How to Buy Bitcoin in Kenya
How to Buy Bitcoin in Kenya revealed. We tested the best way to buy Bitcoin in Kenya for Kenyan Traders.
This is a complete guide to buying Bitcoin in Kenya.
In this in-depth guide you’ll learn:
- What is Bitcoin?
- How to buy Bitcoin in Kenya with M-PESA?
- How does Bitcoin work in Kenya?
- How much is Bitcoin worth in Kenyan Shillings?
- How to Buy Bitcoin as a Beginner Trader?
- Which brokers offer a sign-up bonus for first-time crypto traders in Kenya?
- Which brokers offer a low minimum deposit to buy Bitcoin of $5 (583 KES)?
And lots more…
So if you’re ready to go “all in” with the best-tested way to buy Bitcoin in Kenya…
Let’s dive right in…
When is the best time to Buy Bitcoin?
👉 The optimum moment to purchase a cryptocurrency is when you are prepared to do so. Using dollar-cost averaging, you will be able to regulate (at least to some extent) the volatility of your own costs and prevent roller coasters.
👉 Because crypto trades all day long, even into the small hours of the morning (regardless of where you reside), scheduling your transactions to a certain time of day might be risky. However, after a few months of data are analysed, a few generic trends appear.
👉 Statistically, the optimal time to acquire these major cryptocurrencies was in the morning, and the earlier in the day, the better.
👉 Based on the same statistics used to identify the best time of day to purchase cryptocurrency, Thursday is the greatest day of the week to purchase cryptocurrency.
👉 Everything is continually evolving in cryptography, which makes it problematic if you are attempting to time your purchases.
👉 Currently, though, the ideal time to purchase is at the end of the month. In the first ten days of the month, values tend to climb, followed by a price decline (because of individuals selling after price hikes) in the second half of the month.
How to Buy Bitcoin in Kenya Through an Exchange
Considerations for Kenyans who want to buy Bitcoin
👉 Kenyans must consider the following items before purchasing Bitcoin:
➡️ You will need an account with a cryptocurrency exchange to purchase Bitcoin.
➡️ If you utilize a centralized platform, you can be asked to authenticate both your identity and confirm where you live.
➡️ A private and encrypted connection to the internet is required.
➡️ You need a wallet that is compatible with Bitcoin.
➡️ To purchase Bitcoin, you will need to have access to secure payment to purchase Bitcoin, you will need to have access to a secure payment method.
➡️ It is not necessary to purchase one Bitcoin unit to possess Bitcoin. Bitcoin may be broken down into even smaller bits, which are known as “Satoshi.”
➡️ If you want to buy Bitcoin, you could be required to pay transaction fees.
➡️ You are responsible for protecting both your private key and the recovery seed phrases.
➡️ If you lose your Private Key and/or recovery phrases, your monies will be gone, and you will never be able to retrieve them again unless you have a backup. If you do not have a backup, you will lose access to your assets forever.
➡️ If you keep your money in an online wallet or exchange, you run the risk of having it stolen since these services are commonly the target of cybercriminals.
➡️ The price of a Bitcoin is very unpredictable; it could fluctuate by a significant amount and in a noticeably brief period.
➡️ Bitcoin is a taxable asset, and the earnings gained from purchasing and selling Bitcoin are considered capital gains. As a result, you are required to report any gains you make to pay taxes on them.
➡️ If you want to buy Bitcoin from a cryptocurrency ATM, you will need to provide an identity document that was issued by the government for your information to be verified.
Choose a Crypto Exchange
👉 A website or a platform that facilitates the buying and selling of cryptocurrencies are referred to as a cryptocurrency exchange. They function in a manner that is analogous to stock and forex trading platforms.
👉 Use the table below to compare different cryptocurrency exchanges based on their costs, levels of security, accepted payment methods and features to choose the one that best suits your needs.
👉 You do not need access to a wide variety of features while you are just starting, and you can always register for other exchanges later. Consider the following before choosing an exchange to purchase Bitcoin:
➡️ Security and reputation
➡️ The range of Coins offered
➡️ Overall User Experience
➡️ Fees Charged
➡️ Payment Methods
➡️ Mobile App
➡️ Customer Support
➡️ Location of the Exchange
Security and reputation
👉 No one enjoys having their money stolen, thus it is essential to choose an exchange with top-tier security and verification procedures. When considering security, seek platforms that provide:
➡️ 2-factor authentication (2FA) is an excellent initial step in preventing password hacking.
➡️ Know your customer (KYC) policy. This helps preserve the platform’s integrity and is now a legal requirement for most exchanges.
➡️ A storage system that places most assets in offline, cold storage.
➡️ A website address beginning with HTTPS (NOT HTTP).
➡️ Regularly updated, sophisticated, multi-layered protection to combat the most recent attacks and hacks.
➡️ Regular employee security audits and criminal history checks.
➡️ Complete disclosure of their location and the management team.
The range of Coins offered
👉 It is more convenient and lucrative to have a cryptocurrency exchange that accepts what can be referred to as conventional cryptocurrencies.
👉 There are already over 20,000 digital assets on the market, with more, coming daily. Nonetheless, you should pick a cryptocurrency exchange that serves the most actively traded cryptocurrencies, since these are the ones, you will first pursue.
Overall User Experience
👉 Buying and trading cryptocurrencies used to be difficult and complex, but no more. One of the biggest advantages of utilizing a cryptocurrency exchange is that the trading procedure is made quite simple, depending on which exchange you choose.
👉 Most individuals are looking for an easy, secure, and stress-free method to purchase and sell cryptocurrencies, while more experienced traders want complicated trading options.
👉 Therefore, for a trading experience that does not leave you feeling lost and bewildered, verify that the exchange provides:
➡️ A clear, straightforward presentation of the market and your assets.
➡️ A design that prioritizes simplicity above giving every available chart, measure, and function.
➡️ Simple-to-understand instructional information that will assist you in understanding what you are doing and how to make the greatest transactions possible.
➡️ Upon registration, a free, personal wallet (stored on the exchange).
➡️ A few handy trading tools, like regular purchases and dollar-cost averaging, price alerts, and the option to pay bills using Bitcoin.
➡️ A desktop and mobile application that facilitates and enhances trade.
👉 Most investors in cryptocurrencies do so to generate a profit, therefore naturally, paying the lowest costs is of utmost significance. Fees are how exchanges generate revenue, and although it may not seem so, they may vary enormously.
👉 Unfortunately, many exchanges are not transparent about their fee structure (despite professing to be), so you may need to do some digging since hidden fees are all too typical in the cryptocurrency market. Here are some essential facts concerning charges:
➡️ Certain exchanges indicate that they are fee-free, but take a share via hidden currency conversion fees, spreads, or by displaying coins at unaffordable prices.
➡️ Prioritize exchanges that provide “instant orders” and “lock in” your deals (also called guaranteed pricing or quotes). This indicates that the price shown is the price paid.
➡️ Some exchanges prohibit direct trading in KES or any other fiat currency. Therefore, anytime you make a deposit or purchase an asset, you must convert your KES to BTC or USDT. This often indicates a currency exchange cost.
➡️ Trading costs vary significantly across exchanges and may make a substantial impact over time.
👉 A cryptocurrency exchange that supports many payment methods might be a useful choice. You should ensure that the cryptocurrency exchange allows a variety of suitable financing options.
👉 Direct transfers from a personal bank account, e-transfers, and cryptocurrency deposits are some of the most frequent deposit and withdrawal methods in Europe.
👉 Choosing a cryptocurrency exchange that gives you access to a mobile app might prove to be a beneficial decision for you.
👉 This is attributable to the fact that accessing your account when you are out might be quite practical and pleasant. Not only is it simple to get access to mobile apps, but they also allow for the swift execution of trades.
👉 Nobody gives customer assistance any thought until they need it. After then, it turns into a nightmare. Because cryptocurrency is a completely foreign concept to most individuals, it is quite probable that you will need to contact a member of the exchange at some time. Kenyans should prioritize the following:
➡️ Support for customers that is individualized and responsive, originating from the country in which they stay.
➡️ A focus on cryptocurrency education and being familiar with cryptocurrency before diving in.
➡️ Transparency about the personnel, the location of the organization, and the members of its team.
➡️ Members of the team who are involved in cryptocurrency-related online forums, Facebook groups, and local events.
👉 Before committing to an exchange, Kenyan crypto traders should not be hesitant to contact customer care, seek user reviews, or join up and test a few exchanges.
👉 An exchange with superior customer service will rapidly respond to consumer inquiries. Not just for their own peace of mind, but also so they know what to anticipate from customer service, Kenyans must try them out before signing up.
👉 Liquidity on an exchange is another factor to consider, especially the following components thereof:
➡️ An exchange’s liquidity facilitates the completion of transactions more quickly and with less price fluctuation.
➡️ The greater the trade volume, the more ‘liquid’ an exchange (or an asset) is, making it simpler to purchase or sell at any time.
➡️ Look for exchanges that provide “locked-in transactions,” “guaranteed quotations,” or “guaranteed pricing” — this ensures that the price you see is the price you pay!
➡️ Liquidity can be a significant aspect, particularly if you are a professional trader, but if you are just starting, you should concentrate on finding an exchange with reasonable costs and a straightforward user interface.
Location of the Exchange
👉 There are benefits to selecting an exchange situated in your own country, regardless of your origin. Among the things that a local exchange can facilitate are:
➡️ Keeping abreast of legal and regulatory developments (if any in terms of crypto as some countries do not regulate the crypto market because of its decentralized nature).
➡️ Performing crypto tax preparations at the end of the year.
➡️ Having access to dependable and high-quality customer assistance.
➡️ Buying cryptocurrency directly with your local currency.
👉 Despite the advantages of using a local exchange, some traders still use international exchanges — there are some currencies and services that your country’s exchanges do not provide, and it is not unusual to have accounts on both local and international exchanges.
👉 In addition, Kenyans must remember that the Central Bank of Kenya does not accept cryptocurrency as legal tender. Therefore, Kenyans cannot expect any support if they lose their funds because of fraud, theft, or any other reason.
👉 The Central Bank has issued several warnings against the trading, purchase, and sale of cryptocurrencies in terms of the risks involved in dealing with this highly speculative, risky investment.
👉 Therefore, Kenyans who buy Bitcoin must ensure their own safety and that of their funds when they trade using crypto exchanges as no regulations are protecting them.
Create an Account with Your Chosen Exchange
👉 After selecting a Bitcoin exchange that meets your specific requirements and goals, you may link your exchange to a payment method. If the Bitcoin exchange is more centralized, you will be required to disclose significant personal and financial information, as well as work and trading history.
👉 In addition, a “Know Your Customer” (KYC) procedure must be performed, in which identification papers and evidence of domicile are required to validate your information.
👉 More decentralized exchanges do not all need completion of a KYC procedure. However, this varies from exchange to exchange. The required information will also vary depending on the location in which you reside.
👉 The subsequent step includes linking a payment method. Most major exchanges provide direct bank account connections. In addition, you may use a debit card, a credit card, or an electronic payment system such as PayPal.
👉 Nevertheless, some exchanges only accept payment in cryptocurrencies, so you will need to locate one exchange that enables you to swap fiat currency for cryptocurrencies such as Tether and another that allows you to buy Bitcoin.
👉 In addition to transaction costs, some payment processing fees may apply to each payment method.
👉 To buy Bitcoin from an exchange, you can expect a range of payment methods, with typical methods including depositing funds, buying with a credit card, or purchasing Bitcoin with a debit card.
Depositing Funds into an Account
👉 Typically, the cheapest method to acquire Bitcoin is to transfer funds from a bank account to an exchange and then use those funds to make transactions.
👉 Nevertheless, depending on the bank and the exchange, you may have to wait a few days for the cash to arrive. Once the payments have been received, Bitcoin may be purchased.
Using a Debit Card to Purchase Bitcoin
👉 Purchasing Bitcoin using a credit card is a straightforward method, but there are drawbacks. In the first place, fees are often more costly than bank transfer deposits. Credit cards are often used for rapid transactions; thus, they cannot be used to fund an exchange account.
👉 If you just have a credit card, the fees might rapidly pile up. Typically, credit card companies will charge you a cash advance fee, which could be expensive. In addition, depending on your credit card issuer and country, some providers might not permit Bitcoin purchases.
Using a Credit Card to Purchase Bitcoin
👉 Using a debit card is like using a credit card, except the costs are far lower. Among the three alternatives to fund and purchase Bitcoin, a debit card offers the lowest costs and the fastest deposit of KES or Bitcoin.
Buy Your Bitcoin
👉 Many Kenyans are discouraged from purchasing Bitcoin due to its high price. However, Bitcoin ownership does not require the purchase of a complete coin.
👉 Most exchanges allow you to purchase as little as a few Kenyan shillings, and sometimes much less. Simply enter the amount of KES you want to spend, and the exchange will do the rest.
👉 Second, bear in mind that some exchanges provide just a single method to purchase Bitcoin, while others provide many options. The two most prevalent ways in Kenya are immediate purchase and spot market.
👉 Instant purchases are often made using a credit card but could also be made with existing fiat currency or cryptocurrency in an exchange account. Instant purchases often have the highest costs and are at market pricing, so you will spend more than if you purchased on the spot market.
👉 In addition, using a credit card incurs extra charges, and with quick purchases, you pay for speed and convenience. Typically, you choose an asset to acquire and a budget, you are then presented with a summary of the transaction, and after reviewing the facts, you complete the purchase.
Buying Bitcoin on the Spot Market
👉 The spot market is often categorized under “Trade” or “Spot.” Unlike an immediate purchase, the spot market enables dealers to specify purchase and sell characteristics. Multiple sorts of transactions are possible on a spot market page.
👉 Market orders are like quick buy/sell orders but have cheaper costs. Additionally, you could place a limited order. This is the second most frequent sort of order, in which you pick a price to purchase or sell.
👉 Fees for limit orders are less than those for market orders, and depending on the exchange, different trading alternatives could also be available.
Options for Storing Your Bitcoin Safely
👉 After acquiring Bitcoin via immediate purchase or the spot market, you have two alternatives. The first alternative is to leave it on the exchange so that it may be sold or traded promptly.
👉 The alternative is to transfer your Bitcoin to an external wallet for which you have the private key, and while this option is more complex, it remains the safer option overall.
Using a Bitcoin Wallet to store your coins
👉 The process of learning how to utilize a Bitcoin wallet requires time and effort. However, there are several advantages to removing your coins from an exchange, including:
➡️ “Not your keys, not your coins” is a phrase echoed by Bitcoin aficionados. Unless your Bitcoin is in a wallet for which you own the private keys, you do not control it. Keeping coins on a Bitcoin exchange is considered poor practice since it involves entrusting them to a third party.
➡️ Exchanges are ideal targets for hackers, who may either breach the exchange itself or employ phishing to fool consumers into divulging their account information.
➡️ Bitcoin and cryptocurrency wallet features and security differ widely. Consider acquiring a hardware wallet, a tiny USB device that always stores your private keys offline, therefore providing an additional degree of protection.
➡️ If you want to use Bitcoin for transactions, everyday spending, or decentralized finance (DeFi), it will be significantly easier to store it in a wallet as opposed to an exchange.
Keeping Your funds on an Exchange
👉 Since Bitcoin’s infancy, exchanges have made noteworthy progress.
👉 Many major players now use enhanced security procedures, hardware, and education to safeguard customer payments. Currently, a few exchanges protect customer money up to a specified limit.
👉 There are extra factors to consider while leaving Bitcoin on an exchange besides security, this includes:
➡️ There are several advantages to leaving your Bitcoin on the same exchange where you bought it. You just need to remember one username and password, may simply add to your portfolio as you see fit, and can handle all your crypto-related money from a specific location.
➡️ If you are a casual investor who is more interested in speculating on the price of Bitcoin than in using its usefulness, storing your Bitcoin on an exchange may be the most convenient method to handle your investment.
➡️ If you want to trade Bitcoin regularly, the simplest solution is to leave it on the exchange. You may, however, always utilize a decentralized exchange, which allows you to trade straight from your Bitcoin wallet.
➡️ The security of every cryptocurrency exchange is different. Some exchanges choose to disclose their security procedures publicly, but others want to keep them private. If you want to store your coins on an exchange, you should do independent research.
➡️ There is already a multitude of firms that may give crypto exchanges protection for their assets. While there is seldom coverage if your account is compromised on your end, impacted users are covered if the exchange is hacked. Look for marketplaces that provide insurance of some kind.
➡️ Some Bitcoin exchanges will allow you to earn interest on your Bitcoin holdings, like how banks pay interest on cash deposits. Without trading, this is a terrific method to expand your portfolio.
How to Buy Bitcoin in Kenya from a Bitcoin ATM
👉 Bitcoin ATMs resemble the conventional ATMs that are prevalent around the globe. However, there are some minor distinctions between ATM booth types. There is no cash involved with BTMs, since they are digital currency ATMs.
👉 The machine allows traders to purchase and sell Bitcoin. Buy and sell Bitcoin for local currencies such as the US Dollar and Kenyan shillings.
👉 BTMs (Bitcoin teller machines) are linked to the internet to carry out transactions since there are no banknotes, but digital money instead that is accessible on the blockchain.
👉 As digital money is decentralized, the Bitcoin ATM does not work with a bank. The equipment has a direct connection to the blockchain or electronic wallet.
👉 These devices have simplified the purchasing and trading of Bitcoin. However, the proportion of Bitcoin ATMs compared to traditional ATMs is negligible.
👉 Kenya’s first Bitcoin ATM was installed in 2018 on the 2nd floor of the Kenrail Towers on Ring Road, in Parklands, Nairobi. Kenyans who want to use this ATM can purchase Bitcoin by following these steps:
➡️ Kenyans need to choose a Bitcoin wallet before they can purchase from a Bitcoin ATM.
➡️ Once they have installed their wallet, they can visit the ATM and scan the QR code.
➡️ Next, Kenyans can insert Kenyan Shillings into the machine, confirm the amount on the screen, and complete their purchase.
➡️ Once the purchase has been confirmed, it will be sent to the wallet address provided.
How to Buy Bitcoin in Kenya using M-Pesa
👉 Various apps and websites are available in Kenya to purchase and sell Bitcoin. However, to buy Bitcoin using M-Pesa, Kenyans must have an existing account with an Exchange or Trading Provider that accepts M-Pesa as a valid deposit/withdrawal method.
👉 One of the most popular ways for Kenyans to purchase using M-Pesa is using Binance P2P. To use this service to buy Bitcoin, Kenyans can follow these steps:
➡️ Create an account on Binance P2P and achieve Level 2 Verification. Using this service will ensure the safety of your investment and safeguard your trading account on the stock market.
➡️ Visit the homepage of the mobile app and select “Buy with Cash,” followed by “P2P.”
➡️ Next, navigate to the P2P trading page and select the “More Options” icon represented by “···”, which can be found at the top right-hand side of the screen.
➡️ Select “Cash Settings” from the options available.
➡️ Choose “Cash Payment Methods” and select the option to “Add a new payment method.”
➡️ Next, choose M-Pesa from the options that are displayed, and enter your payment information followed by “Confirm.”
➡️ You can now buy Bitcoin and use your M-Pesa account to pay for your coins.
The Best Bitcoin Brokers in Kenya
👉 In this article, we have listed the best brokers who offer Bitcoin for purchase to traders in Kenya. We have further identified the brokers that offer additional services and solutions to Kenyan traders.
Best MetaTrader 4 / MT4 Bitcoin Broker in Kenya
👉 Overall, AvaTrade is the best MT4 Bitcoin Broker in Kenya. More than 1,260 different financial items can be traded on the MetaTrader 4 platform that AvaTrade provides. This lets traders get into a lot of different markets.
👉 AvaTrade has been in business for 16 years, during which time it has built a formidable reputation and won a few awards.
Best MetaTrader 5 / MT5 Bitcoin Broker in Kenya
👉 MetaTrader 5, which is offered by BDSwiss, can be used on any device that can connect to the internet, including smartphones and tablets.
Best Bitcoin Broker for beginners in Kenya
👉 Kenyans can get a feel for the trading market before they open a real capital account by using the XM demo account and educational resources.
Best Low Minimum Deposit Bitcoin Broker in Kenya
👉 Overall, HF Markets is the best Low Minimum Deposit Bitcoin Broker in Kenya. Kenyans can trade on HF Markets, which gives them access to more than a thousand assorted products from a wide range of asset classes.
👉 To open an account with HF Markets, you just need to deposit 590 KES, which is equal to $5. Kenyans can deposit money and start trading as soon as their information has been checked.
Best ECN Bitcoin Broker in Kenya
Best Islamic / Swap-Free Bitcoin Broker in Kenya
USD 100 / 11560 KES
Account Activation Time
👉 Overall, JustForex is the best Islamic / Swap-Free Bitcoin Broker in Kenya. JustForex lets Kenyan Muslims convert any of its 7 retail accounts to an Islamic Account.
👉 Depending on which account option Kenyans choose the spreads on the Swap-Free Account range from 0 pips to 0.9 pips. The commissions on Raw Spread Accounts are competitive, starting at $6 per turn.
Best Forex Trading App in Kenya
$0 / 0 KES
SEC, FINRA, CFTC, MAS
Account Activation Time
👉 Overall, TD Ameritrade is the best forex trading app in Kenya. TD Ameritrade’s mobile app is extremely well-liked by Kenyan investors overall. The TD Ameritrade app can be used on iOS, Android, and Windows devices, and it has a wide range of innovative features.
👉 Kenyans could get streaming data on their smartphones or tablets, invest in mutual funds, and trade stocks and complex options contracts.
Best Kenyan Shilling Trading Account Bitcoin Broker in Kenya
👉 This means that Kenyan merchants can make deposits and withdrawals in Kenyan shillings without worrying about the costs of currency conversion. Kenyans can also expect zero-pip spreads and unlimited access to MT4 and MT5 when trading over 278 markets.
Best Lowest Spread Bitcoin Broker in Kenya
👉 Overall, FBS is the best lowest spread Bitcoin Broker in Kenya. FBS is unique among brokers in that, in addition to micro and cent accounts, it also offers four other types of accounts for traders with more experience.
Best NDD Bitcoin Broker in Kenya
USD 0 / 0 KES
Account Activation Time
👉 Overall, IG is the best NDD Bitcoin Broker in Kenya. IG is the best choice not only for Kenyan traders who are just starting but also for traders who want the best STP and ECN execution across all markets.
👉 IG offers Beginner traders a wealth of educational resources, including guides on Bitcoin strategies.
Best STP Bitcoin Broker in Kenya
👉 Overall, RoboForex is the best STP Bitcoin Broker in Kenya. Kenyans who want to trade Bitcoin and need a reliable broker often choose RoboForex. Kenyans can anticipate millisecond accurate STP and ECN execution with prices compiled from the best liquidity sources.
Best Sign-up Bonus Broker in Kenya
USD 1 / 116 KES
Account Activation Time
👉 Overall, InstaForex is the best sign-up bonus broker in Kenya. InstaForex offers a $1,000 start-up bonus even if you do not make a deposit. They also have several deposit bonuses that range from 30% to 100%. Kenyans can take part in several contests to win some of the best rewards.
The Risks involved with Buying Bitcoin in Kenya
👉 Bitcoin is still the most successful currency by a wide margin, but as with any new frontier, barriers are inevitable. Despite Bitcoin’s recent popularity, there are significant dangers associated with cryptocurrency investments.
👉 With so many individuals racing to invest in this new market, it is crucial to be aware of the risks that surround it.
Volatility and Price Fluctuation
👉 The price of Bitcoin fluctuates continuously. One Bitcoin was valued at $6,461.01 on November 6, 2018. If you purchased a Bitcoin on December 17, 2017, you paid more than $20,000 for it.
👉 On the 24th, a few days later, purchasers were unable to sell their investments for more than $14,626.
👉 In November 2021, Bitcoin reached its highest price of $65,000 and at the time of writing, Bitcoin is worth $23,000. The Bitcoin market is in a perpetual state of oscillation and because of the unpredictability of the market, it is impossible to determine whether you will get a return on your investment.
There is little or No Regulation
👉 Currently, there are no substantial rules governing the Bitcoin industry. Due to the age of the sector and its general decentralized structure, the government lacks a definite position on cryptocurrencies.
👉 Currently, cryptocurrencies are not acknowledged, but the future is unpredictable. It is impossible to predict the future situation of the Bitcoin market in a few years.
There is a reliance on Technology
👉 Bitcoin purchases, sales, and transactions entail a technologically dependent online trade. Coins are digitally mined, traded through a smart wallet, and regulated by many systems. Without this technology, the value of Bitcoin is nothing.
👉 Unlike other kinds of cash or investment, it is not backed by tangible assets. Gold, real estate, bonds, and mutual funds are all assets that may be traded.
👉 Bitcoin owners are more susceptible to cyber threats, online fraud, and a system that may be shut down because of the currency’s complete reliance on technology.
👉 Because of the technological nature of cryptocurrency, this investment is susceptible to cyberattacks. There is no method to recover lost or stolen Bitcoin, making hacking a significant threat.
👉 Numerous data indicate that many investors lose money on exchanges and mining. Even if you have a smart wallet, it is more probable that an exchange will be compromised.
👉 Additionally, if you have a wallet but lose or misplace the key, it is often impossible to reclaim your coins. Ensure that your Bitcoin wallet is the best secure alternative by doing thorough research.
👉 In addition to hacking, the Bitcoin market is also rife with fraud. Buyers and sellers are trying to trade Bitcoin online, but some of these exchanges may be fraudulent due to Bitcoin’s growth in popularity.
👉 Numerous regulatory bodies and central banks have issued warnings regarding these exchanges, in which naive investors are cheated out of their Bitcoin.
👉 This absence of security poses a substantial threat to investors. While technologies have been developed to address these issues, security remains a major concern.
👉 Bitcoin may be a precursor to a new currency exchange. However, just a handful of businesses accept it as a valid form of cash. In addition, most countries and central banks do not recognize Bitcoin as currency.
Inherent Risk of Monetary Loss
👉 Some have compared Bitcoin to a Ponzi scheme, in which those at the top profit off the ignorance of others. As more individuals invest in Bitcoin, a bubble economy is created.
👉 When the bubble breaks, Bitcoin will effectively become worthless; many individuals will hoard cryptocurrencies with the intent to sell yet be unable to do so. There is no investment return, which might result in a very severe monetary loss.
👉 The cryptocurrency market is still in its infancy when compared to the forex and stocks market, among others. But this financial asset has drawn the attention of millions of traders around the world.
👉 Kenyans are among the traders who buy, sell, and exchange Bitcoin across exchanges and crypto brokers. Many new traders are emerging in this market, and we have provided a comprehensive guide for those newbies to help them purchase their first Bitcoin.
How can Kenyans buy Bitcoin?
Kenyans can purchase Bitcoin through crypto exchanges, from the ATM in Kenya, or by using local payment providers such as M-Pesa.
Which Bitcoin wallet works in Kenya?
Several crypto wallets work in Kenya, but Coinbase is currently the most popular option.
How much does a Bitcoin cost in Kenya?
The current price of Bitcoin in Kenya is 2.7 million KES [2022/08/07].
Can Bitcoin make you rich?
Many cryptocurrency traders have made significant profits from Bitcoin. However, many lost more than they can afford. Bitcoin trading is not a get-rich-quick scheme and Kenyans must understand the risks involved before they risk capital on this highly speculative asset.
Is there a Bitcoin ATM in Kenya?
Yes, the Bitcoin ATM in Kenya was installed in 2018 and is on the 2nd floor of the Kenrail Towers in Nairobi.