Bitcoin is a digital currency, created and held electronically and is highly decentralized. The currency, which is gaining prominence in USA, Japan and Europe, is used to buy products online and also to exchange with other currencies. In Kenya, bitcoin is not familiar to citizens but it’s high time the government allow the use of this currency.
The main reason why bitcoin should be adopted in Kenya is the fact that most people rely on online shopping, where transaction are done online and products are delivered to the buyers without them physically travelling to physical stores. If an individual uses bitcoin to buy such products from USA or UK,it would be easier to convert them to dollars, Euros or pounds than using local currency.
Another reason why as a Kenyan you should buy bitcoin is, since the online coin was released into the market, the currency has progressively become stronger against powerful currencies like the US$, British pound and the euro. Many people nowadays buy bitcoins in bulk and sell them at exorbitant prices. Holding a lot of Bitcoins in your house is a plus because there is no time the coin will depreciate. For your information, only 21 million bitcoins can ever be created by miners, meaning that the circulation is controlled.
The most exciting part of buying bitcoin is that having this type of currency is equivalent to having gold, silver and diamond in your house, but bitcoin is safer because it’s not physically stored at your house.
But how exactly did bitcoin come to exist?
Who created it?
A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
How do you buy the bitcoin?
You can buy bitcoin online,the way you purchase shares.If you want to buy one,simply visit https://price.bitcoin.com/ and choose the option “buy bitcoin”.You will be taken through the process of buying the currency.