Cryptocurrency Trading in Kenya – The Ultimate Guide
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Loading... - Mumbi Ekeno
- 06 Jun 2022
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Cryptocurrencies are gradually becoming popular worldwide. Bitcoin, Ethereum, and other altcoins are being traded in various exchanges across the globe.
And It’s no secret that Kenya is one of the most technology-advanced countries in Africa. Mobile money transfers are a way of life here, and you can’t walk more than a few feet without seeing someone paying for something with their phone.
It’s no surprise that Kenyans are amongst the earliest adopters of cryptocurrency trading.
This guide has gathered some of the internet’s best, most vital resources. We’ll cover everything from setting up an account to making your first trade.
Therefore, whether you’re a complete beginner or an experienced trader, this guide has everything you need to start trading cryptocurrencies in Kenya. So, let’s get started!
What is a cryptocurrency, and how does it work?
A cryptocurrency is a digital or virtual asset designed to work as a medium of exchange. It uses cryptography to secure its transactions and control the creation of new currency units.
Cryptocurrencies are decentralized, not subject to government or financial institution control.
Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Since then, more than 4,000 altcoins (alternative coins) have been created.
Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services.
Why do you need to think about investing in Cryptocurrencies?
Cryptocurrencies have seen a meteoric rise in value over the past few years. The most well-known cryptocurrency, Bitcoin, surged from around $1,000 in early 2017 to almost $20,000 by the end of the year. Other altcoins have seen similar gains.
While prices have come down from their all-time highs, there is still a lot of money in the cryptocurrency market.
Moreover, with Kenya gradually becoming a cashless society, investing in cryptocurrencies now could prove to be very profitable in the future.
The risks and benefits of trading cryptocurrency in Kenya
Before we get into how to start trading cryptocurrencies in Kenya, it’s essential to understand the risks and benefits.
Cryptocurrencies are a highly volatile asset class. Prices can fluctuate wildly from day to day and even from hour to hour. This makes them risky investments. Read More…
