If you haven’t heard about Bitcoins then sure, you may be missing out. Although in reality investors around the world have termed Bitcoin as a bubble which will end soon. However, some still believe there is a future in Bitcoin and the whole world of cryptocurrencies.
In Kenya, there are several ways where you can buy Bitcoin. One of them is by using LocalBitcoins. LocalBitcoins has been online for several years now as far I know, and I’ve used the website personally to buy and sell BTC. The company was founded in 2012 based in Finland. LocalBitcoins is available in over 200 countries worldwide.
Here’s how to get started
- Sign up with LocalBitcoins. Be sure to verify your account first to receive better offers when buying BTC
- Search for Bitcoin sellers within Kenya.
This gives you an option to have Mpesa as one of the payment methods. LocalBitcoins offers other payment methods such as Eazzy Pay, PayPal, SWIFT among others. Filter out sellers to your payment preferences, location and also the currency of transaction, Kenyan shillings for this case. By default, localbitcoins shows dealers based on your area unless you are using a VPN it will give suggestions based on the IP address of the server you’re connected to.
- Choose a seller with the best price and Payment options
This is the crucial point. You need to consider choosing a dealer by reputation on the platform than by price per BTC. Also check the response time indicator usually shown by either Green “online,” yellow “replies within 30mins” or grey implying it will take longer than 30min for the dealer to reply. Also, pay close attention to the Limits set by a given dealer if it’s within the range of BTC you want to buy.
- Buying BTC
You’ll be directed to a page where you get to read the dealers Terms of trade. If you don’t agree with the dealer’s Terms of Trade head back and choose another dealership. Enter the amount of BTC you want to buy then write an optional message to the dealer and click “send trade request.”
- Only send the trade request when you are ready to pay.
- Trades are automatically canceled when the payment request window is over. (Payment window is usually 1hour)
- If you need to cancel the trade request cancel before you make the payment.
- Pay the cash and mark Payment complete on localbitcoins.
Here you will then have to wait for the seller also to accept getting the payment and releasing Bitcoins to your wallet. By any chance, the trader doesn’t release the BTC you should open a dispute to claim your cash back.
N/B: Once you open a trade, the LocalBitcoins system usually holds the equivalent amount of Bitcoins that you will get in an escrow. The escrow system usually acts as a security for the trade so that the trader doesn’t scam the buyer.
Disputing a trade
Directly open a dispute, and you will be required to provide proof of payment with related transactions relating to the payment options you filled at LocalBitcoins. The BTC will be released to you once all the requirements are met. Ensure to be online regularly when you open a trade dispute.
If you encounter any problem with the process… please let us know in the comments section below
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