Bitcoin in Kenya is still relatively unknown. Most people know Bitcoin exists and that it’s some form of digital currency. But to many, Bitcoin sounds like an elaborate scam that’s just waiting to implode.
How to Invest In Bitcoin Kenya
For starters, you need to try out paper trading before going deep into the investment. Then you will 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 stores 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. Buying bitcoins in Kenya is not easy, there aren’t many services that cater to Kenyans. 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. Localbitcoins.com is a marketplace that connects buyers and sellers locally.
Where Are The Places To Buy Bitcoin In Kenya?
Coinbase
Coinbase is an easy-to-use platform and does a good job of taking you through every aspect of the process. It also has some form of insurance on your crypto.
Binance
Binance tells you everything you need to know about the crypto market. You need a bit of experience to understand it all but it has a lot of options to get you going.
EToro
Etoro is one of the most experienced and trusted platforms for crypto. However, they also deal with other forms of trade and because there is so much going on, I initially struggled to navigate the website.
Paxful
Paxful lets you quickly buy Bitcoin with M-Pesa. The site is also clean and easy to use but it doesn’t guide you through the processes so you need a bit of experience with cryptocurrencies to navigate.