For many people out there cryptocurrencies are still hidden by a deep layer of mystery. That’s exactly what people who aren’t familiar with digital money tend to think and it’s also pretty understandable. Although Bitcoin, the number one digital currency to appear, was created way back in 2007, today there are already more than seven different cryptocurrencies on the market.
Kenyan Startups And Diffusion Of Cryptocurrency
However, the strong impulse to renewal and modernization takes African leading countries like Kenya forward when it comes to new financial options. Also, Kenyan startups seem to take advantage of new cryptocurrencies much better than foreign competitors, which is an important datum to take into account as it reveals the capability of Kenyan young entrepreneurs to use the most advanced tools to get the best results.
Bitcoin and other cryptocurrencies can be used to raise funds faster than applying for bank loans, which is one of the main reasons why some new entrepreneurs decide to look at these digital currencies. Besides, you don’t need to provide anyone with your business plan as well as other documents. In fact, accessing crypto money is quite simple for everyone but there are also several dangers beyond the corner that all cryptocurrency users and traders should know to stay safe.
Cryptocurrency In Africa is already a well-established reality on certain sites including gambling and sports betting, which probably are some of the most advanced sites to decide to accept Bitcoin transactions. According to market experts, we should see important developments in the use of cryptocurrencies on the continent. Kenya, South Africa, Ghana, and a few more countries are expected to lead Africa to a massive diffusion of digital money.
How To Get Started With Bitcoin (Or Other Cryptocurrency)
Regardless of what type of cryptocurrency you want to trade or use for funding your startup, there are a few common steps to do. It’s all very easy but this should also let you suspect there might be some danger to avoid along the way. First of all, don’t trust anyone who offers you payments in Bitcoin (or other cryptocurrencies) without you expecting any money from them. Fraudulent actions like counterfeiting money are one of the biggest risks with cryptocurrencies, so make sure you know the sender of the payment in cryptocurrency.
As a general rule of thumb, all you need to get started using cryptocurrencies is contained in our points below:
- Digital wallet
The first and most essential thing you need is a digital wallet for cryptocurrencies. Without it, you can’t trade, store, and use any crypto money. Today, you can find a large array of different wallets, take your time to check and compare a few of them. Make sure the wallet you choose uses blockchain technology which ensures you a good margin of safety. A digital wallet is a sort of app that you will download, install, and access with your credentials.
As we’ve highlighted, cryptocurrencies are still far from being completely secure. You have to eliminate any possible opening to hackers and malware. You can accomplish this by securing your wallet in case you forget your password or lose your mobile phone. The best measure to take is a backup: this is the most effective safety precaution against hackers. Also, create a strong password and back it up in case you need to recover your crypto money.
- Get your first crypto money
Once your wallet is ready for use, you have to find Bitcoin or other currencies to store in the wallet. One of the most chosen options is to buy Bitcoins. This is not too easy for Kenyan users as the services for exchanging Shilling into Bitcoin aren’t too many, not yet at least. However, you can trust exchange services allowed to provide Bitcoin by the Blockchain Association of Kenya. Another option is to exchange your money through an online platform, for example like Localbitcoins.com.
- How to use Bitcoin
If you want to use Bitcoin for investment purposes, make sure that the site or platform you are operating from accepts Bitcoin transactions. The same goes for any purchase you want to pay in Bitcoin: ask the vendor before sending any amount of Bitcoin. If you want to raise funds for your business, you may ask people whom you know use Bitcoin to donate to you. Finally, you may also open a fundraising campaign (there are specific platforms to do it) and have unknown users donate your startup freely.
In conclusion, we should mention that some people hold their cryptocurrency wallets waiting for the price to go up. Once the price is higher than what you’ve paid for the crypto coins, you can start using your money and maximize your investment.