Buying Bitcoin and Cryptocurrency in Kenya

In November, a Business Insider investigation discovered that “pump and dump” scams — where investor groups artificially inflate cryptocurrency values by orchestrating mass purchases of coins — were “rife” on the US exchange Bittrex. Similarly, Bitfinex, the biggest exchange by daily volume, acknowledged market manipulation on its platform in August, when it revealed that it had detected several accounts engaging in “large-scale manipulation tactics” relating to the Bitcoin Cash currency.

Guys checkout BitLipa, they’ve simplified trading crypto using Kenyan currency. You can buy/sell bitcoin or ethereum directly using the app
https://bitlipa.africa

Are people still trading in Bitcoin…!?

Almost 2 years back, I bought some Bitcoin when prices were $16,000. Market crashed and has never recovered…

Fortunately I had only put what I was willing to loose. Stopped bothering with the Bits. Sort of moved on. Of course if there were to be a turnaround then I will simply sell, never to bother again…

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I will change my opinion about Bitcoin. Recently, a client offered to pay in Bitcoins. Since I had no option, I accepted the offer. After all the task was simple with rewarding payments.

Nikatumiwa Bitcoins worth the dollar value of the job. After receiving the Bitcoins, mbio mbio pale PAXFUL and exchanged for mpesa.

The amount that ended in my pockets was at the same rate with the Dollar to KES value on the international market.

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Ahem!!!

Umeuza? It’s at $29,000+ now

Pple have to realize BTC is not good for transactions https://www.statista.com/statistics/793539/bitcoin-transaction-confirmation-time/

The average confirmation time for a Bitcoin transaction was 12.74 minutes in October 2020. The effect of the longer transaction time may not be an issue for cryptocurrency speculators, but it may make Bitcoin an unattractive medium of exchange.

As store of value? https://www.buybitcoinworldwide.com/how-many-bitcoins-are-there/

There are currently 18,587,037.5 bitcoins in existence. This number changes about every 10 minutes when new blocks are mined. Right now, each new block adds 6.25 bitcoins into circulation

When mining stops at 21M (Hoping for no big forks) the Dollar’s reputation of “printing” value will be in a precarious position …

Also appreciating and ensuring security measures such as transacting in trustful exchanges (and wallets), remembering your password for wallets etc…

True. I have done several transactions and the wait time is crazy. On average it’s even longer. 20~30 minutes. I have done it on PAXFUL and LocalBitcoins.

PAXFUL has addressed this already. Two months ago they came up with a feature that allows you to lock your Bitcoins at the current market rate and release it when price is higher.

What this means is it prevents you from the shocks of the market. If price falls today, your Bitcoins still retain their value at the time of locking them in a vault.

I intend to take advantage of this feature this year and use it as a medium of saving. Rather than keep cash in the bank and wait for an annual interest of 5~7%, this model at PAXFUL can be rewarding.

Still, if things go south, my investment will stay intact. Will get some cash that I’m willing to lose and pilot with it.

Loll. Lemme Check had stopped following…

You must be rich :joy::joy::joy:

Yeah…

Prof G did a nice, short, digestible video on BTC recently

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