Bitcoin is digital money used to buy things and pay for services on the internet. It is a peer-to-peer payment system and a digital storage asset with high liquidity.
Bitcoin is not widely used in Kenya, but it is suitable for traders that do online business, shopping, and investors. Unlike Fiat, Bitcoin is not governed by anyone or any government.
Bitcoin to Kshs
Latest Bitcoin Price in Kshs
How much Bitcoin can you get for your KES?
Usage of Bitcoin in Kenya
They are various ways in which you can make use of Bitcoin in Kenya for services and shopping:
- Bitcoin presents an excellent way to hedge against the ever-inflating fiat currency – making Bitcoin a store of value. You can buy Bitcoin at a lower price and hold it for the long term to sell at higher prices.
- Bitcoin can also be used as a form of payment to replace existing systems that are slower, expensive, and logged with bureaucracies. Bitcoin is a peer-to-peer network that does not require third-party financial institutions. Here are some of the places in Kenya that accept Bitcoin:
- Betty’s Place – A bar and resort known for preparing the local delicacy nyamachoma.
- Legibra – A creative design studio, branding, and development enterprise that accepts cryptocurrencies for payment.
- Boxlight Electronics – Located at Luthuli avenue, it sells various electrical appliances and products.
- Some individual online merchants.
How to buy Bitcoin through M-Pesa in Kenya
The most common way of buying Bitcoin directly with M-Pesa is through P2P trading – buying Bitcoin from merchants based in Kenya on P2P platforms and exchanges. Most of them a free but charge escrow fees. Here are some P2P platforms where you can buy Bitcoin via M-Pesa:
You must first log in to your Binance account or create one in minutes before you can trade. Verify your details at Level 2 of the KYC process.
Step 1: Locate P2P trading
- Open the Binance App on your phone. Select P2P after clicking “Buy with Cash.”
- Select BTC under the Buy tab. At the upper right of your screen, select the filter icon.
- Choose the M-PESA payment option and the KES currency to purchase the cryptocurrency, then confirm.
Step2: Begin trading.
- Transfer the money directly to the seller within the payment time restriction, based on the seller’s payment information. The vendor can be contacted using the chat box.
- Before continuing to the next step, you must complete the payment.
Step 3: Receive your Bitcoins.
- Select “Confirm” from the drop-down menu. If you haven’t made any transactions yet, don’t click “Confirm.” The P2P User Transaction Policy will be broken as a result of this.
- “To be released” will be added to the status.
- The transaction is complete, and you can collect your Bitcoin.
- Sign up for a Paxful account.
Sign up for a Paxful account, and you’ll get a free Bitcoin wallet when done.
- Look for a bargain.
Click Show Offers after selecting M-Pesa as your chosen payment option. After that, you should see a list of all the Bitcoin vendors who accept M-Pesa. Choose the best deal for you and click Buy, and you’ll be directed to the offer page to get a brief overview of the transaction. When you’re comfortable with the seller, type in the amount of BTC you want to buy and click Buy Now.
- Complete your payment.
You’ll get a complete set of instructions on how to pay your seller once the exchange begins. Make sure to mark your trade as Paid once you’ve sent your payment, so it doesn’t expire. Give time for your trade partner to confirm the price. They’ll release the Bitcoin from Paxful secure escrow service into your Paxful wallet once it’s been verified and the transaction is finalized.
Localbitcoins is a p2p exchange platform where sellers get paid in Kenyan shillings through Mpesa.
Step 1: Create an account.
Sign up for a LocalBitcoins account. You will be issued with a free and secure online Bitcoin wallet. Skip to the next step if you already have an account.
Step 2: Look for ads.
Go to the homepage and complete the form with the amount you want to purchase in your currency, your region, and the payment method you wish to use, M-Pesa. The service will provide a list of Bitcoin merchants in your area.
Step 3: Make payment to the vendor.
To begin, type how much you want to buy in the blue box, leave a message for the seller, and click the accept terms and send trade request button. Get ready to pay. If you don’t submit payment within the time limit, the trade is canceled immediately.
Step 4: Complete the payment.
When you’ve finished paying, press the I’ve Paid button at the bottom of the screen. The trader then verifies the payment is complete. Your Bitcoin is released from escrow and instantly available in your LocalBitcoins wallet.
LocalCryptos uses smart contracts to enable you to purchase and sell crypto utilizing non-custodial wallets and a non-custodial escrow system. When you use a non-custodial peer-to-peer marketplace, the platform does not store the keys to your cryptocurrency, even throughout the escrow period.
- Create a user account.
Create a secure wallet in minutes. All popular Ethereum wallets, including MetaMask and Ledger, are supported by LocalCryptos. Find a seller who accepts M-Pesa as a payment method and provides Bitcoin in Kenyan shillings.
- Open a trade.
Open a trade when you identify an ad that you like. Choose the quantity you wish to purchase and then settle on a rate. A notification will be sent to the seller, and you should hear back in less than 2 minutes.
- Complete the trade.
The buyer pays the vendor using Mpesa to the designated seller number outside of the platform. Using encrypted messaging, users negotiate payment details.
A decentralized escrow account holds the cryptocurrency in trust until it is paid – ensuring that both parties keep their end of the bargain. Bitcoin is disbursed from escrow to the buyer once the seller verifies the payment.