A couple of years back, no one knew about Bitcoin. Even now, few understand it. Bitcoin is a digital currency that is gaining more and more popularity. In this post, I will show you how to buy bitcoin from Localbitcoins in Kenya, via Mpesa.
On Localbitcoins, you can buy bitcoins using different payment methods such as via Mpesa, Bank or you can meet face to face with the buyer/seller. Mpesa, because of its convenience, is the most common method.
I’ve bought bitcoins on LocalBitcoins before and it was a seamless and fast experience. Please note that you need to check the seller’s rating before you send any money.
Step 1: Register on LocalBitcoins Kenya
Registration is free. Once you register, check your email and verify the email address you signed up with. After that, you’re good to buy!
When you click on the BUY BITCOIN tab, you will see a number of traders who are selling bitcoin.
Please note that there are limits. You can transact with as little as Kes 1,000, but with others, the minimum is Kes 20,000.
On LocalBitcoins, every seller has a reputation rating. This is a great way to protect yourself against scammers and to help you determine the trustworthiness of the seller.
Click on the seller’s name to view their rating. For example, when I click on BitMaste, I’m able to see his public history.
If you have deemed the seller to be trustworthy, you can proceed with the trade. Click BUY to buy your bitcoins.
You’ll then be directed to a page where the seller will have indicated the TERMS OF TRADE.
If you agree with the seller’s terms, indicate how much you want to buy in the box and click ‘send trade request’ Once that is done, you will see a box on your right, indicating which number to send the money to.
Step Four: Click on the ‘I have paid’ tab to confirm payment.
The seller will then release the bitcoins to your localbitcoins wallet.
PS: I am not endorsing BitMaste as a seller. However, I have transacted twice with him, and on both occasions, experienced no hitches whatsoever. There are many other good sellers on the platform. The key thing is to check out a seller’s reputation.
A few things to take note of:
- You can enable two-factor authentication on the site. This will further protect your account from hackers. Read more about two-factor authentication on LocalBitcoin.
- It is highly recommended that you keep your bitcoins in a wallet in which you have control, such as the Mycelium wallet, rather than keeping them in the localbitcoins wallet. You can download this wallet from the Google Playstore.
- Phishing sites are real. Protect yourself from those kind of attacks by bookmarking the original localbitcoin site and signing in only via that bookmark.
So how do you move your bitcoins, from the LocalBitcoins to a wallet you own, such as the Mycelium wallet? Glad you asked.
Step 1: On the right side of your LocalBitcoins home page, click on the bitcoin amount.
That will direct you to your LocalBitcoins wallet.
Step 2: Click on the SEND BITCOINS tab.
The RECEIVING BITCOIN ADDRESS is your Mycelium address. Enter the Mycelium address which consists of 34 characters.
Indicate the amount of BTC you are sending (enter your two-factor authentication code if you have activated it) and click SEND.
You’ll get a notification that your bitcoins have been successfully sent to the address.
And that’s it. Easy peasy aye?
So there you have it. Go on and buy yourself some bitcoin from LocalBitcoinsKenya!