WHAT IS BITCOIN?
This is digital currency that allows transfer of value online without relying on banks, other financial institutions or government.
Its empowered by block chain technology that accumulates ledgers and transactions done via the network. It offers autonomy and transparency as identity of users remain pseudonymous as transaction is publicly made. Transactions are made on a secure, transparent and tamper-proof digital block chain ledger.
Bitcoin exists as an electronic store digital wallet.
How to open a bitcoin wallet
Download and sign up for a wallet;
You download the app or software from an official website or play store or registration through a trusted platform such as binance, paxful or purchase from a reputable retailer.
Wallet set up;
This is setting your loggings inclusive of passwords, recovery codes or prerequisites. It is inclusive of further security like two factor authenticator for extra protection.
Depositing bitcoin to your wallet;
This is achievable through use of cryptocurrency exchange or peer-to-peer platform to buy bitcoin. For this transaction to happen you will need to send your bitcoin wallet to the seller.
Start using the bitcoin wallet;
When the account is at this stage its active to send and make transactions to any person with the wallet.
Importance of bitcoin currency
Wealth and investment preservation;
Due to economical devaluation and instability many investors tends to use it to store their wealth and considers it their digital gold.
Protection from inflation;
It customarily has a fixed supply of 21 million coins thus making it a deflationary asset offering substitute to fiat currencies.
Borderless transactions;
Bitcoin wallet transaction is fast and of low cost and goes even across the border. This makes it suit remittance and international trade
Decentralization;
This is normally through having no central authority such as financial banks. This lenders total authority control of the money to the users.
WAYS OF BUYING BITCOIN IN KENYA USING MOBILE MONEY;
Selection of trusted platform.
Several platforms offer the acquisition and transfer of bitcoin using Mpesa in Kenya. It depends with client trust and choice to the platform and how convenient it is. Some of this platforms include;
-Binance p2p
-yellow card
-LocalBitcoin
-BitPesa
-paxful
Sign up an account;
Once you select the platform, you download the platform from the website or play store and open an account, verify the account through filling the required details and documents such as national identity.
Selection of payment method;
This is where you link your mpesa account, preferred payment method with adequate funds, or amount for purchase the bitcoin.
Search for seller;
In case of buying bitcoin, you have to enter the amount of bitcoin you want and mainly the platform offers and filters sellers who accept mpesa or mobile money payment method. This will enable you to scrutinize the seller’s history of transaction and reputation to enhance reliability.
Initiate trade;
If you find seller who meets your credentials click *buy* to initiate trade.
Enter the amount you wish to buy in relation to bitcoin. This platform usually offers systemic instructions to follow now in order to complete the trade once initiated.
Make mobile payments;
This platform stipulates the seller’s details inclusive of number to make the transfers, so you just initiate these transactions through your mobile money. It also requires keeping the record for transaction and confirmation.
Confirmation of payment and receiving Bitcoin;
Once you make the payment click *paid* to your platform to initiate the seller to make verification of your payment and release the bitcoin to your wallet.
This is digital currency that allows transfer of value online without relying on banks, other financial institutions or government.
Its empowered by block chain technology that accumulates ledgers and transactions done via the network. It offers autonomy and transparency as identity of users remain pseudonymous as transaction is publicly made. Transactions are made on a secure, transparent and tamper-proof digital block chain ledger.
Bitcoin exists as an electronic store digital wallet.
How to open a bitcoin wallet
Download and sign up for a wallet;
You download the app or software from an official website or play store or registration through a trusted platform such as binance, paxful or purchase from a reputable retailer.
Wallet set up;
This is setting your loggings inclusive of passwords, recovery codes or prerequisites. It is inclusive of further security like two factor authenticator for extra protection.
Depositing bitcoin to your wallet;
This is achievable through use of cryptocurrency exchange or peer-to-peer platform to buy bitcoin. For this transaction to happen you will need to send your bitcoin wallet to the seller.
Start using the bitcoin wallet;
When the account is at this stage its active to send and make transactions to any person with the wallet.
Importance of bitcoin currency
Wealth and investment preservation;
Due to economical devaluation and instability many investors tends to use it to store their wealth and considers it their digital gold.
Protection from inflation;
It customarily has a fixed supply of 21 million coins thus making it a deflationary asset offering substitute to fiat currencies.
Borderless transactions;
Bitcoin wallet transaction is fast and of low cost and goes even across the border. This makes it suit remittance and international trade
Decentralization;
This is normally through having no central authority such as financial banks. This lenders total authority control of the money to the users.
WAYS OF BUYING BITCOIN IN KENYA USING MOBILE MONEY;
Selection of trusted platform.
Several platforms offer the acquisition and transfer of bitcoin using Mpesa in Kenya. It depends with client trust and choice to the platform and how convenient it is. Some of this platforms include;
-Binance p2p
-yellow card
-LocalBitcoin
-BitPesa
-paxful
Sign up an account;
Once you select the platform, you download the platform from the website or play store and open an account, verify the account through filling the required details and documents such as national identity.
Selection of payment method;
This is where you link your mpesa account, preferred payment method with adequate funds, or amount for purchase the bitcoin.
Search for seller;
In case of buying bitcoin, you have to enter the amount of bitcoin you want and mainly the platform offers and filters sellers who accept mpesa or mobile money payment method. This will enable you to scrutinize the seller’s history of transaction and reputation to enhance reliability.
Initiate trade;
If you find seller who meets your credentials click *buy* to initiate trade.
Enter the amount you wish to buy in relation to bitcoin. This platform usually offers systemic instructions to follow now in order to complete the trade once initiated.
Make mobile payments;
This platform stipulates the seller’s details inclusive of number to make the transfers, so you just initiate these transactions through your mobile money. It also requires keeping the record for transaction and confirmation.
Confirmation of payment and receiving Bitcoin;
Once you make the payment click *paid* to your platform to initiate the seller to make verification of your payment and release the bitcoin to your wallet.