Bitcoin (BTC) is still news to majority of us here. Nevertheless, there is huge, unexploited business potential is undeniable….. if the current crypto trend is to continue with its momentum.
As we speak, there are several Bitcoin exchanges that are already operating in this space.
If you want to buy some Bitcoin, it’s a matter of visiting those websites, signing up and purchasing the desired amount of BTC into your wallet.
You can also move funds from Coinbase to Bitcoin and vice versa.
You can use Visa, MasterCard, and online payment services like PayPal, Neteller, Skrill and many others.
At the time of writing this post, 1 Bitcoin was worth USD8,000.
One month from now, it could hit the Ksh.10,000 mark due to its high volatility.
Because the demand for these digital coins keep rising by the day, it will not be a surprise when price hits my 1 million projection, 30 days from now.
Therefore, if you were to buy BTC now and sell it a month later, you would make a profit, isn’t it?
And the good thing is that this post is all about purchasing Bitcoin and selling it for profit here in Kenya.
Sell Bitcoin: Is it a good business?
First of all, before going into details on how to start and run this business, let’s address this question of whether or not selling Bitcoin for profit is a good business idea.
Can you literally start buying and selling BTC for profit as soon as now?
I don’t know about you. But according to me, any business is a high-risk venture, specially if it involves trading some form of fiat currencies.
Like Forex or stock trading, one can either make a profit or a loss depending with the movement of the market. The same thing happens in the Bitcoin market too.
But if you are new to this, I suggest that you take a look at the Bitcoin charts to get a clue on the general formation of the price pattern.
There are a couple of tools out there that are designed to help you predict whether price will rise or fall accordingly.
You can take advantage of those before considering to buy or sell Bitcoin.
Also, to answer the question of whether or not Bitcoin selling in Kenya is profitable, I would give you a few examples to ponder on.
Let’s assume that you have USD5000 in your bank account now.
If you decide to leave that money untouched in a savings account for a year, I bet that it will earn an insignificant amount of interest.
In other words, that money will be as it is now. I believe that this is not business, which is why I don’t save with banks.
How much can you earn with Bitcoin?
Well, returns are potentially massive. The price of Bitcoin spikes like crazy and that means you can make a lot of money in a very short time.
If you have 1 Bitcoin for instance, you could make over a $30,000 or more in just a few weeks from now.
What happens if price experiences a drop? Well, you will lose some money. Basically, that’s part of this financial game. The most important thing is to buy and sell at the right time to make a profit.
How to Buy Bitcoin in Kenya
First of all, the Kenyan constitution does not elaborate on the legality of Bitcoin use in Kenya. So the question of whether or not Bitcoin is legal in the country does not arise.
The requirements are as follows:
Have your loaded Visa or MasterCard ready. If not, you can use PayPal, Skrill or Neteller to purchase some BTC. Also, as I have already mentioned above, you can use Mpesa, which I believe is the most convenient method for those who can’t use Visa or MasterCard.
Once you have the funds ready and means to make payment, log into your Neteller or Skrill account and fund it with your Visa or MasterCard. You can also use a Payoneer MasterCard or apply for one here.
The next step is to use a Bitcoin exchange platform like Paxful. Spectrocoin are convenient and practical in the Kenyan setting. Opening an account with them is quick and easy because you only need a scanned version of your ID card.
Once you’re logged into your Spectrocoin account, there is an option for depositing funds from Neteller or Skrill. This is the most straight-forward method as funding a Spectrocoin account with Visa or MasterCard can sometimes cause a lot of issues along the way.
The moment you transfer money from your Neteller/Skrill account, the funds will be reflected on your Spectrocoin account. Alas! You can now purchase Bitcoin straight away.
The transaction will be instantaneous, and now you will see how much BTC is in your account. That number could be 0.00123 and so on.
Since you do have real Bitcoin in your account now, you can either store it there or use a BTC wallet instead. I do not advice you to leave your coins online since hackers are real and you may lose your coins in the process.
So the fast thing to do is to transfer them to a Bitcoin wallet (not similar to a physical wallet though).
A digital wallet can hold Bitcoin, Ethereum, Bitcoin cash, ETH Classic, Dash, Gnosis, you name it. It basically acts as a safe storage for all types of digital coins.
There are a lot of digital wallets on the internet by the way. Just use something like ”best Bitcoin wallet to use for free”. Google will bring up results.
The other reason why you need a BTC wallet is for purposes of having a unique Bitcoin address of your own.
When you sign up with any of the digital wallets which you shall find on the internet, you will be assigned this unique address which you must use on Spectrocoin to send Bitcoin to that wallet.
Your coins should arrive into your Bitcoin wallet in seconds. Make sure that you have a strong password. Back up your coins too.
This step is really important. You don’t want to lose your coins if your computer is stolen/crashes with the downloaded wallet file in its hard disk).
If you have followed the above steps, you are good to go. Congratulations. You now own Bitcoin in Kenya.
You can sell them at any time you want. The process of selling Bitcoin is exactly the reverse of what I just highlighted above. It should be self-explanatory. Nothing complicated.