Bitcoin casino kenya
Become a digital commodity broker and trader: alternatively, you can always settle for becoming a digital asset dealer, broker or agent.
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How to invest in bitcoin and cryptocurrencies in kenya
An air of mystery surrounding cryptocurrencies is holding back kenyans from taking part in an ongoing massive wealth distribution. Ten years since emerging in 2007, bitcoin and cryptocurrencies are no longer a passing fad.
Over $200 billion of value has been created in what is just the beginning of an open alternative financial system. Just like anyone can download an app on a smartphone and connect to the world without asking for permission.
In kenya today you can buy, trade, exchange, hold and store cryptocurrencies as long as you do not break any existing laws.
Get started with cryptocurrency
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For starters, you need what is called a blockchain wallet, an app that lets you store, send, and receive digital assets. There are dozens of options to choose from: online, on android and apple store for example blockchain, mycelium and coinomi.
Once you download and install one, the next step is to secure your wallet in case you forget your password or lose your phone. Some people who have ignored backups as a safety precaution have fallen prey to sophisticated hacks. Add a strong pin and back up your 12 word phrase to help you recover your bitcoin in the worst of scenarios.
Your wallet now needs something to put in it, otherwise, what is it good for? So you need to find yourself some bitcoins to add to your wallet. Buying bitcoins in kenya is not easy, there aren’t many services that cater to kenyans. You have two options when considering where to buy or sell bitcoin for kenya shillings.
One option is the members of the blockchain association of kenya who broker bitcoin and digital assets locally. Another option is to head over to an online peer-to-peer marketplace where you can exchange regular money for digital assets. Localbitcoins.Com is a marketplace that connects buyers and sellers locally.
RELATED: is bitcoin a pump and dump scheme?
How you choose to settle the transaction is up to you and the broker – cash, bank, mobile money or airtime. Typically, brokers will ask you for your bitcoin address – a long hexadecimal string that lets other people deposit bitcoins into your wallet. To receive bitcoins, go to your wallet, click on receive and copy a string that looks like this 1p1jyugjqpnz5daexhvccwpcdz2avcvitw; this is your bitcoin wallet address.
The blockchain association of kenya recommends only transacting with trusted brokers with stellar reputation. Fraud and scams are a big challenge in acquiring, trading or investing in blockchain assets. So now that you have bitcoins in your wallet, what do you even do with them?
Make online and cross border payments: well, you could send them to a friend or family member wherever they are in the world as a gift or remittance. Bitcoin works as a payment network, so anyone can instantly make online payments and send or receive money from abroad.
For instance, anthony muisyo, a student from the university of nairobi uses cryptocurrency to place bets on online gambling sites that accept bitcoin. Mukiri a car dealer on ngong road sends bulk payments to japan using bitcoin. Since japan’s parliament passed a law recognizing bitcoin for payments in april this year, japanese car dealers now accept bitcoin.
READ ALSO: inside the world of a kenyan cryprocurrency miner
Become a digital commodity broker and trader: alternatively, you can always settle for becoming a digital asset dealer, broker or agent. From the comfort of your home or workplace or while roaming, you can trade like insurance brokers, or the exhibition traders of nairobi or the maize truckers of eldoret. Cryptocurrencies are just like commodities – only that they are digital commodities so and easier to trade. You don’t need a warehouse or physical store, all you need is a smartphone, a reputation and a stream of clients.
Sit and hold: your last option is to just sit and hold your block-chain assets and hoping the price goes up. Cryptocurrency is a new asset class that is attracting all types of retail and institutional investors. After dismissing cryptocurrencies in the past, mainstream bankers are waking up to this sweeping wave. At an IMF annual meeting in washington in november last year, IMF chief christine lagarde warned central bankers that cryptocurrencies pose a real threat to legacy banking and urged members not to dismiss them. (source: kenyanwallstreet)
Bitcoin casinos in kenya
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You might have heard a lot of things about bitcoin, but not all of them are true. This article gives you all the information you need to safely use a kenian bitcoin casino.
Bitcoin is the first cryptocurrency. Since its creation in 2009 it has seen a lot of ups and downs, the latest being in the end of 2017 and the beginning of 2018. Right now BTC has stabilized, but these fluctuations serve as a reminder that using crypto is not completely safe and you should only do that with understanding of how it works.
Bitcoin is decentralized peer-to-peer network, and there isn’t an entity that has control over the whole system. Nodes of the system verify transactions. Data about them is then stored in blockchain, so that it is accessible by anyone.
A bitcoin wallet is an app or a hardware solution that helps pay at a bitcoin casino by storing the information needed to access your BTC. While making transactions on blockchain is safe due to two keys you are using, you have to trust the wallet you are using for transactions. A breach in security may result in your keys being stolen.
Besides being a good payment option for funding a regular casino, BTC is ideal to use in blockchain casinos. Blockchain casinos work on blockchain technology, the same that bitcoin works on. This makes the two perfectly compatible.
Best bitcoin casinos for kenian players
How to use bitcoin at online casinos
If you own some bitcoins, or want to use the currency to increase your anonymity on the web, here’s what you have to know.
You’ll need to get a BTC wallet first. Consider going for bitpay, copay, mycelium, airbitz electrum, bitcoin core or a bitcoin.Com wallet, as they are in the list of accepted wallets in many kenian casinos.
To receive or send BTC you need to know a bitcoin address. You can buy BTC at third party exchanges. Only choose the ones you can trust.
Don’t think that it is all you need for anonymity. BTC is a pseudonymous currency, as all the data is free to be analyzed. You can create a new receiving address for each payment to stay below the radar.
Here are some other details that you may want to know before making a deposit at a bitcoin casino.
Deposit and withdraw
Many KE-based casinos accept bitcoin as both a deposit and a withdrawal method. Deposits come in instantly, but processing withdrawals may take up to 72 hours at some casinos. Once deposit is made you receive a compatible sum in ZAR on your account.
Minimum deposits
Minimum deposit at a bitcoin casino is R100. You can only withdraw starting from R1000. Going for the lowest possible sum may be not the best thing to do in the first couple of deposits, as casinos are usually giving some bonus money and you can get up to twice your deposit.
Countries where payment option name is accepted
Technically, bitcoin is accepted around the world, it’s just that some countries frown upon it more than the others. For instance, it is quite difficult to use BTC in china, but in japan or US you can encounter BTC kiosks that let you buy bitcoin for cash.
Kenya is somewhere in the middle of the two, with no hard regulation, nor an actively developing bitcoin infrastructure.
Deposit fees
Some people are worried as to whether bitcoin is a good way to make payments online after the surge in the beginning of 2018. The thing is, you have to pay a mining fee when making a transaction, and it was about $34 in the end of 2017, making it not worth using the cryptocurrency.
Now it’s down to less than $1, so you don’t have to worry about that. There are no additional fees that you have to pay to the casino itself.
Online casino software providers that accept bitcoin
RTG bitcoin casino
RTG produces games with the good old gameplay that everybody loves. It gives many games a modern look, like one of its hits, cash bandits, and the sequel cash bandits 2. Both were largely popular in kenian casinos.
Try these games for free at casinohex, or at bitcoin casinos like springbok, thunderbolt, punt, or yebo.
Betsoft bitcoin casinos
Betsoft has started out as a manufacturer of land-based casino slots, but now it has switched to online games instead. It takes its experience at serving audiences of las vegas to your online casino, and takes your online gambling to the next level. Betsoft slots play good and look good.
The manufacturer has a lot of alien, pirate and mysticism themed slots. One of the mysterious slots betsoft offers is gypsy rose. Join the gypsy woman in her divinations at africasino and spintropolis.
Nextgen gaming bitcoin casinos
Play the next generation of online slots with the game developer. Apart from giving their slots great graphics and animation, nextgen gaming makes them interactive to make the gameplay more interesting for you.
The best one so far is renegades. In the slot, you follow the story of five competitors for the throne of a nordic kingdom. Each has different abilities, and grants you different bonuses. Try it at africasino or spintropolis.
Amatic bitcoin casinos
Amatic makes games that are considered vintage now. Five reels, twenty paylines and lots of fun. Take a look at their popular games like lucky coin, eye of ra and casanova. These games look old school and are easy to play for beginners. Try them for free at casinohex, and wager real money at casino.Com.
Pros and cons of using bitcoin in online casinos
The perks
Bitcoin transactions are fast, probably as fast as it gets with this level of security. There are instant deposit methods, where a transaction is confirmed within seconds, but they lack the security that BTC has. BTC transactions take an average of 10 minutes to be confirmed.
Low transaction fees are one of the main perks of bitcoin as a payment method. Despite being phenomenally high at the beginning of 2018, it is now below $1. This means if you are going to deposit more than $100, using BTC may be preferential.
Security and anonymity are two big factors that get a lot of people into bitcoin. You can make a new BTC address each time you make a transaction, making you data indecipherable, even though anyone can see it via a blockchain explorer.
Now, apart from being a great payment method at casinos, holding BTC is beneficial for you, as your money will not be subject to inflation. Also, you get the sense of ownership, as no one but you has control over you money. No bank or company can decline a payment.
Another perk is that most payment systems accept BTC as a top up method with lower fees than all the others, about 1%. If your money is in bitcoin and you want to use an e-payment system, you have an advantage.
The drawbacks
Bitcoin is far from idea, though. For instance, the price of BTC is volatile, as proven by the events of 2017-2018. The official site of the cryptocurrency recommends seeing it as a high risk asset, as the price may go down, making you lose your funds.
You can’t reverse a transaction, so you have to be careful of who you are sending money to. If the receiving party is not trustworthy, you may not be refunded.
You have to pay attention to be safe on the web. Only use each bitcoin address once, as it can easily be traced back to you, if you have to go through KYC before making a payment.
A bitcoin wallet doesn’t contain actual bitcoins, just the keys you need to access them. If you lose, or compromise this information, you can end up losing all your money.
The current situation with bitcoin in kenya
You can use bitcoin in kenya, and there are plenty of bitcoin casinos here. The government remains sceptical about the cryptocurrency, and states that there is no legal framework or regulation on using bitcoin.
Alternatives to bitcoin for making deposits at online casinos
Not sure BTC is the way to go? Take a look at the alternatives.
Credit cards
Credit cards are not as secure as BTC transactions, as your CVC code or other details can be stolen due to a security breach. However, it is way faster. The funds should arrive almost instantly.
If you forget some details that you need to make payments, you can easily recover them at your credit card issuer.
Wire transfer
This method is not among the top picks, as it requires you to go to a bank and make a payment over the counter. You’ll have to pay extra fees and wait for some time for the transaction be processed.
E-wallets
There are plenty of opportunities to pay online without a credit card, except bitcoin. Skrill, neteller and ecopayz are just the beginning of the list. They may not have the same potential for security, but are just as easily accepted in casinos, and you don’t have to spend time learning how to use BTC.
Safety of bitcoin gambling transactions
BTC is not secure by itself, it’s just that it has a great capacity for security. If you forget your password, your funds can be lost, and if you are using the same receiving address each time, you are not anonymous.
Good practices are creating a strong password for your wallet and never forgetting it, signing transactions in an offline environment, and keeping your keys on a special cold storage.
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Central bank of kenya warns users of bitcoin
The bitcoin warning in kenya issued by the central bank hinders bitcoin’s development in the region. But can this stop the locals from using bitcoin?
Various financial sectors, specifically banks, are still negative toward the usage of cryptocurrency in spite of the favorable progress the bitcoin ecosystem has achieved to garner mainstream acknowledgement.
Of all the previous skirmishes bitcoin has faced in the conventional market, its encounter with major banks of australia was deemed to be one of the most significant.
This is due to the fact that australian banks have blatantly shut down accounts of major bitcoin-operating businesses in the region. Of course, this event has made a detrimental impact on the overall flow of bitcoin transactions in the country.
Fortunately, bitcoin in australia still thrived amid this constant breakdown being dealt by the banks. This gave the cryptocurrency industry another string of hope of development in the mainstream.
Coincidentally, however, the central bank of kenya has made a statement against bitcoin that may bring this string of hope on a waterloo once again.
Central bank of kenya believes bitcoin is not safe
Joining the roster of cryptocurrency activists, the central bank of kenya has made its move by posting a public announcement as a paid newspaper advertisement that warns about the various ‘dangers’ bitcoin and altcoin transaction may bring to its users.
According to the notice, the central bank emphasizes the fact that bitcoin and other currencies of digital form are not legal tender in the region and that there are no user-protection programs to aid kenyan bitcoin users in the event of discrepancies in transactions.
The main highlight, however, of the bitcoin warning in kenya is that it expresses subtle hints of the possible establishment of the bitcoin regulation in the region:
“domestic and international money transfer services in kenya are regulated by the central bank of kenya act and other legislation. In this regard, no entity is currently licensed to offer money remittance services and products in kenya using virtual currency such as bitcoin.”
Bitcoin opens various opportunities to kenyan users
On another note, various bitcoin adherents have expressed their unwavering support despite the unending shackles being tied to bitcoin. One of which is the former executive director of the bitcoin foundation jon matonis.
He shared his thoughts regarding the issue in an online interview and stated that negative statements toward bitcoin that are issued by the government are amusing in such a way that their beliefs are contrary to their actions:
“these types of government-issued warnings are always amusing because they act as if their own monopoly legal tender is the paragon of safety and stability while simultaneously ignoring the actual, real consumer benefits of bitcoin.”
Bitcoin has proved to be a diverse currency that has opened countless lucrative opportunities to its users. It is certain that kenyan consumers are bound to experience the same benefits of the cryptocurrency.
Likewise, bitcoin will serve as a conduit for kenya to access various bitcoin departments, including the bitcoin casino market. This greatly complements the gambling niche in kenya since the country is open to several offshore gambling sites.
Bitcoin gambling is on the rise
Having only recently embracing the lucrative online gambling industry, kenya is quickly catching up in this business. As local people discover the wonders and entertainment of online gambling, the demand for casinos, sportsbooks, and poker rooms among other gambling sites are expected to rise.
This is the perfect window for bitcoin to extend its influence. By tapping the kenyan online gambling market and introducing the cryptocurrency casinos that host various bitcoin games, more people will realize the advantages of using bitcoin while experiencing the unique bitcoin games and lucrative casino bonuses.
With the abundance of high-definition bitcoin slots from top developers like endorphina, betsoft, and netent on board the bitcoin-powered casinos, together with other exciting games, local players are assured of quality gambling online and on mobile.
Through the popular payment conduits in the country—bitpesa and M-pesa—users can conveniently acquire bitcoin and begin engaging in online gambling, which perfectly demonstrates how bitcoin makes transactions faster, safer, and more convenient.
So, let's see, what we have: in kenya today you can buy, trade, exchange, hold and store cryptocurrencies as long as you do not break any existing laws. At bitcoin casino kenya
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