As the cryptocurrency market grows by leaps and bounds, many Kenyans are left perplexed about how to invest in Bitcoin in Kenya. Despite the fact that technology is still in its early stages, we can confidently predict that the best of Bitcoin is yet to come, and you can start your journey right away.
All you need is credible information, and that is what this post will elucidate. Remitano is a peer-to-peer cryptocurrency exchange that is currently in the Kenyan situation. It is kept up to date with information about Kenyans' problems. As a result, we'll demonstrate how to invest in Bitcoin in Kenya.
More on Crypto Safety:
What to Do Before Investing Bitcoin in Kenya
Bitcoin is not a well-known entity among Kenyans. This is largely due to the cloak of mystery that surrounds cryptocurrencies. That is not to say that Bitcoin in Kenya is a foreign concept. No, many people have heard about it, particularly those in the business world and those with an interest in the internet. Fear of the unknown prevents many Kenyans from participating in the ongoing massive wealth distribution.
We understand how difficult it is these days to believe everything you see on the internet. We're talking about money here, after all -- your hard-earned money. Money launderers and scammers, unfortunately, do not help the situation. However, Bitcoin in Kenya is real. It will be around for a long time. The truth is that the frauds associated with Bitcoin pale in comparison to the good it has done for thousands of people.
As previously stated, Bitcoin is a preferred tool in the hands of people with nefarious intentions. We're sure you don't want to end up in the wrong hands. As a result, before you rush out to buy Bitcoin in Kenya, there are a few things you should be aware of. It would be difficult to fall into the hands of scammers if you had this information. How do you get started with Bitcoin investing? Do you dive right in, or are there steps to take?\
Here's how to go about it.
Cryptocurrency exchange platforms are online services that perform similar functions to stockbrokers. They provide you with tools for selling cryptocurrencies such as bitcoin. So, if you want to store or trade Bitcoin, you'll need one of these platforms.
But selecting a bitcoin exchange platform is one thing. Choosing a reliable one is a different matter. The best bitcoin exchange platforms make it simple to buy, sell, and invest in Bitcoin while charging low exchange fees. They also have strong security features, which are required to protect your portfolio and funds.
Before deciding on a bitcoin exchange platform, consider the following:
- Pricing;
- Supported currencies;
- Withdrawal options; and
- Security features. There are various types of cryptocurrency exchanges, which can be centralized or decentralized. Let's look at some key features based on how a Dex or Cex exchange works.
Are they safe? Are they genuine? Can you rely on them? What are their critics saying about them? These questions must be asked because the answers will determine the safety of your crypto funds. There are numerous scam platforms out there, and you must exercise caution. So, before you sign up for an exchange platform, make sure it's legitimate, secure, and has a good reputation.
Check the accepted method of purchase
What is the method of payment? Each platform has its own method of purchasing cryptocurrency. Some accept PayPal, while others accept credit and debit cards (https://remitano.com/forum/post/47-use-simplex-to-buy-bitcoin-with-credit-card-on-remitano). Check their method of purchase during your research and select the one that works best for you. Remitano, for example, uses instant transfer via internet banking.
What coins and tokens are supported? Practically all the platforms support Bitcoin, so this isn't a hard one. But some support ONLY Bitcoin. So, if you want to branch out to other coins, choose the ones that support others.
Check the UI|UX of the exchange
Finally, you must consider the UI/UX of the platform with which you will be working. The platforms' user interface and user experience features are critical to your success in bitcoin investment. The ease of use of a platform is determined by its user interface and user experience. So keep an eye out for that.
However, one thing that all bitcoin exchange platforms have in common is that cryptocurrencies are speculative investments. Prepare for wild price swings and low profit periods.
3. Create a Bitcoin Account
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The number of bitcoin addresses, or bitcoin wallets, had reached 460 million as of 2018. The great thing about having a bitcoin account is that you are your own bank! You can manage your funds with a bitcoin wallet account. Once you've decided on an exchange platform, create an account. A bitcoin wallet functions similarly to a digital bank account. It allows you to buy, sell, and store bitcoin. Before you can invest in any cryptocurrency, you must first create a blockchain wallet account.
There are currently eight types of crypto wallets in the cryptocurrency market.
- Software Wallets -- are software programs that you can either have installed on your phone or desktop or use online.
- Desktop Wallets -- these can only be downloaded and used on a laptop or PC.
- Online Wallets -- run on cloud and allow users access their wallet through any device: phone, laptop, PC, or tabs.
- Mobile Wallets -- are mobile apps that can be downloaded, installed, and used anywhere on a mobile phone.
- Hardware Wallets -- are very secure wallets. They use hardware devices like a USB to store users' private keys.
- Paper Wallet -- this type of wallet generates private and public keys through a software app. They are used together with software wallets to invest and sell digital assets.
- Single-Currency Wallets -- these can be used with only one particular digital currency. They are usually the currency's official wallet.
- Multi-Currency Wallets -- are used with more than one digital currency. It can be used online, on mobile, and desktop. Remitano is one of the most reliable platforms for multi-currency wallets.
4. Download a Digital Wallet
The following step is to obtain a digital wallet.. It would be advantageous if you had a digital wallet. Used to connect your payment information from your bank account to the vendor with whom you transact. It is simple and quick to download a digital wallet. Simply go to your mobile phone's app store, search for your preferred digital wallet, and download. Then you can begin.\
Here's a step-by-step guide to setting up a Remitano digital wallet:
- Download it from the Play Store (for Android users) or Apple Store (for iPhone users);
- Register an account using your email, Apple ID or Facebook
- Login and start using the app
- Start making use of the wallet to carry out transactions.
5. Buy Bitcoin
Investing in Bitcoin on Remitano is pretty easy and beginner-friendly. First, you need to go through the KYC (Know Your Customer) process. Remitano uses an automated KYC service. Once you have done that, you can buy bitcoin with your kenyan Shillings.
- Step 1: Go to the Remitano homepage. From there, scroll down to 'List of sellers.' Find a seller and click 'Buy.'
- Step 2: Put in the amount of coin you would like to buy.
- Step 3: You need your Remitano wallet address here. Fill in the address.
- Step 4: Next, open trade by clicking on 'Buy BTC/ETH/BCH/USDT/XRP/LTC.
- Step 5: Go back to the trade page and copy the payment details of the vendor. With your internet banking, pay the vendor using INSTANT TRANSFER.
- Step 6: Once you have done that, click on 'I have paid seller.' Then wait for the seller to confirm. It would help if you waited to confirm, or you would lose your money.
- Step 7: Choose an investment strategy. Different users approach investing differently --- some go for short term and others prefer a long term investment.
If the steps above aren't clear enough, watch this video for a more detailed demonstration of how to buy Bitcoin on Remitano.
https://www.youtube.com/embed/4xj2-YNrqGo
And, if you're still unsure about which Bitcoin investing strategy is best for you, here are some articles you can read to learn more about how each one works.
That's it! You have successfully purchased and invested in Bitcoin. Go back and check your Remitano wallet. You'd see that you have been credited with the worth of Bitcoin you purchased. Using the strategies provided above, you may decide to HoDL, swing, or leverage the DCA method.
Conclusion
Bitcoin has undergone a significant transformation over the years. We believe that whatever is preventing Kenyans from having faith in the legitimacy of cryptocurrency will soon be a thing of the past. They should not be excluded from the distribution of wealth. It is simple to trade and store Bitcoin. Remitano provides a plethora of tools to help with both trading and investing.\
We recommend that you read this guide if you want to learn how to invest in Bitcoin.
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