An air of mystery surrounding cryptocurrencies is holding back Kenyans from taking part in ongoing massive wealth distribution. Ten years since emerging in 2007, Bitcoin and cryptocurrencies are no longer a passing fad.

Over $200 billion of value has been created in what is just the beginning of an open alternative financial system. Just like anyone can download an app on a smartphone and connect to the world without asking for permission.

In Kenya today you can buy, trade, exchange, hold and store cryptocurrencies as long as you do not break any existing laws.

Get started with cryptocurrency

For starters, you 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 store 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.

Besides, investors can find very useful information and guidance on cryptocurrencies on Coinformant.

RELATED: Is Bitcoin a pump and dump scheme?

How you choose to settle the transaction is up to you and the broker – cash, bank, mobile money or airtime. Typically, brokers will ask you for your bitcoin address – a long hexadecimal string that lets other people deposit bitcoins into your wallet. To receive bitcoins, go to your wallet, click on receive and copy a string that looks like this 1P1jyUGjQpnZ5daExhvccWPcdZ2AVCviTW; this is your bitcoin wallet address.

The Blockchain Association of Kenya recommends only transacting with trusted brokers with stellar reputation. Fraud and scams are a big challenge in acquiring, trading or investing in blockchain assets. So now that you have bitcoins in your wallet, what do you even do with them?

Make Online and cross border payments: Well, you could send them to a friend or family member wherever they are in the world as a gift or remittance. Bitcoin works as a payment network, so anyone can instantly make online payments and send or receive money from abroad.

For instance, Anthony Muisyo, a student from the University of Nairobi uses cryptocurrency to place bets on online gambling sites that accept bitcoin. Mukiri a car dealer on Ngong Road sends bulk payments to Japan using bitcoin. Since Japan’s parliament passed a law recognizing bitcoin for payments in April this year, Japanese car dealers now accept bitcoin.

READ ALSO: Inside the world of a Kenyan cryprocurrency miner

Become a digital commodity broker and trader: Alternatively, you can always settle for becoming a digital asset dealer, broker or agent. From the comfort of your home or workplace or while roaming, you can trade like insurance brokers, or the exhibition traders of Nairobi or the maize truckers of Eldoret. Cryptocurrencies are just like commodities – only that they are digital commodities so and easier to trade. You don’t need a warehouse or physical store, all you need is a smartphone, a reputation and a stream of clients.

Sit and hold: Your last option is to just sit and hold your block-chain assets and hoping the price goes up. Cryptocurrency is a new asset class that is attracting all types of retail and institutional investors. After dismissing cryptocurrencies in the past, mainstream bankers are waking up to this sweeping wave. At an IMF Annual meeting in Washington in November last year, IMF Chief Christine Lagarde warned central bankers that cryptocurrencies pose a real threat to legacy banking and urged members not to dismiss them. (Source: Kenyanwallstreet)

SEE: How to become a billionaire without much education

60 COMMENTS

  1. Interested in purchasing Bitcoin / Ether / Litecoin for cash, you can contact me. I will charge you the sending fees. Flat rate fee and rates are based on Coinbase and calculated at time of trade. Buy them @ 60% their value. for example that means you will buy 100$ worth of Bitcoin / Ether / Litecoin for 60$

    payment methods acceptable:

    -Neteller
    -Skrill
    -Worldremit
    -Western union ( bitcoin sent after money collection)

    email: [email protected]
    Skype: bugg.bob2

  2. I’m Joseph from Kenya…we have a problem because have been trading with slantrade.com but the worse they have done is to hold our money.The moment someone trys to login into the account they refuse us by saying that the password is wrong.

  3. According to report many leading economists, crypto enthusiasts like myself, definitely! bitcoin will reach six figures but it will only take time sooner than later. You do not need a lot of money to invest in bitcoin, trust me i started with a small amount and I have made so much money in just a couple of months. I made about 78,000 dollars on my first week and this would not have been possible without the help of my very good friend that introduced me to the best bitcoin investment platform online. I reached out to them via their email. I communicated with them for about 6 hours and asked a lot of questions and they gave me great answers and I was very much convinced so I subscribed to their investment package.
    I received almost 2000 dollars the next day and I said to myself that I will take my time to share this with the world because I really believe in the blockchain technology and not just the money or gains. I was surprised at how much money one can make just by investing and not doing anything. Many many thanks to the digital assets consultancy team for helping out. My first wallet was hacked by online spammers and they helped me to recover it with my funds back in it.

  4. Am very much interested in this Bitcoin investment but I fear loosing cz am not so very familiar with the stuff, could someone take me through pls?I would like to be explained physically,I prefer an office somewhere where I can meet the person to help me

  5. Buying and Selling of Bitcoins is not as complicated as it may seem to most people.

    It is much easy once you know how to go about it.

    The very most important thing is to make sure that you get the basics right from the very onset and source your information about Bitcoins and other Crypto Currency Coins from reliable sources.

    Back in 2017 I wrote two detailed articles about Bitcoins in the Kenyan context to Help Wananchi understand 2 basic concerns that I see most people in Kenya struggle with in regards to trading Bitcoin in Kenya. They are;

    1. How to Buy Bitcoin with MPesa
    https://digitalcryptocurrencycoins.com/howtobuybitcoinwithmpesainkenya/

    2. How to withdraw Bitcoins to MPesa.
    https://digitalcryptocurrencycoins.com/howtowithdrawbitcoinstompesa/

    Any Kenyan equiped with this basic information will have enough knowledge to navigate their first Bitcoin Purchase and Bitcoin Sale and be able to do it on their own.

    Buying and Selling of Bitcoins in Kenya does not require any third party intervention or getting someone to do it on your behalf

    That’s all I wanted to share. I hope this helps someone who needs it.

  6. In 2018 I was asked to invest in bitcoin by a colleague of mine where I worked few years ago .I was not all that into it but i wanted to give it a try .. I made this decision early this month after I got to meet my old time friend who lives in Ohio , he was looking all fresh and nice .. I asked him how he was making his money and he opened up to me by showing me proof of how this experts ([email protected] dot com) helped him achieved his dream by just investing 1000 dollars and earning a lot of profit with investing just $1k … wow I was fully interested in it , I sent them an email in his presence and used his name as a referral for fast response , I invested 1000 USD also with this experts and after 5 days I got my profit of 27000 United dollars … so amazing how real this is for me , I got my second profit last week .. Stop procrastinating, had it been I invested in 2018 I’m sure I would have been a millionaire by now but I’m getting there with the help of this experts. Send them an email and you will be glad you did.

  7. I got this friend of mine from phoenix who introduced me to bitcoin business.Can i get a kenyan expert who can help me nagivate through the whole process?

  8. Hey guys
    I just did my first investment with $300, I’m waiting for it to mature. I was and still am a bit sceptical about the whole thing since I’ve not received returns yet. I am supposed to receive in the next 4days. I already have my Bitcoin wallet and traded the worth with an online company. I will surely come back to let you know if it worked.and my account right now seems to be growing.so,let me wait and see.will come back and give you a testimony.

  9. Waw very interesting but am afraid I reside in arid and semi arid zone part of Kenya with very little income ,I do see Bitcoin stand stands for all in improving life of people ,my question is how will join procedure wat will be start up assert deposit risk and general guidance in all aspects of Bitcoin better block chain that suits such people of my kind and
    lastly protected from scammers having said that am interested

  10. Hello wananchi..anyone who tells you that they invested such and such an amount to an online bitcoin broker and they have made a good return is just a scam. Today as opposed to last 3 or so years..you don’t need much help to hold bitcoin or to sale your bitcoin. All you is a start up capital and an android phone with enough bundles then you will be good to go. If you learn the basics and you would wish to make more money through risky venture of bitcoin, you may need to learn about bitcoin futures trading. Though very risky but with good guidance and risk management you can make enough for your daily living. If you need further guidance, text me on 0731 474720.

  11. From my previous experience its not that easy to get back a lost it stolen bitcoin because these scammers are very smart and they will cover their tracks but if you manage to find a trustworthy and reliable Recovery company, I said trustworthy and reliable because many scammers are out there disguising as Recovery agents and will only take your money without recovering your bitcoin, I was a victim of such myself after loosing my bitcoin to an investment scam I sort for help and I met few recovery agents and was scammed by a particular one again. Luckily for me I was referred to a company on telegram. You can send a complaint mail to fightingscams(@)AOL{.}com, he should be able to help you. They Recovered my stolen bitcoin after risking a token to their Recovery program. It was worth it in the end.

  12. Am really interested in investing with bitcon
    Kindly am really in need can someone make understand how it’s all about kindly

    Thanks all

  13. Want to Learn How to make Money in Kenya by Trading Bitcoin right from your Phone?
    Here is How to make money in Kenya by Trading Bitcoin in Kenya right from your Phone. What if I told you that you could Self Employ yourself and make a living by Buying and Selling Bitcoin in Kenya using nothing more other than your M-Pesa enabled Phone? It is a new dawn! A new era and opportunities are all around you waiting for you to grab them. Are you Ready to learn How you too could eke out a living trading Cryptocurrencies like Bitcoin?
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  14. Am Evans kinyanjui from Kenya,I have been investing in Bitcoin since 2019,if you would wish to know how you can earn extra income,kindly WhatsApp me through this number,+254727730198

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