THE GROWING ENTHUSIASM AND INTEREST IN BITCOIN IN KENYA
As Bitcoin prices soar, we continue to experience great enthusiasm in the Bitcoin and Blockchain space. In Kenya, the euphoria has seen many seeking to learn about this new technology and the financial opportunities it brings.
Barely a week after a successful Bitcoin Investment Meetup was organized by BitcoinKE, the Blockchain Association of Kenya also held another successful event with the goal of educating more people about the opportunities in the space.
Some of the topics discussed included:
- Understanding the Blockchain technology
- Cryptocurrency mining
- Identifying Bitcoin and Cryptocurrency scams and frauds
- Investing and trading in Bitcoin and Cryptocurrencies
- Women in Bitcoin
- Regulation and legislation in Kenya
Michael Kimani, the Chairman of the Blockchain Association of Kenya, opened the event with a talk on why cryptocurrencies are the future. He did a deep dive into the state of cryptocurrencies and how far adoption has come since the early days when only a few Kenyans were in the space.
On the panel discussion, the experts, which included Eugene Mutai, a well-known and respected Bitcoin miner and developer in Kenya, and John Karanja, the founder of Bithub Africa, helped the audience understand the Blockchain technology and how it is going to impact transparency, wealth, and resource distribution.
Cryptocurrency mining is also a hot topic and was well covered in the next session. Eugene explained how he mines Bitcoin from home, the challenges and costs associated with it, but also the benefits of mining. He gave a detailed breakdown of the return of investment when it comes to purchasing equipment and the gains from it.
It is not enough to simply talk about the opportunities without mentioning the risks involved. Scams and frauds are common in the space and Daniel Nyairo, a Blockchain and Bitcoin copywriter, was on hand to break down what to look out for in order to avoid getting scammed. He highlighted his own experience in the space and how to be wary of potential fraudsters despite the promise of big money.
Investing was also a topic of interest to many. George Mang’eni, a well known stock and cryptocurrency consultant and investor, helped attendees understand cryptos from an investment perspective. He emphasized on the importance of diversifying one’s portfolio to go beyond Bitcoin and include other cryptos, some of which are performing better than Bitcoin.
Women were also not left out in the discussion. The three women on the panel discussed opportunities that exist in trading Bitcoin, not only in Kenya but abroad. The revealed the big opportunities that come from holding and selling later and the huge earnings from such a move.
Tommy closed the event with a discussion on legislation and what is happening in the space to ensure more recognition when it comes to cryptos. He was optimistic about the space and encouraged all to keep playing in the space.
All in all, this was yet another successful event that showed that more Kenyans, and Africans in general, are eager to get into the crypto space. It will be interesting to see what 2018 brings as interest in the space continues to rise.
About the Author:
David Gitonga is the founder of Bitcoin KE. Bitcoin KE is an initiative that seeks to inform and educate people about Bitcoin and the Blockchain in Africa. It is also regularly involved in organizing events and meetups in the space.
