mining site you can acquire a bitcoin.
- The use of blockchain technology has allowed minimized fraud.
Conclusion.
Now we have learnt ‘Does Kenya Accept Bitcoin?’, Bitcoin heavily depends on the infrastructure and technology available. It also requires extensive research on the trader or investors’ part. Learning how to navigate through the different platforms and sites can take months or even years, traders and investors are therefore encouraged to invest their money slowly.
The currency currently holds great potential since it can be used all over the world companies and institutions are slowly accepting bitcoin as a form currently and considering it as an investment opportunity.
Kenya’s youth has embraced bitcoin and might just continue to grow and normalize the currency’s use in the country as a form of payment and investment.
