How to buy Bitcoin in Kenya shillings (local currency). Bitcoin in 2021 has put on some impressive rise globally and it’s not surprising to see the current price right now. As the world continues to adopt cryptocurrency and bitcoin as a whole, the African continent is not left out. Recently Kenya has been ranked 4th globally in Cryptocurrency interest.
Bitcoin in Kenya shillings
The East African country has about 4.6 million cryptocurrency owners in the country, research also shows that crypto-related searches coming from the country in the last 12 months are about 99,810 this is an impressive stat! In this article, we give you details on how bitcoin works in Kenya, how to buy with Mpesa
How Bitcoin Works in Kenya
There are many ways you can use your bitcoin in Kenya. You can buy, trade, hodl, exchange to another cryptocurrency such as Eth, ADA, Solana, BNB, etc. As a payment system, vendors, eCommerce, and business owners can accept Bitcoin as a means of payment and buyers can also make purchases with Bitcoin in Kenya.
this is how we know cryptocurrency and bitcoin works in Kenya, but there are always ways you can make bitcoin or cryptocurrency work for you.
Where to buy and sell bitcoin in Kenya
Buying and selling bitcoin in Kenya can be on most crypto exchanges available in the country. There are a few exchanges we can highlight. Binance, the world’s biggest crypto exchange is available in Kenya. Kenyans can buy, sell, hodl crypto or bitcoin on the Binance platform. Paxful, one of the crypto exchanges that allows buying and selling crypto.
How to Buy Bitcoin with Mpesa on Paxful
How to buy and own some bitcoins using Mpesa? Mpesa is one of the most popular payment systems widely used by Kenyans, because of its convenience, reliable and fast to use. Kenyans can use their Mpesa accounts to buy bitcoin on Paxful and we will show you how to do it.
- Sign up for your account on Paxful
- Search for an offer on the platform
- Send your payment
Sign up for your account on Paxful
You cannot buy bitcoin on Paxful if you don’t have an account with them. You will have to download the Paxful app or visit the website to get started.
You will have to provide your details such as your phone number or email to start with the signing up, after that verify your phone number or email.
For Paxful to validate your account and secure it, you will be required to complete Know Your Customer (KYC) process which Paxful will ask for your Government-issued ID like your passport or driver’s license.
Please note that this is to help Paxful verify your identity. After completion, your account will be ready to buy crypto or Bitcoin with M-Pesa.
Search for an offer on the Paxful platform
You will need to search the list of offers and choose the best option for yourself. With Mpesa as your preferred payment, you will a list of all bitcoin vendors available. Click buy after you have identified the vendor you want to buy bitcoin with M-Pesa from and it will be redirected to the offer page to continue.
When you’re ok with the vendor and ready to trade, enter the amount of bitcoin you want to buy and click Buy now to proceed.
Send your payment
This is the last part of the steps. Here is a detailed instruction on how to pay the vendor will be sent to you from Paxful on how you can send your payment to the vendor.
Give your trade partner a few moments to verify the payment. Once verified, they’ll release the Bitcoin to your Paxful wallet, and the trade will be complete.
How to Withdraw Bitcoin in Kenya to Mpesa
To withdraw your bitcoin to Mpesa, you will first need to convert it to the currency you want eg if you prefer Kenyans shilling, please select it. Converting bitcoins requires you to sell off your bitcoins to a buyer or vendor who deals in Mpesa. You can convert bitcoin to Mpesa by selling your bitcoin on Paxful exchange platform.
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