Are you looking for ways to earn bitcoin online in Kenya?
I can see why you do!
Currently, one bitcoin is worth 1,232,709.43 Kenyan Shilling.
That is not a typo or anything. 1 Bitcoin is worth 1.2 Million Kenyan Shillings.
Meaning, if you can just own 1 bitcoin, then you are guaranteed to join the Kenyan millionaires club.
Even though the coin is volatile, it is the volatility that makes it even better to own.
To make it even weirder, digest this.
There is currently about 18.5 million bitcoin in circulation.
And considering there should be only 21 million bitcoin that will ever exist, there are less than 3 million Bitcoins left that aren’t in circulation yet.
What does this mean?
From my standpoint, you have 2 million plus chances to become a millionaire in Kenya!
I don’t know if that is the correct math, but either way, it should be exciting, or is it?
What is Bitcoin?
Well, Bitcoin is a digital currency (you cannot touch or see).
Also known as a mobile currency or a cryptocurrency, Bitcoin was created in 2009 by Satoshi Nakamoto.
Nobody knows who they really are. Their identity is still unknown to date.
So why a digital coin?
I guess they were tired of the backlog and sluggishness of the traditional fiat currency.
Bitcoin seeks to solve this by eliminating the traditional banking system from the chain.
In the process, enabling a quick and cheap way to perform online payments.
Bitcoin came into the limelight when its price jumped 800% in 2016, moving from $572 in August 2016 to $4765 by August of 2017.
And it was just starting, by July 2020, the virtual currency was at $11,225.
Talk of exponential growth.
Talking of growth, 50 Cent, a popular rapper was one of the lucky few to have benefitted from the rise of Bitcoin.
It is reported that back in 2014, 50 Cent accepted 700 bitcoin as payment for his album ‘Animal Instincts’ and completely forgot about it.
Well, when the stir came in knocking, he went back to his wallet. To cut the story short, that same 700 bitcoin is now worth KES 863,208,153.50 or $7953720.78.
Enough of that, let’s look at some of the ways to earn bitcoin online in Kenya.
5 proven ways to earn bitcoin online in Kenya
The same way you would trade forex by analyzing charts and using indicators, you can trade bitcoin.
In fact, it is a lucrative opportunity if you understand how to correctly read charts and make correct predictions.
And lucky for you, it is a skill you can learn and even master without ever attending any financial academy.
By trading bitcoin, your goal is to buy when the price is low, and sell when the price rises.
If it is that simple, why isn’t everyone doing it?
Well, online trading is lucrative as well, but not everybody is doing it, why?
It is because of the risks involved.
As I mentioned earlier, trading is a skill which means you move from not knowing anything to being an expert.
During the learning process, you may lose invested capital. Try and practice with a demo account as much as you can to minimize real cash loses.
Online trading platforms like Olymp Trade come with free demo accounts.
Armed with your demo account, you can hone your trading skills at no risk at all.
With these demo accounts, you get access to real-time market charts and virtual money to practice your craft.
As such, it is the best way to learn how to trade without risking breaking your bank.
How to trade bitcoin online in Kenya
First, you need to use a preferred trading platform.
I recommend Olymp Trade because it not only supports fiat currencies but also many other cryptos.
So, yes, you can not only trade Bitcoin on Olymp Trade but other cryptos as well such as Ethereum, Ripple, and Bitcoin Cash, among others.
Once you have signed up for a free account with Olymp Trade, go ahead and select Bitcoin pairs from the menu.
From there, you can now analyze charts and place orders whenever you see fit.
If trading scares you, the next point will work.
- Mining and staking Bitcoin in Kenya
What is Bitcoin mining?
According to Investopedia, Bitcoin mining is the process of creating new bitcoins by solving a computational puzzle.
It is a process forming the backbone of the blockchain network. Here, you are helping maintain the ledger of transactions upon which Bitcoin is based, and as a reward, you earn Bitcoin.
To start mining, you need a powerful computer with exceptional computing power.
Not to mention the electricity needed to run such operations. But in the end, it is all worth it.
What is staking?
Staking is a process similar to mining. Here, you actively participate in transaction validation on proof-of-stake (PoS) coins on the blockchain.
To make Bitcoin through such a process, you need to have a minimum required balance of Bitcoin to successfully validate transactions.
Turns out, the more coins you hold, the higher your staking reward.
- Blogging, tasks, and freelancing
Whenever you complete any task online, say video editing, you are paid by a certain amount of fiat currency (KES, USD, EUR, etc.).
Interestingly most people now accept Bitcoin.
Instead of being paid by these currencies, you can be paid in bitcoin.
If are a seasoned crypto enthusiast, you understand what airdrops mean. But for the sake of others who are new to crypto:
Airdrops is the process where crypto companies offer free coins to community members to help market the product.
You can earn airdrop coins by:
- Sharing posts on social media (retweeting, sharing, liking, and commenting)
- Becoming a member of the community (joining a telegram channel, liking the page on Facebook, or following on Twitter)
- Publishing articles
- Or just sharing your wallet address
Looking at it, you realize that these are tactics used by new coins trying to gain ground on the market.
Once you receive your free coins, all you have to do is wait for the coin to be listed on a crypto exchange. After that, you can either hold the coin or trade it for Bitcoin.
Accepting Bitcoin in your business
Remember the example of 50 Cent?
In addition to accepting cash as a mode of payment for goods and services in your business, you can include Bitcoin.
Let your customers pay you in the form of Bitcoin for the goods or services received.
Doing this can work perfectly for you, especially if you are dealing with international clients.
All they have to do is buy the Bitcoin equivalent of the cash payment and send it to your wallet address.
If this is something you’d be interested in, you are in luck because Bitcoin has a payment gateway for this purpose.
They also have an extensive guide on how to approach this and reduce risk exposure.
Investing in crypto is an emerging market.
And there is no doubt that crypto has created millionaires.
There you have it, 5 different ways to earn Bitcoin online in Kenya.
If there is any popular method that I left out, feel free to include it in your comment.