A digital currency called bitcoins enables private, secure transactions. Even though they have been available for a long, traditional types of currency are still more commonly used. But things are altering. In this article, we'll explain how to purchase bitcoins using M-Pesa, one of the most widely used mobile payment solutions in Africa.
How to Buy Bitcoins with M-Pesa
How does Bitcoin function? What is it?
Satoshi Nakamoto created the digital currency and payment system known as bitcoin.
Blockchains are distributed public ledgers where transactions are recorded and cryptographically validated by network nodes. Because there are only 21 million of them, bitcoin is unique.
Bitcoins are produced as a reward for the mining process. They may be exchanged for goods, services, or other currencies. Over 100,000 shops and vendors accepted bitcoin as payment as of February 2015.
Since Bitcoin is still relatively new, it can be challenging for the average person to comprehend. This post will attempt to simplify everything for you and demonstrate how to purchase bitcoins in Kenya using M-Pesa.
The biggest mobile network providers in Kenya and Tanzania, Safaricom and Vodacom, launched M-Pesa in 2007 as a mobile-based money transfer, lending, and microfinancing business.
Millions of individuals in East Africa use it, and it's gradually gaining popularity as a method of online payment.
What Kenyans Need to Buy Bitcoin
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To buy bitcoins with M-Pesa in Kenya, you’ll need the following:
Bitcoin Wallet: Your digital wallet is where you keep your bitcoins. We advise you to do some study and pick the sort of wallet that best meets your needs out of the numerous available options.
An Exchange Platform: A platform called an exchange lets you purchase and trade digital currency. It's crucial to pick a trustworthy exchange with reasonable rates and helpful customer service.
Payment Method:
You'll require a means of purchasing your bitcoins. In Kenya, M-Pesa is a well-liked way to pay, although you may also use a credit or debit card or a bank transfer.
Steps to Buy Bitcoins with Mpesa
You must first register for an account with one of the numerous bitcoin exchanges that accept M-Pesa payments in order to purchase bitcoins with M-Pesa.
After signing up with an exchange, you must make a deposit into your account. You can transfer money to the bitcoin exchange from your M-Pesa account.
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Choose a Cryptocurrency Exchange
Finding a trustworthy bitcoin exchange that accepts M-Pesa as a payment method is the first step.
We advise utilizing Paxful, an online exchange that accepts M-Pesa among its many other payment options.
Visit Paxful's website and click the "Sign Up" button to register for an account. Both your phone number and a password must be entered. After registering, you can begin purchasing bitcoins.
There are several factors to take into account while choosing a cryptocurrency exchange:
Costs: Different exchanges have different fees. Before choosing which exchange to use, it's crucial to analyze the fees charged by various platforms.
Payment Options: Verify that M-Pesa is supported by the exchange you select.
Exchange Rate: The price of one currency in relation to another is known as the exchange rate. When purchasing bitcoins, you'll want to acquire the best exchange rate you can.
Customer support: It's critical to select an exchange with strong customer service if you ever experience account issues or require assistance with something.
Security: Choosing an exchange that prioritizes security is crucial when working with money. Make sure the exchange has a strong reputation and utilizes two-factor authentication.
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