INTRODUCING BITCOIN
So, Bitcoin… You know it’s a new form of money — a digital currency, to be exact — but just how does it work? Sit yourself down comfortably, and we will begin with the basics: the three major aspects of Bitcoin:
✓ Origin: How it came to be
✓ Technology: How it works behind the scenes
✓ Currency: Using Bitcoins as money
Exploring each of these aspects will help you understand Bitcoin (or BTC, as it’s sometimes known) and find out whether and how it can help you.
Bitcoin is a digital currency that is used to purchase products and pay for services online. Having Bitcoins is like having cash on the internet, though you can convert them to physical cash anytime.
In Kenya, Bitcoins are not commonly used, so they are particularly suitable for traders engaged in online businesses (for instance, buying products online).
Bitcoin is a form of unregulated digital currency that is not issued or guaranteed by any government or central bank. Unlike PayPal, Mobile Money, or Digital Banks, Bitcoin is not controlled by any individual or government authority.
An air of mystery surrounding cryptocurrencies is holding back Kenyans from participating in this ongoing massive wealth distribution. Thirteen years since its emergence in 2007, Bitcoin and cryptocurrencies are no longer a passing fad.
Over $200 billion of value has been created, marking the beginning of an open, alternative financial system. Just as anyone can download an app on a smartphone and connect to the world without asking for permission, in Kenya today, you can buy, trade, exchange, hold, and store cryptocurrencies,
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