Bitcoins are a digital currency that allows for secure, anonymous transactions. And while they’ve been around for a few years now, they’re still not as widely used as traditional forms of currency. But that’s changing. This article will show you how to buy bitcoins with M-Pesa -One of Africa’s most popular mobile payment systems.
Related: How to Buy Cryptocurrency in Kenya in 2023
How to Buy Bitcoins with M-Pesa
What is Bitcoin, and How Does it Work?
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto.
Transactions are verified by network nodes through cryptography and recorded in a dispersed public ledger called a blockchain. Bitcoin is unique because there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted Bitcoin as payment.
Bitcoin is still new and challenging for the average person to understand. This article will try to break it down and show you how to buy bitcoins with M-Pesa in Kenya.
M-Pesa is a mobile phone-based money transfer, financing, and microfinancing service launched in 2007 by Vodafone for Safaricom and Vodacom, Kenya and Tanzania’s largest mobile network operators.
Millions of people in East Africa use it, quickly becoming a popular way to pay for goods and services online.
Read also Cryptocurrency Trading in Kenya – The Ultimate Guide
What You Need to Buy Bitcoin in Kenya
To buy bitcoins with M-Pesa in Kenya, you’ll need the following:
1. Bitcoin Wallet: A wallet is a digital place to store your Bitcoin. There are many types of wallets, and we recommend you research and choose one that best suits your needs.
2. An Exchange Platform: An exchange is a platform that allows you to buy and sell Cryptocurrency. Choosing a reliable business with low fees and good customer support is essential.
3. Payment Method: You’ll need a way to pay for your bitcoins. M-Pesa is a popular payment method in Kenya, but you can also use a credit, debit card, or bank transfer.
Steps to Buy Bitcoins with Mpesa
To buy bitcoins with M-Pesa, you first need to create an account with one of the many bitcoin exchanges that offer M-Pesa as a payment method.
Once you have registered with an exchange, you must deposit money into your account. You can transfer funds from your M-Pesa account to the Bitcoin exchange.
Step 1: Choose a Cryptocurrency Exchange
The first step is to find a reputable Bitcoin exchange that offers M-Pesa as a payment method.
We recommend using Paxful, an online exchange that offers a wide range of payment methods, including M-Pesa.
To create an account with Paxful, visit their website and click the “Sign Up” button. You’ll need to provide your phone number and create a password. Once you’ve registered, you can start buying bitcoins.
When selecting a cryptocurrency exchange, there are a few things to consider:
- Fees: Some exchanges charge higher fees than others. It’s essential to compare the prices of different businesses before you decide which one to use.
- Payment Methods: Make sure the exchange offers M-Pesa as a payment method.
- Exchange Rate: The exchange rate is the price of one currency in terms of another. You’ll want to get the best exchange rate possible when buying bitcoins.
- Customer Support: If you have problems with your account or need help, choosing an exchange with good customer support is essential.
- Security: Choosing an exchange that takes security seriously is essential when dealing with money. Make sure the exchange uses 2-factor authentication and has a good reputation.
Step 2: Create an Account and Verify Your Identity.
Once you’ve chosen an exchange, you must create an account and verify your identity.
You must provide personal information, such as your phone number and email address.
Most exchanges require you to verify your identity before you can start trading.
Step 3: Deposit Money into Your Account.
Once your account is verified, you must deposit money into it. To do this, you can transfer funds from your M-Pesa account to the Bitcoin exchange.
You need to follow the website’s instructions on how to do this. M-Pesa charges a small fee for each transaction.
Step 4: Start Trading Bitcoin.
Once you’ve deposited money into your account, you can start buying bitcoins. You’ll need to place an order on the exchange to do this.
You’ll need to specify the number of bitcoins you want to buy and the price you will pay.
Once you’ve placed your order, it will be matched with someone selling bitcoins at the same price.
The transaction will be processed, and you’ll receive your bitcoins in your account. Congratulations, you’ve just bought your first bitcoins!
Step 5: Withdraw Your Bitcoins to Your Wallet.
Once you’ve bought bitcoins, you must withdraw them to a wallet.
A Bitcoin wallet is a digital place where you can store your Bitcoin. There are many types of wallets, and we recommend you research and choose one that best suits your needs.
To withdraw your bitcoins, go to the “Withdraw” page on the exchange and follow the instructions.
You’ll usually need to provide your wallet address and confirm the transaction with a password or code.
And that’s it! You’ve successfully bought bitcoins with M-Pesa.
M-Pesa is a popular payment method in Kenya, and it’s easy to see why. It’s fast, convenient, and relatively cheap.
If you want to buy bitcoins with M-Pesa, we recommend using Paxful. They offer many payment methods, including M-Pesa, and have low fees.
Crypto Exchange Platforms in Kenya that accept Mpesa as Payment
There are a few different crypto exchange platforms in Kenya that accept Mpesa as payment. Here are a few of them:
1.LocalBitcoins
LocalBitcoins is a Bitcoin start-up based in Helsinki, Finland. Their service allows people to buy and sell bitcoins with each other with cash or other payment methods.
They have been operating since 2012 and have a solid reputation in the industry. LocalBitcoins is one of the few exchanges that allow you to buy bitcoins with M-Pesa.
To use LocalBitcoins, create an account and then post an offer to buy or sell bitcoins. You can choose to trade in person or online.
If you’re trading online, you must provide your M-Pesa number so the buyer can send you the money.
Once the trade is complete, the bitcoins will be deposited into your LocalBitcoins wallet.
2.LocalCryptos
LocalCryptos is a decentralized exchange that allows you to buy and sell bitcoins peer-to-peer.
Their service is available in over 150 countries, including Kenya. You can trade online or in person and make payments with M-Pesa.
To use LocalCryptos, you must create an account and verify your identity. Once you’re logged in, you can search for users who are selling bitcoins in Kenya.
When you find a seller you’d like to trade with, you can chat with them to negotiate a price.
Once the trade is agreed upon, you’ll send your payment to the seller’s M-Pesa account.
Once they’ve received your payment, they’ll release the bitcoins from escrow and send them to your LocalCryptos wallet.
3. Paxful
Paxful is a global crypto exchange allowing users to buy and sell bitcoins with over 300 payment methods, including M-Pesa.
The platform is one of Kenya’s most effective platforms for Bitcoin trading. The platform does not have a minimum limit for buying bitcoins using Mpesa.
Paxful also has a mobile app for Android and iOS devices, making trading more convenient. The app lets you securely buy, sell, and store your bitcoins.
4.Binance.com
Binance is one of the most popular cryptocurrency exchanges in the world. The company was founded in China but later moved its headquarters to the crypto-friendly Island of Malta in the EU. Binance offers a platform for trading more than 100 different cryptocurrencies.
Binance does not currently accept M-Pesa as a payment method. However, the company plans to add support for M-Pesa in the future.
In the meantime, you can use Paxful to buy bitcoins with M-Pesa and transfer them to your Binance account.
You may also like the Top 11 Cryptocurrency Companies in Kenya.
FAQs on How to Buy Bitcoins with M-Pesa
How does Bitcoin work in Kenya?
Bitcoin is a decentralized digital currency that can send and receive payments anonymously.
Transactions are recorded on a public ledger called the blockchain, and each transaction is verified by computers running the Bitcoin software.
Can I use M-Pesa to buy Bitcoin?
Yes, you can use M-Pesa to buy Bitcoin. There are a few different crypto exchange platforms that accept Mpesa as payment, including Paxful and LocalBitcoins.
Does Coinbase accept M-Pesa?
No, Coinbase does not accept M-Pesa as a payment method. However, you can use Paxful to buy Bitcoin with M-Pesa and transfer the bitcoins to your Coinbase account.
Which Cryptocurrency accepts mpesa?
Bitcoin is the only Cryptocurrency that currently accepts M-Pesa as a payment method. However, other cryptocurrencies, such as Ethereum and Litecoin, may be added.
Bitcoin is the only Cryptocurrency that currently accepts M-Pesa as a payment method. However, this may change in the future as more businesses start to accept cryptocurrency payments.
Which Bitcoin wallet is best in Kenya?
Several Bitcoin wallets are widespread in Kenya, including Paxful and LocalBitcoins.
Which Bitcoin wallet is supported in Kenya?
Several Bitcoin wallets are widespread in Kenya, including Paxful and LocalBitcoins.
How do I fund my Bitcoin wallet in Kenya?
There are a few different ways to fund your Bitcoin wallet in Kenya. The most popular method is to use an exchange platform like Paxful or LocalBitcoins.
You can also use a Bitcoin ATM, although there is currently only a handful in the country.
How do I start Bitcoin trading in Kenya?
If you’re interested in Bitcoin trading, using an exchange platform like Paxful or LocalBitcoins is the best way to get started.
These platforms allow you to buy and sell bitcoins with various payment methods, including M-Pesa.
How do I buy Bitcoin with M Pesa in Kenya?
If you want to buy Bitcoin with M-Pesa in Kenya, the best way is through an exchange platform like Paxful or LocalBitcoins.
Conclusion on How to Buy Bitcoins with M-Pesa
This article shows how to buy bitcoins with M-Pesa – one of Africa’s most popular mobile payment systems.
We’ve also provided a list of FAQs on How to buy bitcoins with M-Pesa. If you’re interested in buying Bitcoin, we recommend using Paxful because they offer a wide range of payment methods, including M-Pesa, and have low fees.
