Bitcoin is a cryptocurrency invented in 2008 by a group of people and it was officially started in 2009 after the release of its implementation. The Bitcoins are earned in form of points and shared through Bitcoin network. Converting Bitcoins to Ksh is an easy process explained in this article.
Now that you have a clue of what Bitcoin is, let’s dive in and know how to acquire these Bitcoins, and later I’ll show step by step process of converting Bitcoins to Ksh.
Are you struggling with piles of materials trying to learn how to do trading that involves Bitcoins? Or are you already doing Bitcoin trading but you don’t know how to convert the Bitcoins to Ksh? If the answer is ‘Yes’ then this is article is meant for you. So make sure you are in a comfortable position with a notebook and a pen to jot down useful points that you are about to read.
How to acquire Bitcoins
A deep study and research have found out that there are three ways major ways of obtaining Bitcoins: bitcoin mining, accepting it as a mode of payment for services and goods, and buying on an exchange.
In the case of using it as a mode of payment, the transaction is not completed until miners chip in and gathers the bitcoin transaction into virtually locked boxes called block chains and then the verification of the transaction starts. At that point the process becomes complete and the receiver gets his/her bitcoins.
Bitcoin mining is a very sophisticated process that needs a lot of keenness in learning and also in doing the mining. Here, I will briefly introduce you to the world of Bitcoin mining.
The mining is carried out by specialized computers. People who mine are called miners and their role is to secure the bitcoin network and begin the process of Bitcoin transaction. The process involves solving a computational problem. Miners are rewarded with the newly-created Bitcoins and transaction fees.
Buying is one of the simple ways of obtaining Bitcoins; find a reliable Bitcoin wallet, choose the right and genuine Bitcoin trader, select your payment method, buy Bitcoins and store them and use them by selling at a profit or use them to buy goods.
Now you have the Bitcoins in your digital wallet so let us dive in and acquire the knowledge of how to convert the Bitcoins to Ksh to pay your bills and cater to your daily needs.
How to convert bitcoins to Ksh
Read and get shocked how simple it is. There are three proven ways to do the conversion. Read them below:
- Via the payment gateway or simply the point-of-sale app
Here you are supposed to choose a payment gateway or POS app that offers this service such as Bit pay. The service provider will receive the Bch paid by your customers and then deposit the equal amount of your chosen currency amount in your local bank.
In every transaction, there is a small charge for the service that is deducted from the payment before you receive it.
- Via cryptocurrency exchange
If you are making payments, you can convert the bitcoins through a trusted cryptocurrency exchange. To convert the bitcoins for a flat currency (e.g. USD) you need to use an exchange that supports flat-to-cryptocurrency exchanges.
- Via a trading platform
Here the process is very simple; create an account and enter the amount you want to sell and the payment type you prefer, send the bitcoins from your digital wallet to a secure blind escrow account, and once you receive the agreed payment from your buyer release and then send. Transaction fees are significantly lower.
Assuming that you provided your bank credentials, the converted currency is deposited to your bank account as Kenya shillings and is ready to be withdrawn anytime.
This is just a summary of how to convert your Bitcoins to Kenya shillings. The same applies to the conversion of the same Bitcoins to any local currency. And of course, before you reach the point of wanting to convert, you must have the Bitcoins in your digital wallet. I this article, I have briefly explained how to obtain Bitcoins and the different ways of conversion.