Do not Buy Bitcoin in Kenya until you Read these Safety Precautions Tips

Do not Buy Bitcoin in Kenya until you Read these Safety Precautions Tips
Do not Buy Bitcoin in Kenya until you Read these Safety Precautions Tips

These are safety Precaution measures that you should be well versed with before you venture into trading Bitcoin and other Crypto Currency Coins in Kenya.

Do not Buy Bitcoin in Kenya until you Read these Safety Precautions Tips
Do not Buy Bitcoin in Kenya until you Read these Safety Precautions Tips

They are for your own Good so that you are wary of potential risks that you may be exposed to as a Bitcoin Trader in Kenya and to guide you on How to avoid bad experiences when trading Bitcoin in Kenya.

It is not always predictable to detect when a bad actor will attempt to swindle you off your funds.

By being aware of potential risks that you may be exposed to a s Bitcoin Trader in Kenya you will be well prepared to deal with it or even avoid it altogether before you and your Bitcoins and Money are separated.

It is no coincidence that they named virtual Currency Coins like Bitcoin as CRYpto Coins. CRYpto what? Yeah! You read it right! They are called CRY…pto…coins for a reason.

This post will endeavor to enlighten you about some of the issues you should always be on the look out for as a Hawk eyed Bitcoin Trader and know how to circumvent these traps and caveats as soon as you sniff / anticipate them to protect your Bitcoins and Monies here in Kenya.

Talk about being a Brother’s keeper! My role in this instance will now double up as not only of that of an informer but as that of a Brother and Sister’s keeper.

So are you ready to know why you should not Buy Bitcoin in Kenya until you Read these Safety Precautions Tips that I am going to list here ?

Here are 10 Important items that you should review for your Safe and Smooth Trading of Bitcoins in Kenya. Do not Buy Bitcoin in Kenya until you are conversant with these Safety Precautions Tips.

How to SAFELY Trade Bitcoins in Kenya

10 Precaution Tips to Help you Trade Bitcoin Safely and Smoothly in Kenya

Bitcoin Trading is a Risk and your money could be lost. You can lose your Kenya Shillings faster than you earned / made them if you do not seek advice from financial consultants or if you do not take well calculated risks.

Do not trade with characters with funny user names. This way you steer away from possibilities of opening trades with scandalous scammers and fraudulent individuals with spooky names.

Always Open Bitcoin Trades with Bitcoin Traders with High Positive Feedback Ratings and those who are more Trusted by other previous Bitcoin Traders who traded with them. This information you can get it by viewing their Bitcoin Trading Account Profile. This way you can be sure you are not dealing with unscrupulous individuals who could possibly scam you.

Never Open a Bitcoin Trade with a Bitcoin Trader who is BLOCKED by many People. If a Bitcoin Trader is BLOCKED by over 20 People, chances are that they have badly messed up previous Bitcoin Traders and they will also ruin your Bitcoin Trade, Scam You, Defraud You, Abuse and Insult You, Take long to Release Bitcoin to You after Payment or Take longer to Pay You in Kenya Shillings when you are Selling Bitcoin to them. As a Precaution about Bitcoin in Kenya, your choice of Bitcoin Trade Partner determines whether the Bitcoin Trade is Successful if you Trade with Trustworthy individuals or it Fails if you do not probe the Profile of the Bitcoin Trader you want to Trade with.

When Selling Bitcoin, never ever Release Bitcoin to the Buyer until you have confirmed that they have Paid You and that the Transaction is Authentic. If using MPesa, confirm that MPesa Payment SMS is from Safaricom’s MPesa and not an edited SMS from an 07 number. Also, confirm that your MPesa Account has been credited with Cash and that the new Kenya Shillings balance reflected in your MPesa is correct.

Never ever Register or Login for a Bitcoin Account / Wallet from a Public Computer. A Public Computer is one that you do not own e.g in a Cybercafés or someone else’s Computer other than from your own Computer. The same applies for Mobile Phones. Never ever Register / Login for a Bitcoin Account / Wallet from someone else’s Mobile Phone. This Precaution about Bitcoin in Kenya Helps secure your Kenyan Bitcoin Account from external potential attacks from devices you have no control over.

Never ever entrust anyone to help you diagnose, troubleshoot or resolve an issue with your Bitcoin Account in Kenya. The only persons you should ask for Help from should be only staff from your Bitcoin Account’s Exchange company who will use official email address from the Bitcoin Exchange company e.g. support@paxful.com This helps ward off would be scammers and fraudsters pretending to offer a helping hand in a time of need.

Never ever write your Bitcoin Account Password somewhere or send it over any Electronic means. Memorize your Password in your head so that you do not have to write it somewhere! This Precaution about Bitcoin in Kenya helps prevent possibilities of your Bitcoin Account’s password leaking into the hands of unscrupulous people when they poke into your documents or hack or sneak into e.g. your electronic accounts like in your Facebook, Gmail or other E-mail account.

Know the Government of Kenya’s standing on matters Cryptocurrency coins like Bitcoin. Take a look at this Public Notice issued by Central Bank of Kenya here https://www.centralbank.go.ke/images/docs/media/Public_Notice_on_virtual_currencies_such_as_Bitcoin.pdf After reading it decide for yourself if it is still worthy taking the risk of investing your money in a crypto currency coin that is not backed by anything, whose price is volatile and where if you lose your money in any CRYptocoin dealing you do not have the protection of the law to help you recover your funds.

Lastly, to make Bitcoin Trading in Kenya a Successful venture, always Buy Bitcoin when it is priced low and Sell it when it is Priced High. This Precaution about Bitcoin in Kenya is of vital importance to you if you are keen on making Significant gains on your Bitcoin Trades.

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By Joseph Muithi

I am a Tech Enthusiast and a Bitcoins Evangelist who is on a mission to Teach, Blog and Create awareness about Bitcoins and Altcoins in Kenya and Africa at large.