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How To Make Money With Bitcoin In Kenya (Step By Step)

How To Make Money With Bitcoin In Kenya (Step By Step)
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Last Updated on March 16, 2022 by

In today’s guide, you will learn how to make money with Bitcoin in Kenya. In fact, this is the same guide used by the pros to generate millions of shillings online doing nothing.

For the complete beginners, we will start with some definitions so you can understand what we are talking about.

What is Bitcoin?

Bitcoin is a digital currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. It is a decentralized, peer-to-peer, digital payment system with no central bank or single administrator.

Bitcoin was designed to be a form of money that you can use to send payments from one person to another without needing any intermediaries like banks or governments.

It’s impossible to know who created Bitcoin but it’s often referred to as the first cryptocurrency and the first decentralized digital currency.

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What is Blockchain?

Blockchain is a public ledger of all transactions. It’s like an online spreadsheet that can be viewed by anyone on the internet. We know it as “the blockchain” because each block in the chain contains data about what happened and when it happened, updated every ten minutes. 

A blockchain also has a time-stamp function so that each event can be linked to a particular moment in time. 

Top 7 Ways to Earn Bitcoins in Kenya

Bitcoin is a decentralized digital currency that can be used to purchase goods and services. It is the first decentralized digital currency and has been in use since 2009.

In 2022, there are some ways that you can earn bitcoins. Some of these ways include:

1. Mining Bitcoin

how to make money with bitcoin in kenya

This is the most common way of earning bitcoins in Kenya.

Mining is the process of using a computer to solve complex mathematical problems, and then verifying the solution with the help of other computers on the blockchain network.

Bitcoin Mining is an important part of Bitcoin’s infrastructure. It helps keep transactions secure by providing a record-keeping service that verifies all Bitcoin transactions in a public ledger.

Mining is also used to prevent fraud by making it costly and time-consuming to produce counterfeit bitcoins.

How does it work?

Well, the bitcoin network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.

Bitcoin miners are responsible for adding new bitcoin to the system: They do this by solving mathematical puzzles that release bitcoins and collecting fees in exchange.

Unfortunately, Bitcoin mining is a competitive endeavor. It can be done with specialized hardware as well as with central processing units (CPUs). The mining difficulty has risen so much over time that it is now unfeasible to mine profitably with standard desktop computers.

You need to have Bitcoin mining hardware to mine for bitcoins and then sell them for cash or trade them for other cryptocurrencies like Ethereum or Litecoin.

2. Trading

trading bitcoin

Another one of the best ways to make money with Bitcoin in Kenya is through trading. Here, the idea is really simple, you need to buy low and sell high on exchanges like Bitfinex, Binance, Bitstamp, Coinbase, etc.

To start trading Bitcoin, you need to analyze the trading charts, study the market, evaluate external factors, and be ready to take risks.

The next step is to open a position and wait for the price to spike then close that position and take profit.

Better part?

Trading Bitcoin is available 24/7, unlike Forex where the market is closed for the day until tomorrow for it to open again for traders.

Here are some of the best bitcoin trading strategies you can copy;

  • Day Trading– Day trading has also been referred to as intraday trading, in which a position is opened and closed within the same day. The major benefit of day trading is you do not have to pay overnight funding charges on your position.
  • Bitcoin Hedging- A strategy in which you try to minimize your risks by taking an opposing position that you have already purchased. This type of trading is usually used when the market is moving against you.
  • Trend Trading- Trend traders look to take a position that matches the current trend of the underlying asset they are trading. If the market is trending upwards, they might choose to invest for the long term and if it’s trending downwards, they might opt for short-term investments.
  • HODL (Buy and Hold)- It is a strategy where you buy and hold Bitcoins until the price increases. Usually, this strategy involves long-term investments, and lots of patience is needed if you opt for HODL.

3. Earning Bitcoins through cloud mining

how to make money with bitcoin in kenya

This is another one of the most popular ways to make money with Bitcoin in Kenya.

Cloud mining is a way to earn bitcoin without going through the hassle of mining hardware or mining software. You can join a cloud mining company and invest in their services without owning any hardware or software.

You can use a cloud mining company to mine for Bitcoin without having to buy expensive ASIC miners for your home. The downside is you don’t own any miner and you have no control over the company’s operations.

Take a look at this list of companies with some of the top-rated cloud mining providers:

4). Accept Payments in Bitcoin

bitcoin payments

If you are a business owner or an entrepreneur looking for another way to earn bitcoins, then accepting payments in bitcoin might just be your answer!

As you can guess, Bitcoin is a digital currency that has been gaining popularity over the years. You can now accept payments in bitcoin by using a service like BitPay.

BitPay is one of the most popular services in the industry to accept bitcoin. It uses an API to integrate with any website and can be set up within minutes. The service offers easy integration, low fees, and cash-back incentives for merchants who choose to use it.

In fact, if you are a freelancer, there are some platforms that will pay you in bitcoin instead of cash.

5). Earn Bitcoin by becoming an Affiliate

If you are into affiliate marketing, here is some good news for you.

You can make money with Bitcoin in Kenya by promoting other cryptocurrency companies.

Bitcoin and other cryptocurrencies are quickly becoming a popular option for earning money, and you can start by promoting the platforms that they are available on to earn a commission on each sale.

You can also leverage your social media platforms to become an affiliate for Bitcoin or any other cryptocurrency company, increase their visitors and earn more money as a result. Of course, the commission rate is based on increasing the size of the customer base and increased sales.

READ ALSO  15+ Easy Ways to Make Money Online in Kenya As A Teenager

6). Lending Bitcoins

lending bitcoin

Instead of letting your coins just sit there doing nothing, why not let it work for you?

How?

Well, through the lending of course, which is a cool way to make money with bitcoin in Kenya.

Bitcoin lending is a type of loan that is made using the cryptocurrency, bitcoin. The borrower will send bitcoins to the borrower, who in return will return the coins amount with interest.

Bitcoin lending is not regulated by banks or governments and it’s easy for borrowers to get loans from lenders. This makes bitcoin lending a popular way for people to get loans for all sorts of different purposes, such as buying a car or house.

Better part?

Crypto lending happens through a third party that connects the lenders and borrowers. 

The third party is typically known as a Crypto-lender who might be crypto aficionados or people that hold onto cryptocurrencies waiting for the value to move upwards.

This multi-tiered business entity can provide a variety of benefits including security, affordability, and general efficiency for cryptocurrency investors in this new asset class.

If you want to know more about lending out bitcoins, comment below and I will create a guide dedicated to it.

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How to Buy Bitcoins Instantly and With No Fees (through MPESA)

Bitcoin is a digital currency that can be used to purchase items, pay for services, or send money.

There are many ways to buy Bitcoins with different options and fees. The most popular way is through an exchange like Coinbase or Gemini where you can buy bitcoin with your fiat currency. 

There are also other options like LocalBitcoins or even peer-to-peer transactions through the blockchain network.

Here is how to buy Bitcoin through MPESA on Binance;

Step 1: Specify the search criteria.

Open the Binance App and select “P2P Trading.”

How to Buy Bitcoins with MPESA

Click the Buy tab and select BTC.

How to Buy Bitcoins with MPESA

Click the filter icon at the top right of your screen and select the MPESA (Safaricom) payment method and the KES currency to buy the crypto.

How to Buy Bitcoins with MPESA

Step 2: Select the best offer.

Now you’ll see a list of offers where you can pick the one that works best for you by clicking BUY BTC. 

BUYING BITCOIN IN KENYA

Enter the amount of KES you want to spend and you will automatically get the amount of BTC you will get.

how to buy bitcoin

Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit. 

How to Buy Bitcoins with MPESA

You can use the chatbox to communicate with the seller.

Make sure that you send the money to the seller and tap on “Transfer“ next.

Step 3: Receive your Bitcoin.

Tap on Confirm. Please do not click Confirm if you have not made any transactions. Doing that will violate the P2P User Transaction Policy.

The status will change to “To be released.” 

Congratulations! You have completed a trade and get your Bitcoin! Here is a screenshot showing back when I bought USDT worth 1K.

How to Buy Bitcoins with MPESA

Profit Maximization Strategy for Trading in the Cryptocurrency Market

The profit maximization strategy is a trading strategy that focuses on the potential for high returns. It also includes the risk of large losses.

This strategy is widely used in crypto trading, as crypto markets have been known to have volatile price changes and high risks. This strategy can be used by both beginners and experienced traders to make profits from the market.

The profit maximization strategy is a long-term investment approach that aims to maximize the return on investment while minimizing the risk of loss. It involves finding strong coins with good fundamentals, which are likely to increase in value over time.

How Do People Who are Not Tech-Savvy Make Use of Bitcoin’s Blockchain Technology?

While many people have heard of Bitcoin, few have actually seen it in action. But the blockchain technology behind Bitcoin is not limited to just cryptocurrencies. It can be used in many other ways as well.

Blockchain technology is a decentralized ledger that records transactions and creates a permanent record of them. This means that no one can alter or take away the information on the blockchain without being noticed. This makes it a great tool for verifying documents such as birth certificates, deeds, and property titles, among others.

What are some examples of blockchain applications?

Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin are based on blockchain technology. In these currencies, transactions have to be verified by a network of computers rather than one central authority. Creating a new cryptocurrency is actually quite easy if you know how to set up a node and write the code for it. 

What Are the Best Exchanges For Buying & Selling BTC?

Now that you have learned how to make money with bitcoin in Kenya, let us look at some of the best exchanges.

There are many different types of exchanges to buy and sell Bitcoin. It is important to be aware of the best exchange websites in order to avoid scams and fraud. There are a few exchanges that have been around for a long time, but there are also new exchanges that come up with new innovative features every day.

The key thing you need to take into consideration when buying or selling BTC is the fee structure. If you want your transaction processed quickly, you should consider using a high-volume exchange site like Bitfinex or Binance which charges low fees compared to other sites like Kraken or Coinbase which have higher fees for processing transactions.

a). Binance

Binance is a cryptocurrency exchange that supports the trading of more than 190 cryptocurrencies. It is a leading exchange in the world with over 7 million users worldwide.

In fact, Binance has its own token coin known as Binance token (BNB) which can be used to pay for trading fees on the exchange platform or used to pay for transaction fees on their blockchain network. BNB can also be exchanged for other cryptocurrencies or fiat currencies through a process called “Binance Chain”.

b). Coinbase

Coinbase is by far the most popular and one of the best cryptocurrency exchanges because you can invest directly with USD. It currently supports trading for Bitcoin, Ethereum, and Litecoin and 30+ other coins and tokens on the platform. Moreover, earning interest on your USDT is now possible, and tokens can be earned by completing various tasks.

c). Voyager

Voyager is a popular platform for investing based on its publicly traded nature and its commission-free trading structure. It offers an app-driven experience with a sleek design and many different features including handy charts to analyze your portfolio.

Voyager allows users to manage assets and has a wide variety of supported cryptocurrencies, A robust company with a top-notch customer support team, Voyager pays competitive interest rates on the funds it manages.

d). BlockFi

BlockFi is an innovative cryptocurrency investment platform that allows you to lend and earn interest on your holdings, as well as borrow against your holdings. It’s also the first crypto lending platform in the market that doesn’t require users to sell their coins and tokens, so users can just hold onto their investments.

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Olymp Trade offers you the unique opportunity to make money online fast and easy. With their platform, you can trade in stocks, currency pairs, commodities, and indices.

Plus, they offer a variety of bonuses and promotions that make trading even more profitable.

✅ Trade with $1
✅ Earn up to 90% profits
✅ Easy deposits
✅ Fast withdrawals

If you have any questions about how to make money with bitcoin in Kenya, let’s talk in the comments below👇👇.


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About the author

Kevin is a prolific business online writer with experience of 5+ years doing online business, marketing, and finance. His articles have been published on various websites such as Business Insider, Tuko Media, Adweek, among others. Kevin is passionate about helping people achieve success through his writing which he does by providing actionable tips for entrepreneurs to implement into their businesses.

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