Updated: Mar 29, 2021
Buying bitcoin worth Kshs 1 000
From the cryptocurrency sites that INVIKE evaluated, the easiest one for buying and selling bitcoin is LocalBitcoin.
LocalBitcoin doesn't act as a middle man; they allow individuals to buy and sell bitcoin to one another. LocalBitcoin will oversee the transaction to ensure credibility and transparency.
The process of buying bitcoin on LocalBitcoin
Create an account with localbitcoin and verify the account.
Use the simple search tool to narrow down your search, see below.
After setting all the parameters on the left, click search and the following table will appear.
Description starting from left to right.
Trader: shows the trader's details and the amount of the transactions together with the rating given by the counterparties. The green dot indicates the availability status when you hover over it.
Payment method: shows the method that the trader accepts, for example, M-pesa.
Price/BTC: This is the value of one bitcoin according to the trader; they can set the amount they want to sell a whole bitcoin at.
Limits: This shows what fraction of bitcoin the seller is offering. Meaning they can sell a fraction of bitcoin worth from the indicated amount, like Kshs 500 - Kshs 20 000. This means you can buy bitcoin worth 500 the lowest and Kshs 20 000 the highest.
After identifying the buyer, click buy and follow the instructions. Every seller has unique instructions check on the right of the image below named terms of trade.
On the bottom right, insert the amount you want to buy and you can write to the seller in the box below and then submit the trade request to the seller.
After the trade request is sent, LocalBitcoin deducts bitcoin from the seller's account and gives a time frame for the transaction. The payment details will be provided on the site, or the seller will communicate on the chat.
Once paid, click the button I have paid and wait for the seller to release the bitcoin.
After the seller have released the bitcoins, you will see your account has been credited and you can either chose to keep it in your LocalBitcoin account or on a desktop wallet (article coming up soon)
For selling, the same steps on step 3 will follow but under the sell tab.
Start investing in bitcoin today. Check out LocalBitcoin.
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Disclaimer: The views expressed in this publication are those of the writers where particulars are not warranted. This publication is meant for general information only and is not a warranty, representation, advice or solicitation of any nature. Readers are advised in all circumstances to seek the advice of a registered investment advisor. Full Disclaimer