M-Pesa is a mobile phone-based money transfer, financing, and microfinancing service. Consequently, M-Pesa transactions are made by transferring funds electronically to a phone user’s M-Pesa account via the mobile network. Here’s how to buy Bitcoins with M-Pesa.
What are Bitcoins?
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a dispersed public ledger called a blockchain. In addition, Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Bitcoin can be purchased with other currencies or from an exchange. There are four main ways to buy bitcoins:
Through Online exchange
Use an online exchange like Coinbase or Bitstamp to buy bitcoins in your national currency (USD, EUR, GBP, etc.). These exchanges work like traditional stock exchanges, with the order book in the middle and buyers and sellers around it. You will need to verify your identity with these exchanges before making trades.
Use over-the-counter trading sites.
Use an over-the-counter (OTC) trading site like LocalBitcoins or Paxful to buy bitcoins without going through an exchange. OTC trading sites match buyers and sellers directly without an order book in the middle. You can usually pay using cash or bank transfer. The prices on these sites can be higher than on exchanges because they include the fees of the brokers who facilitate the trade.
Use peer-to-peer lending sites.
Use a peer-to-peer (P2P) lending site like BTCJam or Bitbond to borrow bitcoins and pay them back with interest over time. These sites connect borrowers and lenders directly, without an intermediary in the middle. The interest rates can be high, but they are often lower than traditional bank loans or credit cards.
Use Bitcoin ATMs
Use a Bitcoin ATM to buy bitcoins with cash. Bitcoin ATMs work like traditional ATMs, but instead of dispensing cash, they dispense bitcoins. Verifying your identity with the ATM before making a transaction would be best.
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How to buy Bitcoins with M-PESA
Kenya is one of the world’s most innovative countries regarding mobile money, and M-Pesa is the most significant player in the Kenyan market. M-Pesa allows users to send and receive money, pay bills, and buy goods and services from their mobile phones.
Bitcoin is a digital currency that has been gaining popularity in recent years. Bitcoin can be used to purchase goods and services online or can be held as an investment. Bitcoin is not regulated by any government or financial institution, which makes it appealing to some people.
There are a few different ways to buy Bitcoins with M-Pesa.
1. Find an ATM that accepts M-Pesa
The easiest way is to find a Bitcoin ATM in Kenya that accepts M-Pesa. There are a few different Bitcoin ATMs in Kenya, but not all accept M-Pesa.
2. Through Bitpesa
Another option is to use a service like Bitpesa, which allows you to buy Bitcoins with M-Pesa online. Bitpesa has a very user-friendly platform and offers competitive rates.
3. Through Paxful
If you’re looking to invest in Bitcoin, you might consider using an exchange like Paxful. Paxful is a cryptocurrency exchange that allows you to buy and sell Bitcoins with M-Pesa. This exchange platform also has a very user-friendly platform and offers competitive rates.
No matter which method you choose, buying Bitcoins with M-Pesa is a relatively straightforward process. Once you have Bitcoins, you can purchase goods and services online or hold them as an investment.
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Takeaway points on buying Bitcoins with M-Pesa
M-Pesa is a great option if you’re looking for a safe and easy way to buy bitcoins. Here’s everything you need to know about using M-Pesa to buy bitcoins.
- M-Pesa is a mobile money service that allows users to send and receive money using their mobile phones. The service is available in Kenya, Tanzania, and Uganda and has over 30 million users.
- M-Pesa is a convenient way to buy bitcoins because it allows you to transact using your mobile phone. You can also use M-Pesa to pay for goods and services online.
- To use M-Pesa to buy bitcoins, you first need to create an account with a bitcoin exchange that supports M-Pesa. Once you have an account, you can deposit money into your account using M-Pesa.
- Once your account is funded, you can buy bitcoins on the exchange. To do this, you must enter the amount of money you want to spend and the bitcoin address where you want the coins sent.
- Once you’ve made your purchase, the bitcoins will be sent to your wallet. You can then use those bitcoins to make purchases or send them to another person.
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