How To Earn Bitcoin In Kenya
Bitcoin is a digital currency that operates free of any central control or the oversight of banks or governments. Instead, it relies on peer-to-peer software and cryptography. A public ledger records all bitcoin transactions and copies are held on servers around the world.
In this article Keweb. co tries to answer the question by publishing the ways one can Earn Bitcoin in Kenya
Below are the most helpful ways to Earn Bitcoin in Kenya
1. Mining Bitcoin
This is the most common way of earning bitcoins in Kenya.
Mining is the process of using a computer to solve complex mathematical problems, and then verifying the solution with the help of other computers on the blockchain network.
Bitcoin Mining is an important part of Bitcoin’s infrastructure. It helps keep transactions secure by providing a record-keeping service that verifies all Bitcoin transactions in a public ledger.
Mining is also used to prevent fraud by making it costly and time-consuming to produce counterfeit bitcoins.
How does it work?
Well, the bitcoin network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through cryptography and recorded in a publicly distributed ledger called a blockchain.
Bitcoin miners are responsible for adding new bitcoin to the system: They do this by solving mathematical puzzles that release bitcoins and collecting fees in exchange.
Unfortunately, Bitcoin mining is a competitive endeavor. It can be done with specialized hardware as well as with central processing units (CPUs). The mining difficulty has risen so much over time that it is now unfeasible to mine profitably with standard desktop computers.
You need to have Bitcoin mining hardware to mine for bitcoins and then sell them for cash or trade them for other cryptocurrencies like Ethereum or Litecoin.
2. Trading
Another one of the best ways to make money with Bitcoin in Kenya is through trading. Here, the idea is really simple, you need to buy low and sell high on exchanges like Bitfinex, Binance, Bitstamp, Coinbase, etc.
To start trading Bitcoin, you need to analyze the trading charts, study the market, evaluate external factors, and be ready to take risks.
The next step is to open a position and wait for the price to spike then close that position and take profit.
Better part?
Trading Bitcoin is available 24/7, unlike Forex where the market is closed for the day until tomorrow for it to open again for traders.
Here are some of the best bitcoin trading strategies you can copy;
- Day Trading– Day trading has also been referred to as intraday trading, in which a position is opened and closed within the same day. The major benefit of day trading is you do not have to pay overnight funding charges on your position.
- Bitcoin Hedging- A strategy in which you try to minimize your risks by taking an opposing position that you have already purchased. This type of trading is usually used when the market is moving against you.
- Trend Trading- Trend traders look to take a position that matches the current trend of the underlying asset they are trading. If the market is trending upwards, they might choose to invest for the long term and if it’s trending downwards, they might opt for short-term investments.
- HODL (Buy and Hold)- It is a strategy where you buy and hold Bitcoins until the price increases. Usually, this strategy involves long-term investments, and lots of patience is needed if you opt for HODL.
3. Earning Bitcoins through cloud mining
This is another one of the most popular ways to make money with Bitcoin in Kenya.
Cloud mining is a way to earn bitcoin without going through the hassle of mining hardware or mining software. You can join a cloud mining company and invest in their services without owning any hardware or software.
You can use a cloud mining company to mine for Bitcoin without having to buy expensive ASIC miners for your home. The downside is you don’t own any miner and you have no control over the company’s operations.
Take a look at this list of companies with some of the top-rated cloud mining providers:
- Hashing24
- Genesis Mining
- GigaWatt
- BitClub Network
- Hashflare.io
4). Accept Payments in Bitcoin
If you are a business owner or an entrepreneur looking for another way to earn bitcoins, then accepting payments in bitcoin might just be your answer!
As you can guess, Bitcoin is a digital currency that has been gaining popularity over the years. You can now accept payments in bitcoin by using a service like BitPay.
BitPay is one of the most popular services in the industry to accept bitcoin. It uses an API to integrate with any website and can be set up within minutes. The service offers easy integration, low fees, and cash-back incentives for merchants who choose to use it.
In fact, if you are a freelancer, there are some platforms that will pay you in bitcoin instead of cash.
5). Earn Bitcoin by becoming an Affiliate
If you are into affiliate marketing, here is some good news for you.
You can make money with Bitcoin in Kenya by promoting other cryptocurrency companies.
Bitcoin and other cryptocurrencies are quickly becoming popular option for earning money, and you can start by promoting the platforms that they are available on to earn a commission on each sale.
You can also leverage your social media platforms to become an affiliate for Bitcoin or any other cryptocurrency company, increase their visitors and earn more money as a result. Of course, the commission rate is based on increasing the size of the customer base and increasing sales.
6). Lending Bitcoins
Instead of letting your coins just sit there doing nothing, why not let them work for you?
How?
Well, through lending of course, which is a cool way to make money with bitcoin in Kenya.
Bitcoin lending is a type of loan that is made using the cryptocurrency, bitcoin. The borrower will send bitcoins to the borrower, who in return will return the coins amount with interest.
Bitcoin lending is not regulated by banks or governments and it’s easy for borrowers to get loans from lenders. This makes bitcoin lending a popular way for people to get loans for all sorts of different purposes, such as buying a car or house.
Better part?
Crypto lending happens through a third party that connects the lenders and borrowers.
The third party is typically known as a Crypto-lender who might be a crypto aficionado or person that hold onto cryptocurrencies waiting for the value to move upwards.
This multi-tiered business entity can provide a variety of benefits including security, affordability, and general efficiency for cryptocurrency investors in this new asset class.
If you want to know more about lending out bitcoins, comment below and I will create a guide dedicated to it.
How to Buy Bitcoins Instantly and With No Fees (through MPESA)
Bitcoin is a digital currency that can be used to purchase items, pay for services, or send money.
There are many ways to buy Bitcoins with different options and fees. The most popular way is through an exchange like Coinbase or Gemini where you can buy bitcoin with your fiat currency.
There are also other options like LocalBitcoins or even peer-to-peer transactions through the blockchain network.
Here is how to buy Bitcoin through MPESA on Binance;
Step 1: Specify the search criteria.
Open the Binance App and select “P2P Trading.”
Click the Buy tab and select BTC.
Click the filter icon at the top right of your screen and select the MPESA (Safaricom) payment method and the KES currency to buy the crypto.
Step 2: Select the best offer.
Now you’ll see a list of offers where you can pick the one that works best for you by clicking BUY BTC.
Enter the amount of KES you want to spend and you will automatically get the amount of BTC you will get.
Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit.
You can use the chatbox to communicate with the seller.
Make sure that you send the money to the seller and tap on “Transfer“ next.
Step 3: Receive your Bitcoin.
Tap on Confirm. Please do not click Confirm if you have not made any transactions. Doing that will violate the P2P User Transaction Policy.
The status will change to “To be released.”
Congratulations! You have completed a trade and got your Bitcoin! Here is a screenshot showing back when I bought USDT worth 1K.