What exactly is CRYPTOCURRENCY?
by
GlamourZONE
Hi guys, I hope the new month is off to a new start for you. Today I am sharing a different topic than my usual ones. Have you been to YouTube and then a bitcoin advert pop up. Am sure this is not a new topic to most of us. Actually, in my previous job, I remember attending a talk on how it works. But like most people, I didn’t pay much attention. Something has currently caught my attention the CRYPTOCURRENCY. This is a new way of making some cash online.
So what is cryptocurrency
The good thing about cryptocurrency is that it is controlled by any banking agency or even a government mainly because it is a global currency in the digital virtual world. You make money through buying and selling so in simple terms through trading. The main currency that is used in cryptocurrency is bitcoin.
(If you are in kenya, one bitcoin is equal to more than KES 500,000, there are no restrictions you can go for a cheaper one). You may also hear of altcoins which is more or less the same thing.
The Bitcoins can be purchased using MPESA if you are in Kenya. Then those Bitcoins are sold on
platforms like Changehigh.com which changes your cryptocurrency into normal currency such as US Dollars. One of the biggest advantage is that Changehigh.com converts the cryptocurrency with a higher exchange rate giving you more cash.
For instance, if 0.01 bitcoin is currently equal to KES 6,000, when you convert it using Changehigh.com, you end up getting more than 6,000, like 8-12% more higher then market rate.
There is no limit to the number of times that you can buy and sell your Bitcoins and get an extra money on every transaction!
The step by step process
This process assumes that you already have an MPESA account and a Paypal account as well. At Paypal.com, you can easily create an account in case you do not have one. Additionally, Paypal will guide you on how to connect it with MPESA.
Step 1
Go to localbitcoins.com where you can buy bitcoins. Simply sign up with your details and log in
· Click “Quick Buy”
· Enter the amount you wish to spend in KES
· Indicate your country, Kenya
· Choose your preferred method of payment as MPESA
· Choose a buyer from the list shown and click “Buy”
· After confirmation, click “Send trade request”
Step 2
Create an account by clicking “Sign up”
· Enter your email
· Enter password
· Confirm password
· Complete process by clicking “Sign Up”
Login to your new account
· Click “Sign in” in the top right corner
· Enter your email and password
· Click the big “Sign in” button below the password input section
Once you have successfully logged in, click the home button to create an exchange
· Enter amount of bitcoin you want to sell, you will be shown how much you will get in your Paypal account.
· Enter your Paypal account email where you want the money to be sent and click “Exchange now”
Step 3
You will see the bitcoin address needed to complete the sale.
The bitcoin address is then generated, highlight it in full and copy it to your clipboard.
· Go to localbitcoins again and click bitcoin on the upper right corner and “Send bitcoin” button
· Paste the bitcoin address that you copied and the amount of coins you want to transact in the respective boxes.
· Press “Continue”
Step 4
Cryptocurrencies require a waiting period of several minutes to complete a transaction, in the case of bitcoin, it has a network that conducts several confirmations before completing a sale.
· Once transaction is complete, you get your money on Paypal account.
· Changehigh covers the 5% processing fees that Paypal charges, this leaves you with even more profits
Step 5
Once your money is in Paypal, you can transfer it to your MPESA. You simply need to have them linked together.
What do you guys think of such online platforms? Are you open to trying them up? If not, why? I would be happy to know what your thoughts are.
Thanks for reading,
Carole
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