How to Buy Bitcoin in Nairobi and Why You need it

In Tech

Cryptocurrency Bitcoin has gained a lot of attention in recent years, the currency’s value has risen from $400 per unit in 2015 to $1,289.09 per unit higher than the price of gold at $1,231.50 per ounce. Here is why you need bitcoins.

Uses of Bitcoins

  • As a money remittance tool
  • As an Investment or for diversification
  • As a payment mode for goods and service
  • Trading and speculation

Here is how to get bitcoins in Nairobi

You can buy Bitcoins through cash, credit card, debit card, wire transfer as well as through Paypal. There are different exchanges that facilitate the buying and selling of these Bitcoins with some even using M-Pesa.

BitPesa

BitPesa was the first Bitcoin remittance service in Africa. Based in Nairobi, BitPesa eventually started providing trading services to users on the platform as well. The platform offers users the chance to buy and sell as much bitcoin as they desire, is quite fast and works on any smartphone or desktop computer. BitPesa charges a 3% transaction fee on any Bitcoin transactions through their website.

RELATED: Blockchain will Do to Banks What Internet Did to Media

Localbitcoins.com

LocalBitcoins.com is a person-to-person bitcoin trading site. The web platform allows users to buy and sell bitsoins using the popular M-Pesa platform which is perhaps most convenient but transaction costs of M-Pesa may be prohibitive.

Remitano

Remitano is also another online Bitcoin exchange in Nairobi and Lagos. Users normally buy using bank transfers. The platform Remitano.co/ke allows you to buy, sell, send money and store your bitcoins.

When you open a trade, the specified amount of bitcoins you wish to buy are transferred from the seller’s wallet and held locked on Remitano’s account. Then you can send payment to the seller without worrying of not receiving Bitcoin.

Bitwala

Nigeria based bitcoin service provider that connects bitcoins to M-Pesa enabling senders to directly deposit bitcoins into M-Pesa as Kenya shillings. Facilitates money transfer, payment of bills, loading to Visa card, buying and selling.

RELATED: Bitwala Connects Bitcoins to M-Pesa

Luno.com

Luno is a Singapore based company that serves Kenya, South Africa and Nigeria. They charge a 1% taker’s fee on all trade transactions. The app has been praised for its simplicity and good design.

There are several other international exchanges than can serve anyone anywhere but since the currency is not regulated you are better off dealing with exchanges or very credible external exchanges.

  • Coin Café- New York based exchange.
  • Coins-E
  • Cryptcy

However the central bank of Kenya said in 2015 that it does not recognise bitcoins and therefore no protection exists in the event the platform that exchanges the currency fails.

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