Basic Requirements for Buying Bitcoin in Kenya
Did you know that you need not worry at all about How you can buy Bitcoin in Kenya unlike people from other countries? The only 2 Basic Requirements for You to Buy Bitcoin in Kenya is just an MPesa Account registered with your Safaricom Cellphone Number and a Mobile Phone with Internet Data bundles.
Those are the only 2 items you need to Buy Bitcoin in Kenya or Buy your first Bitcoins in Kenya.
Buying Bitcoins is as simple as Buying your Mobile Phone’s Airtime from your MPesa account.
In a very simple and easy to understand explanation, when you are Buying Bitcoins in Kenya, you credit the Bitcoin Trader’s MPesa Account with Kenya Shillings for the amount of Bitcoins you want to Purchase.
For example, if I want Bitcoins for KShs 10,000 I will just send 10,000 Kenya Shillings to the Bitcoin Trader’s MPesa Account and receive my Bitcoins in my Bitcoin Wallet. (I will expound shortly on what a Bitcoin Wallet is. Just read on).
I have explained why you need to have MPesa Account enabled in your Safaricom Cellphone Number.
Now I will tell you why you need a Mobile Phone with internet. Are you curious as to why? Let’s see why !
To start with, just in the same way you need to have an MPesa account enabled on your Safaricom Cellphone Number to Send Money and Receive Money in Kenya, you also need to have a Bitcoin Account to Receive Bitcoins when you Buy Bitcoin from any Bitcoin Trader.
All Bitcoin Exchanges are online based just like Facebook, Instagram, Gmail, Yahoo, Twitter or like the Government of Kenya’s eCitizen website.
So, for you to Create, Open and Login into your Bitcoin Wallet, you need to have Internet in your Mobile Phone to access the online based Bitcoin Exchange where your Bitcoin Wallet / Bitcoin Account is.
It is like saying, you need internet in your Mobile Phone to open your Gmail account on Gmail’s website or in another similar comparison, you need internet in your Mobile Phone to open your Facebook account on Facebook’s Website.
I hope up to this far I have succeeded to clearly illustrate that all you need to Buy Bitcoin in Kenya is just an MPesa Account and a Bitcoin Wallet.
Digital Wallets used in Kenya
As a precursor to listing the steps of How to Buy Bitcoin in Kenya, there is something that Kenyans struggle with, that is a Digital Wallet.
I also stared in bewilderment back in college when a Lecturer talked about a Digital Wallet without much explanation to what it was.
In fact, if you did not know, you may have operated a Digital Wallet for years now.
But for you, I will make things easier for you to understand this with ease. A Digital Wallet is basically just as Simple as what you have for your MPesa Account or Airtel Money Account. A Bitcoin Wallet or a Bitcoin Account is also a Digital Wallet. A PayPal Account is also a Digital Wallet and so is a Skrill Account and any other online account or App that you can operate remotely from where you can Receiove Cash and Send Cash from. I almost forgot Chipper Cash. Chipper Cash too is a Digital Wallet.
Mobile Money Wallets commonly used in Kenya
So when you are talking to someone who is not Kenyan or someone who does not know about MPesa, you do not just blurt out something like “Send Money to my MPesa”. The correct thing to say is something like this, “Send Money to my Mobile Money Wallet” then you specify your Safaricom Number for which they will Credit your MPesa Account.
So, in the same way you muck up when you say “Omo ya Persil” instead of “the Persil laundry detergent” or the “the Omo laundry detergent”. Do not get confused when you come across terminologies commonly used on Bitcoin circles and Bitcoin Trading Platforms like Mobile Money Wallet and Bitcoin Wallet when Buying Bitcoin on Bitcoin Exchanges.
Some Bitcoin Exchanges do not know much about Kenya and will just have options for paying for Bitcoin in Kenya simply described on their website as just Mobile Money Wallet.
However, for progressive Bitcoin Exchanges like Paxful and LocalBitcoins, they have since recognized and listed MPesa categorically as an option that Bitcoin Buyers in Kenya can use on their Bitcoin Exchange Platforms to Buy Bitcoin.
In the context of Kenya, most of the times, Mobile Money Wallet may simply refer to either an MPesa Account, Airtel Money Account, MPesa, MPesa Wallet, MPesa Money Wallet or Airtel Money Wallet.
To open / get an MPesa Account, MPesa Wallet, MPesa Money Wallet or a Mobile Money Wallet for your Safaricom cellphone Number, just walk into any MPesa shop ( ziko kila mahali kama pikipiki za boda boda ) and they will assist you to open one for FREE. It usually does not take more than 5 minutes if you have your Kenyan National ID Card or Passport with you. Even non Kenyans can get MPesa account if they present their Passport at an MPesa shop as long as they are within Kenya.
A Bitcoin Wallet is a Bitcoin Account that an online based Bitcoin Exchange in Kenya will assign to you when you Register on their Bitcoin Exchange to Receive Bitcoins and Send Bitcoins from. It is like your Bitcoin Bank Account. When you Buy Bitcoins in Kenya, you receive them in your Kenyan Bitcoin Wallet. Similarly, when you Sell your Bitcoins in Kenya, they are Sold from your Kenyan Registered and owned Bitcoin Wallet.
How to Register for a Bitcoin Wallet in Kenya
All Bitcoin Exchanges give FREE Bitcoin Wallets / Bitcoin Accounts like this Bitcoin Exchange where you can see all Kenyan Bitcoin Traders ready to Sell Bitcoin to You and where you can Buy Bitcoin from.
So, how can I buy Bitcoins in Kenya? First, you would register for a Mobile Money Wallet account with any leading Mobile Service Provider in Kenya. Thereafter, you would then sign up and register for a Bitcoin Wallet account on a Bitcoin Exchage in Kenya that accepts Mobile Money payments in exchange for Bitcoins. Afterwards, credit your Mobile Money Wallet with a Cash amount equivalent to the price of Bitcoins you want to buy in Kenya Shillings and then log into your Bitcoin Wallet account, go to buy Bitcoins section of your Bitcoin Wallet account and finally buy Bitcoins from a Kenyan Bitcoin Seller who has a Reputable and Trustworthy Bitcoin trading history from their Profile. That’s all you have to do tp Buy Bitcoins in Kenya.
Popular Bitcoin Wallets in Kenya that accept MPesa
- Remitano Bitcoin Exchange (fewer Kenyans trading there).
- Localbitcoins Bitcoin Exchange ( used to be famous but when they started chasing out some innocent Bitcoin Traders from some countries and closed down the FREE Bitcoin Accounts they had given to Bitcoin Buyers and Bitcoin Sellers indiscriminately for no substantial reasons, most Kenyan traders became wary of what was happening and became worried about this happening to Kenya, and thus for their Safety and ease of doing Business they migrated to other Stable and Trusted Bitcoin Exchanges with Good Reputation, Good Business Support and Good Client Relations and Good Client Support).
- Paxful Bitcoin Exchange (this is the most loved, vibrant Bitcoin market place with many Bitcoin Buyers and Bitcoin Sellers at any given time of the Day or Night where you can also be surprised to find that your former Classmate, Cousin or Ex Girl Friend is also a Bitcoin Trader there. Their Bitcoin trading Platform is Simple and Easy to use for anyone to Buy Bitcoin from in Kenya. They also recognize and list MPesa as an option for Paying and Receiving Cash when Buying and Selling Bitcoin on their platform. Their website has Blue and Purple color theme and it works smoothly on both Computers and Mobile Phones).
- LocalCryptos Bitcoin Exchange (Previously they were known as LocalEthereum and they were only allowing for Buying and Selling of Ethereum Crypto currency Coins until the other day when they switched their name from LocalEthereum to LocalCryptos and started offering Bitcoin too. LocalCryptos Bitcoin Exchange is not as widely known as the first three and for the few times I visited it, I would only see less than 10 traders and at night the traders are not there unlike in Paxful Bitcoin Exchange where it is a beehive of activities whether during the Day or at Night where Kenyan Bitcoin Traders are eagerly waiting to Buy and Sell Bitcoin to you).
Caution against using any Bitcoin Wallet in Kenya that does not accept Kenya Shillings directly for Buying Bitcoin in Kenya
There are other Bitcoin Exchanges which purport to be viable options for Kenyans to Buy Bitcoin from but they are simply just not suitable to our taste and liking because they are not targeted for the Kenyan setup as they only allow you to Buy Bitcoin in USD, GBP, AUD, CAD, EUR and those other currencies used in first world countries and for you to Buy Bitcoin in those currencies from your Bank account ( hawatambui MPesa ), you are going to be charged for conversion rates first before they start processing your Bitcoins purchase order. They will also treat payments done by Credit Cards from countries in Africa with skepticism as though they are potential fraudsters and hence delay or ultimately cancel the release of Bitcoins to you. There is no need to put yourself through such an uphill climb when you have other options you can easily explore and consider for a painless Bitcoins purchase experience locally like the Peer to Peer Bitcoin Exchanges listed above.
Important things to observe before choosing a Bitcoin Wallet in Kenya
Always buy Bitcoin in Kenya in a Bitcoin Exchange where you can quickly liquidate your Bitcoin when the Bitcoin prices are favorable for you to make Profits / Gains or when you want to convert Bitcoins to Kenya Shillings.
Lastly, buy Bitcoin in Kenya in a Bitcoin Exchange where you can choose fairly priced Bitcoins from the very many Bitcoih Traders selling their Bitcoins at any given time of the Day and at Night.
10 Steps for How to Buy Bitcoin in Kenya
- First, register for a FREE Mobile Money Wallet with Safaricom or Airtel.
- Secondly, register for a FREE Bitcoin Wallet from a reputable, reliable and stable Bitcoin Exchange in Kenya.
- After registering for your FREE Bitcoin Wallet, validate your Bitcoin Account by providing the Bitcoin Exchange by uploading your National ID card and your Cellphone Number you use for approval.
- With your Mobile Money Wallet and Bitcoin Wallet now registered and ready to use, credit your Mobile Money Wallet with amount of Bitcoin you want to Buy.
- Thereafter, login to your Bitcoin Wallet and search for Bitcoin Traders in Kenya who are offering Bitcoins for sale and that accept payment via the Mobile Money Wallet you are using e.g. MPesa or Airtel Money.
- Compare and contrast the price listings of the various Bitcoin offers from the many Kenyan Bitconi Traders.
- Identify and select the Kenyan Bitcoin trader that you want to Buy Bitcoin from that has a considerable number of Bitcoin Trades to their name and with a Good Positive Feedback from previous Bitcoin Buyers.
- Procced to initiate a Bitcoins purchase for the amount of Bitcoins you want to Buy from your selected Kenyan Bitcoin vendor by clicking the Buy Bitcoin button next to their Bitcoin Account name and the price offer they have tabled for prospective Bitcoin Buyers like you.
- The Kenyan Bitcoin Trader will then send you their Mobile Money Wallet Number like e.g. a Safaricom Cellphone Number or Airtel Money to where you will credit their Mobile Money Wallet from your own Mobile Money Wallet with the amount of Bitcoins you want to Buy e.g. send KShs 10,000 from your MPesa account for Bitcoins worth that amount.
- Finally, wait for the Kenyan Bitcoin Vendor to send you the Bitcoins you have bought. In a minute or two, you will see a Message that the Bitcoin Trader has released Bitcoins to your Bitcoin Wallet. Once you receive your Bitcoins, you can decide to give a positive feedback to the Bitcoin vendor if you were pleased with their service and the speed with which they served you.
That’s all there is to Buying Bitcoin in Kenya. It is that simple and a straight forward endeavor.
I hope this post will help someone out there who is looking for information in regards to How they can Buy Bitcoin in Kenya.
Should you be looking for information on How to Quickly Buy Ethereum Coins in Kenya Shillings via MPesa, Check out this post on How to Buy Ethereum with MPesa in Kenya
Should you be looking for information on How to Quickly Cash your Bitcoins to Kenya Shillings, check out this post on How to Withdraw Bitcoins to MPESA.
Learn How to choose Good Bitcoin Account User Name and How to avoid Bad Bitcon Account User Name when registering for a FREE Bitcoin Account on a Bitcoin Exchange like Paxful. See some of the Bitcoin User Names Kenyan Bitcoin Traders use online here to help you have an idea on how to come up with a Good, Simple and Easy to remember Bitcoin User Account for your Bitcoin Wallet.