Bitcoin in Kenya: How to get started with Bitcoin in 2022
If you are unfamiliar with NFTS (Non-fungible tokens) in 2022, the phrase Bitcoin should not surprise you as it has been around for a while now. In 2016, Kenya’s Central Bank (CBK) issued a warning to Kenyans about the hazards of investing in digital assets, including Bitcoin.
Six years later, CBK wants to consider public opinions and viewpoints on the future introduction of a digital currency to minimize money laundering concerns and improve monetary policy efficacy.
Whether you’re a long-term or a short-term trader, getting started in Bitcoin will need you to adhere to the system’s rules. To help you understand how Bitcoin works in Kenya. We’ve compiled a list of resources to help you get started with Bitcoin trading.
What is Bitcoin Trading, and How Does It Work?
Before you do anything else, you should know that Bitcoin is a decentralized currency (the government or any financial institution has no control of it by whichever means), which allows you to buy and sell directly without needing a third-party intermediary, such as a bank.
Satoshi Nakamoto founded of Bitcoin back in 2009 when it was sold for 17,085 Kenyan Shillings, but its value has since risen to 4,338,120 Kenyan Shillings at writing this article.
Bitcoin trading keeps track of events and market activities that affect Bitcoin’s price. Trading is generally done for a short to a lengthy period, as long as it is profitable in the end.
As previously stated, Bitcoin’s current price is 4,338,120 Kenyan Shillings, but who knows if it will rise or fall soon. As a result, you should be aware that Bitcoin trading can be volatile. If you are a trader, be prepared to understand the disadvantages and benefits of trading.
Bitcoin Trading’s Benefits
Simple transactions:
When it comes to money transfers, trading bitcoin has no restrictions; as long as you know the recipient’s address, you may send any amount of money quickly; this is not feasible with traditional bank transfers since transactions must be completed, which might take days.
Transaction Fees Are Lower:
There is no cost for transfers of any value with bitcoin transactions; all you pay is a modest fee to complete the transaction.
Privacy:
Bitcoin transactions are anonymous, making it ideal for those who value their privacy. Every BTC wallet owner has one or more public keys that serve as their bitcoin address, and they are the only pieces of information required to complete a transaction.
Decentralization:
Bitcoin transactions are unaffected by governments or financial institutions due to their decentralized nature. This makes it a fantastic alternative for those who want to rebel against the system or who want a little more privacy.
Price:
Another reason why you should seriously consider trading with Bitcoin is that its value remains constant over time, unlike traditional currencies, which depreciate without warning.
It is an open-source project:
This implies that anybody may contribute to its development via Github or access its code to enhance it.
Bitcoin Trading Drawbacks
Cybersecurity Crimes
Because Bitcoin is a digital asset, it is understandable that hackers may temporarily defeat the system. This has already been seen, and they have taken precautionary steps to guarantee that Bitcoin remains a secure location for consumers to invest.
Volatility in prices
The Bitcoin ecosystem remains a bubble at this time. If its value can be connected to physical and intangible assets, BTC volatility will not be covered owing to due increases.
Regulations
The Central Bank of Kenya’s approval is a crucial source of worry. Even if everything seems to be going well, the danger of engaging in Bitcoin trading will remain a concern until the currency is wholly recognized in Kenya.
Is it beneficial to day trade Bitcoin?
This trading method entails understanding how the market works and profiting at the right moment. This strategy will come in helpful if you perform it correctly and are clever.
Day trading enables you to keep track of all occurrences at all times of the day and night and follow BTC’s volatility, which may lead to significant gains. Most significantly, you will be able to profit from the market’s immaturity.
Where can I purchase Bitcoin in Kenya?
Kenya is one of the most widely approved nations for trading Bitcoin and other cryptocurrencies. Many people have benefited from Bitcoin as of 2022, and the country’s GDP has increased by 2.3 percent due to cryptos.
There is no way that Bitcoin is a fraud since, if you are an experienced trader with access to the appropriate exchange platforms, you can quickly generate gains at any time of day or night. The finest Cryptocurrency exchange platforms in Kenya are listed below.
- Paxful
- Binance
- Etoro
- CoinBase
- Coinsdirect
Conclusion
Kenya’s cryptocurrency industry is growing with each passing day. Many people have already jumped into this pool and emerged with a reason to grin.
Yes, the market may be crowded right now, but that doesn’t mean it’s too late to start investing if you’re prepared to learn, take risks, and make gains and losses along the way.
