How To Buy Bitcoin Using Mobile Money
Long gone are the days when bitcoin and other cryptocurrencies were seen as something to shun. While many Kenyans were understandably skeptical at first, the tides have turned. Kenya is now among the top 10 countries with the highest volume of crypto transactions in the world. To buy Bitcoin in Kenya is now as easy as buying anything using Mobile money in Kenya
It’s easy to see why. The value of one bitcoin surged to $66,000 in October 2021, surpassing the previous high of $60,000 also recorded in 2021. Investor confidence in cryptocurrency is growing, and more companies are accepting it as a form of payment.
However, buying or selling cryptocurrency in Kenya hasn’t always been a smooth process. Majority of the big players are foreign companies. As such, it has taken time for their services to be accessible to those in other parts of the world. Even now, with the possibility of using PayPal or a bank card on these platforms, you shouldn’t be surprised to run into hurdles.
Then of course, there’s the issue of cost. It’s not uncommon for you to encounter hefty limits to how much you can transact with Ksh 100,000 being the minimum amount. This locks out many who would like to reap the huge returns crypto can offer.
Thankfully, it’s now possible to buy bitcoin using mobile money, all thanks to Yellow Card Kenya.
Yellow Card is a pan-African cryptocurrency exchange. By improving access to crypto in Africa, the company has undergone tremendous growth as more and more people make it their platform of choice.
Just recently, the company received over Ksh1.5 billion (US$15 million) in Series A funding. Its success comes down to its security, good purchase rates and customer support.
So just how can you buy bitcoin using mobile money?
First, simply visit the Yellow Card website or get the app from Google Play Store or App Store. Next, create an account. Be sure to use your correct details e.g your name as it appears on your National ID. This will come in handy during the verification process.
Once you’re verified, you can now deposit the amount you’d like to use for your bitcoin purchase. You can add any amount, as low as 100 shillings. To do so, use the ‘Deposit’ button. You can choose whether to top up your account via bank transfer or mobile money
If you choose the latter, you’ll see the Paybill number to use. Simply follow the prompts, deposit the amount you wish to spend and you’re set. Once you decide to sell the bitcoin you’d purchased in part or in whole, you can do so easily and receive your funds through mobile money as well. That’s because Yellow Card is a B2C platform, meaning you buy and sell directly from the company rather than middlemen as you would with a P2P exchange.