Kenya's global pioneer status in mobile money transfer systems has seen entrepreneurs rush to introduce different forms of payment systems in this vibrant market.
Two such entrepreneurs are Pelle Braendgaard and Jeremias Kangas of Kipochi Ltd and LocalBitcoin respectively.
This two firms are making it possible for people to convert Bitcoins into hard cash or convert hard cash into Bitcoins.
But What Are Bitcoins?
Bitcoins are digital currency. They exist only online. They are used to buy stuff on the internet.
How Do You Earn Bitcoins?
To get bitcoins, you either get rewarded in Bitcoins, or you accept payment in bitcoins for a service you render or an item you sell. Still you can buy bitcoins using ordinary currency.Bitcoins can also be mined. if you posses a supercomputer with the correct software needed needed to help verify transactions in the bitcoin network, you earn for every transaction your machine verifies. This is called mining
Who Accepts Bitcoins as a Form of Payment?
Credible firms that accept bitcoins include eBay for US and UK Clients, wordpress.com, pirate bay, just but to mention a few.
How do you Keep Bitcoins
As mentioned before, bitcoins are virtual currency; they are not physical. So once earned they are kept in online “wallets”.
An online wallet could be an account in a secure server of a digital wallet firm. Digital wallet firms include:
Blockchain.com, coinbase.com, strongcoin.com among many others.
Why would one decide to transact in bitcoins as opposed to using the normal, usual currency?
- Transactions in bitcoins are anonymous, you can’t easily trace the buyer or seller.you could transact in bitcoins if you wish to be private about your identity.
What is the Current Value of one single Bitcoin?
The current value of one bitcoin is 5645.02 USD.