Like many countries, Kenya is increasingly adopting Bitcoin and other cryptocurrencies. Kenya is ranked among the top 10 highest Bitcoin holders per capita in the world. With the rising popularity of Bitcoin in the country, Kenyans are scrambling to make money. However, it is essential to know the basic details regarding Bitcoin before you are involved in its activities.
Bitcoin Do’s and Don’ts
- Trade or invest only in bitcoin as a long term investment. Altcoins are copy-cats, scams or simply nonsensical, avoid them.
- Don’t trade or invest into bitcoin more than you can afford or willing to lose. Generally, it is advisable not to invest more than 10% of your funds into bitcoin. We don’t recommend day-trading or betting on crypto.
- Only use non-custodial wallets to store your bitcoin. Don’t leave your bitcoin on a crypto exchange after buying. Use cold wallet such as Trezor for long term investment. Always have safe backups for when your wallet gets lost.
Ways to Make Money with Bitcoin
There are several ways through which you can make money with Bitcoin in Kenya. After receiving your Bitcoin, you can decide to exchange or sell them for fiat.
Buy and Hold Bitcoin
Buying Bitcoin in Kenya and holding is one of the best ways to make money with Bitcoin in Kenya without putting in too much effort. To get started, you will have to create an account with a cryptocurrency exchange of your choice such as Yellow Card and LocalBitcoins, buy Bitcoin, and hold on to your coins as long as possible until prices shoot so you can sell at huge profits. To invest in Bitcoin with minimal risk, use the Dollar Cost Averaging method where you’ll invest a fixed amount of money into Bitcoin at regular intervals.
Bitcoin mining is a common way of earning money through Bitcoin in Kenya. Bitcoin mining is the process of using a computer to solve complex mathematical puzzles and verifying bitcoin transactions in the blockchain. The process helps to keep Bitcoin transactions safe. Bitcoin miners are responsible for creating and adding new Bitcoin to the system. They are rewarded Bitcoins in return. They can then sell or exchange the Bitcoin for cash. You will need Bitcoin mining hardware to mine for Bitcoins.
You need to take time to do a comprehensive research on the Bitcoin mining service you want to use. There are risks associated with mining such as Bitcoin mining malware and fraudulent mining platforms.
Bitcoin mining requires a lot of computational and financial resources. However, cloud mining does not require you to go through the hassle of acquiring a mining hardware or mining software. This means you can join a cloud mining company and mine for Bitcoin without owning any software or hardware. Examples of companies with the best cloud mining providers include Genesis Mining, BitClub Network, and Hashing24.
Other Bitcoin mining platforms you can use are:
You can also earn from Bitcoins through Bitcoin lending in Kenya. If you have Bitcoin in your crypto wallet or on a Bitcoin exchange, instead of letting the coins sit idle, lend the coins out. You will send your Bitcoins to a borrower who will later return the Bitcoin amount with interest. Bitcoin lending happens through a third-party that connects lenders and borrowers. No bank or government regulates this process, making it a fast and easy way for borrowers to access loans.
Catch Website and System Bugs
The world of cryptocurrency is fragile since many scammers and thieves are looking for the slightest opportunities to rob people of their crypto. As such, cryptocurrency exchanges and peer-to-peer platforms give security a high priority. If you are a coding whiz, you can find exploits and vulnerabilities in these platforms to help strengthen their security. These platforms and exchanges will give you bug bounties in return for finding vulnerabilities in their systems.
There are many crypto exchanges that have bounty programs. They include the following:
Write about Bitcoin
Another way to make money with Bitcoin in Kenya is to write about Bitcoin. Since its introduction in 2009, Bitcoin has taken the world by storm. Bitcoin is a hot topic with every one wanting to know more about the sweet coin. Many websites are publishing content about Bitcoin and other cryptocurrencies. If you are a good writer and are knowledgeable in this field, you can write bitcoin related articles for pay.
Websites that will pay you for writing about Bitcoin include these:
Get Tips in Bitcoin
You can earn money in Bitcoin by receiving Bitcoin rewards for accomplishing various tasks. Platforms will give you Bitcoin rewards for helping people find things online or giving answers to their questions. Other tasks you can do for people in return for Bitcoin tips are streaming video games, promoting their services and products, etc.
Popular Bitcoin tipping apps and platforms include the following.
Bitcoin trading is another way to make money with Bitcoin in Kenya. With Bitcoin trading, you simply buy Bitcoin when the prices are low then wait to sell them at a higher price. For successful Bitcoin trading, it is crucial to analyze the trading charts, study the market, and be ready to take risks.
Examples of exchanges through which you can trade Bitcoin in Kenya are:
We do not advise you to use Coinbase because of many issues such as transparency, privacy, and security. In addition, Coinbase is known for pushing and listing high-risk shitcoins.
Play Crypto and Blockchain Games
You can make money with Bitcoin by playing blockchain games. Bitcoin play-to-earn games like Bitcoin Alien Run give out Satoshis to players. Other popular blockchain games include CryptoBlades, My DeFi Pet, Axie Infinity, etc. This is a perfect way to make money with Bitcoin since you will be having fun playing your favorite game while earning at the same time.
Other online platforms that you can earn Bitcoin while playing games are:
Become an Affiliate
You can also make money by promoting Bitcoin and other cryptocurrency companies, especially now that Bitcoin is increasing in popularity in Kenya. You can do this by promoting their products and services and by helping to increase their visitors. Make use of your social media platforms to promote the companies’ products and services by sharing links. When the company increases their customer base and make successful sales through your services, you earn commission in return. It is crucial that you sign up with credible affiliate programs so you can help to sell legit products and services.
Some of the best bitcoin affiliates you can look into include the following:
- Coinbabse Affiliate Program
- Paxful Affiliate Program
- Binance Affiliate Program
- YouHolder Affiliate Program
- Bitpanda Affiliate Program
Accept Payments in Bitcoin
Accepting payments in Bitcoin is yet another way to make money with Bitcoins in Kenya. If you are a business owner, you can add Bitcoin as a payment option. This will in turn increase sales since you will be accommodating more payments methods, making it easier and convenient for customers handling Bitcoin. BitPay is a service that you can easily integrate to your website that will help to facilitate easy Bitcoin transfers. Freelancers can also accept payments in Bitcoin. After receiving your Bitcoin, you can exchange them with cash.
Final Thoughts on How to Make Money with Bitcoin in Kenya
The ways to make money with Bitcoin in Kenya are countless. To start making good money with Bitcoin, conduct extensive research about available opportunities, analyze the market, talk to people who have been in the industry long enough, then choose one or several opportunities you can work with comfortably.