Blockchain and cryptocurrency technology is rapidly gaining traction globally. Kenya just like in the rest of Africa, the technology is just beginning to be understood. Expert say that people will learn more about this new technology as its’ usage expand.
Blockchain is about building, acquiring and maintaining trust in almost all transaction in life. 8% percent of the world’s trade is made up of counterfeit or pirated goods. It will help in accessible storage files on cloud and boost transparent fees payments and external funding.
As the debate on whether to legalize or not cryptocurrency in Kenya continues, localbitcoins.com one of the most vibrant bitcoin and crypto trading platforms in the world revealed that Kenya is ranked the third position in bitcoin trading volumes in Africa.
The first being Nigeria with a total of $258 million, the second South Africa with a total of $98 million and the third Kenya with $25 million. Kenya is also ranked number twenty third globally.
Checking the numbers and narrowing down even further, statistics revealed the most vibrant town trading digital currencies were Nairobi, Nakuru, Mombasa, Eldoret, Meru and Thika. These are towns neighboring Nairobi which is the capital City of Kenya. Making it easy for the trader to access fast internet and electricity.
The traders have easy access to the city where Blockchain Association of Kenya offers training about the digital currency trading.
Binance, another trading platform which is the largest crypto exchange launched it’s operations in Uganda and reports says that it is looking forward to expand across Africa.
KuBitX which was successful launched in Nairobi, Kenya is a crypto exchange expected to take Africa by storm.
New traders have started to get involved in Bitcoins and are using a trading software to help them understand market trends that is getting trendy rapidly. Use of cryptocurrency and blockchain is the fourth industrial revolution of trading.
Bitcoin revolution is one of the software used by traders to receive market signals and place trades online. These signals helps the traders know when to buy or sell their digital assets and make huge profits. Traders are also able to learn and master on the market patterns to help them prepare for future trades.
These market trends and development signals are not only growing rapidly in Kenya but across the whole of Africa.
Paxful is a mobile platform that aims at giving more people access to bitcoin and it allows users to conveniently access their wallets on the move.
It allows users to conveniently send and receive bitcoin via their own private Paxful wallets. September 2019, it recorded a trade volume of twenty eight million in Kenyan shilling in a period of one week.
Through the app, users will get notified on conversion rates, get to track their trading history in the app, know their transaction status in real-time, among other amazing features. The app also enables users to purchase bitcoins using over 300 payment methods available in the Paxful platform.
The mobile wallet application has been designed with lower end devices in mind that do not compromise on security or features. It is available on both Android and iOS devices.
Through the app, users get updated bitcoin conversion rates, track their trading history, know the current status of their transactions in real-time, among other features. The app also enables users to purchase bitcoins using over 300 payment methods available in the Paxful platform.
Although the government has banned virtual currency trading, there could be a change in the status quo if the country adopts a local digital currency in line with the recommendation of the artificial intelligence and blockchain task force.
