Buying and selling Bitcoins in Kenya though Mpesa has never been this easy. All you need is to create a bitcoin account online as illustrated below, look for GENUINE Kenyan Bitcoin sellers, purchase your bitcoin using mpesa wallet and receive them in your app account. Below is a simple guide on how to join, buy, use and benefit of investing in Bitcoins.
What are Bitcoins Used for in Kenya
Bitcoin is a digital currency that is used to purchase products and pay for services online. Having Bitcoins is like having cash in 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 and sell them. Bitcoin prices do Flactuate 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 Business accept online payment through Bitcoin Currency. Some of the top companies that allow use of Bitcoin currency to purchase there products and services include (WordPress, Microsoft , Reddit, Namechap, Expedia, Newegg, Bloomberg, Shopify, Badoo e.t.c) Find 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 application 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!
Recommendation: Paxful is another great alternative of LocalBitcoins for Kenyans that we do recommend. It also allows selling and buying bitcoins through Mpesa. Read how paxful works.
You can also order the ebook using Mpesa on muthurwa.com here: Bitcoin Trading with Paxful
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