Cryptocurrencies burst into the limelight when the prices of one Bitcoin reached a new all time high rate of $19,783.06 spurring a massive worldwide interest in the blockchain backed technologies.
Like betting, cryptocurrency craze caught up with Kenyans with some locals putting millions of shillings at stake in a potentially high reward but risky gamble. Some of them made profits while others lost a million of shillings.
As it stands now, there is no denying that cryptocurrencies have come a long way and a variety of businesses both online and offline are now accepting bitcoins and other cryptocurrency coins as payment of services and goods offered.
A Nairobi based start up, Boxlight Electronics, went ahead to become the first adopter of bitcoin payment in Kenya for its products.
The firm, which dealt in the sale and distribution of television sets, home theatres and home appliances. The founder of the firm feels that bitcoin as a form of payment is becoming a must have for companies that trade online.
The Boxlight Electronics chief executive Robinson Murage, reported they got requests from the customers to accept payments in digital currencies.
Ninety per cent of customers were young, tech savvy and predominantly online. That is why we choose to be all inclusive and adapt to the needs of those that prefer this type of currency. The company’s customers were aged between 24 and 45.
This age bracket consist of freelancers and unemployed people who engage in online gigs to earn a living.
This article aims to educate more people on how to trade in cryptocurrency. The do’s and don’t’s concerning online trading.
Do extensive research online and offline. Start on google and look at different online cryptocurrencies trading platform. In Kenya we have a number of many platforms dealing with different kinds of digital currencies. Most of the platforms have information and articles of their progress in the business on the internet and this can help you on the way forward.
Get someone who has been trading cryptocurrency and is a real successful trader in Kenya. You can start with a friend or someone you know online. Look for someone who has been in the industry for ten years or more.
Many businesses in Kenya are accepting digital currencies payments so you can look out for these companies and get some useful information about the same. They can guide you on which companies are legit and not.
Read reviews online. Reviews give you an overview of merits and demerits of a company and there are plenty. Check the three stared reviews. You can also watch some YouTube videos. Journalists mostly create videos and upload them for those in search of something online to get detailed information.
Check if a significant oversight social media platforms that the trading platform has and how are the followers talking about it. Be keen to details and filter every information no matter how true it might be. So you can be assured of their transparency and honesty.
Make sure you check the website. If it is professional and active, then it may be a right firm but check out for signs that things are not what they seem to be. Check on comments after every thing they have posted online.
Other companies like bitcoin train those willing to join the trade at a fee of 2500Ksh. The Blockchain Association of Kenya offers a workshop of training to individuals who want to teach their staff regarding the digital currencies.
Those are a few things that you should look out at to evade the cryptocurrency scammers.
