Bitcoin, the first and most valuable cryptocurrency, has captured the imagination of people around the world, and Kenyans are no exception. This valuable digital currency is best known for its potential as a high-level investment and a store of value. For people living in Kenya who are eager to join the exciting realm of Bitcoin, the big question remains how do you buy Bitcoin in Kenya? This article is a comprehensive guide on how to buy Bitcoin in Kenya, walking you through it step-by-step.
What platforms can I buy Bitcoin from in Kenya?
Before providing a step-by-step guide on how to buy Bitcoin in Kenya, you should know the different platforms that give you access to this valuable cryptocurrency. There are primarily three platforms where you can buy Bitcoin in Kenya, with each of them having advantages and disadvantages. Here is a list of these platforms:
1. Peer-to-Peer (P2P) exchange
The primary function of peer-to-peer crypto exchanges is to connect buyers to sellers directly. Essentially, this means that these kinds of platforms connect you directly to people who want to sell their Bitcoin. So all you have to do is negotiate prices and select your preferred payment method, which can include cash, M-Pesa, or bank transfers. Although P2P exchanges in Kenya offer you flexibility and lower fees, you need to do more due diligence to detect and avoid scams.
2. Centralized exchanges
Centralized Exchanges function as intermediaries, keeping your Bitcoin and facilitating crypto trades. Usually, these platforms offer you faster transactions and user-friendly interfaces, however, they may have much higher fees and rigorous verification requirements.
3. Bitcoin ATMs
There are a limited number of Bitcoin ATMs available in Kenya that allow you to purchase Bitcoin with cash. Although this option is convenient, it comes with the highest transaction fees and restricted purchase amounts.
What are the requirements to buy Cryptocurrency in Kenya?
Before you buy Bitcoin in Kenya, you must prepare the following requirements:
- A means of valid identification to complete the KYC process. This may be your passport, national identity card, or driver’s license.
- A smartphone to verify your identity through two-factor authentication (2FA).
- A secure and private internet connection. Note that public WiFi is not recommended for Bitcoin purchase, as it may pose serious security problems.
- A credit card or bank account that you can use to deposit fiat currency to buy Bitcoin.
- Lastly, a crypto wallet to safely store your digital assets.
Although most crypto exchanges will offer you built-in digital wallets, if security is important to you, you should withdraw your BTC to your own personal wallet.
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How to buy Bitcoin in Kenya: A step-by-step guide
Below, we’ve provided you with a step-by-step guide on how to buy Bitcoin in Kenya with Bitmama:
Step 1: Download Bitmama app
Head to the Bitmama website to download your mobile app. Fill in your email address and create a password to get started.
Step 2: Verify your account
After signing up, navigate to verification on your home screen and complete the verification process by providing all necessary documents.
Step 3: Fund your KES wallet
Fund your Kenya Shillings fiat wallet with your preferred payment method. The sum should be enough to purchase the amount of Bitcoin you intend to buy.
Step 4: Buy Bitcoin
Click “Buy” on your home screen, select Bitcoin, and follow the prompts till completion. You will be credited instantly with the amount of coins purchased.
How to buy Bitcoin in Keya with Bitmama P2P
You can also opt to purchase Bitcoin in Kenya through the Bitmama P2P marketplace. Simply follow the steps below:
Step 1: Download Bitmama app
Head to the Bitmama website to download your mobile app. Fill in your email address and create a password to get started.
Step 2: Verify your account
After signing up, navigate to verification on your home screen and complete the verification process by providing all necessary documents.
Step 3: Fund your KES wallet
Fund your Kenya Shillings fiat wallet with your preferred payment method. The sum should be enough to purchase the amount of Bitcoin you intend to buy.
Step 4: Buy Bitcoin
Click “P2P” on your home screen and browse the available listings on the marketplace to choose the best deal for you. Initiate a purchase and follow the prompts till completion to finish a transaction.
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Is Bitcoin legal in Kenya?
At the moment Bitcoin and other cryptocurrencies are legal in Kenya and remain unregulated by the regulatory authorities in Kenya. The crypto marketplace is rapidly growing in Kenya due to the high demand for investment and trading.
Is crypto popular in Kenya?
As of 2022, it was estimated that about 6.1 million Kenyans own cryptocurrency. This means that 10.71% of Kenya’s total population are crypto owners. For this reason, the crypto adoption rate in Kenya was ranked as the highest in Africa.
Today, buying Bitcoin in Kenya has become easier and more seamless than ever. By selecting the right platform, understanding the underlying risks, and prioritizing the security of your digital asset, you can begin your journey into the thrilling world of cryptocurrency. Follow the process on how to Buy Bitcoin in Kenya detailed above to get a comprehensive explanation of how to go about it. Lastly, remember that research is key when it comes to the crypto market. So research, invest wisely, and thoroughly enjoy the journey!
Bitmama offers a secure marketplace for crypto enthusiasts. Perform activities like crypto trading and creating virtual dollar cards for online payment. Get started today by downloading the Bitmama app.
