Cryptocurrencies have started to gain a lot of popularity in the world because of the exponential profits that people have earned in a record amount of time. But it is not easy to invest in the world of digital currencies. The industry has not been explored as properly as the conventional investing industries like oil trading etc.
Even though it has been more than a decade that cryptocurrency has been around, some people are still skeptical about the investment since the currencies are not tangible. Due to social media and hyper globalization – fake news travels faster. This has made people have opinions about cryptocurrencies that are not based on facts but rather rumors that they heard.
Countries like Japan have been ahead of the game by legalizing digital assets but many have failed to even recognize the benefits that people can enjoy because of digital currencies.
Kenya is at the Back-end
Similarly, Kenya has been at the back end of the hype regarding crypto, although you can practically do anything with cryptocurrency such as mining and trading but with due diligence and without breaking any laws. However, due to the bombardment of information – people may find it hard to chalk out the process of investing in cryptocurrency in Kenya.
The procedure of investing in cryptocurrency is universal – every country is on the same page, but some things must be bent according to the rules and regulations. For starters, investing in digital currency in Kenya can be started with getting a cryptocurrency wallet. No, not like an actual wallet but rather an application or platform that will let you send, trade, and receive any type of cryptocurrency.
Consequently, security for the crypto wallet is essential as without proper security – hackers can get into the wallets and leach the assets. To avoid such problems, proper passcodes should be set which should not be disclosed to anyone. It is important to learn about the safety methods because it is very common for people to fall prey to hackers that leads them to lose all they have in their wallets. A balanced step would be to have a variety of wallets so that in case of a breach, some of the assets should be kept safe.
Buying the Currency
Next, there comes the process of acquiring the digital currency. There are many ways to do it such as mining and trading. Similarly, people can buy cryptocurrencies off cryptocurrency exchanges. But there is a level of expertise required to flip profits from the current assets. Beginners can get help from AI-induced platforms like news spy that would make estimated decisions so that there are minimum losses.
After the base is set, investors will have to explore the ways they can go along with the process. The choice must be made between long-term and short-term investing. Both are profitable but come with their consequences. Therefore, it is better to weigh the pros and cons of bots before investing.
The investing process can either be manual or automated, for beginners, it is best that they first learn the techniques. Hence starting with platforms like Bitqs would be a smart move.
The process of investing in cryptocurrency in Kenya is identical to any other country there is, first things first – there must be a wallet that would serve to store and transfer any type of digital currency. Be it Bitcoin, Litecoin, Ethereum etc.
In addition to this, the security of the crypto wallet is important so that there are no breaches. After the wallet is set and secure – there comes the step of acquiring cryptocurrency and then eventually investing it – people can buy the currency from different cryptocurrency exchanges and then trade them for profits.