Safaricom court case in Decemberthe Central Bank of Kenya CBK issued a public warning against buying bitcoin by taking out newspaper ads to inform the public.
Existing bitcoin startups have had their bank accounts shut downmaking it very challenging for new bitcoin startups to open company bank accounts in Kenya. Africa in with the aim to become a center of excellence for blockchain technologies in Africa. Africa offers two coworking spaces, an incubator for startups that are looking into developing blockchain-based solutions, and consultancy services for companies interested in learning more about blockchain technology.
Currently, internet penetration in Africa stands at Kenya has the highest internet penetration, 66 percentin Africa and is also one of the two leading Sub-Saharan countries in internet and telecommunication development next to South Africa.
Consequently, the capital Nairobi has turned into a hub for tech startups, dubbed as Silicon Savannah. Furthermore, Kenya is leading Africa in mobile payment adoption with 86 percent of households having mobile money accounts according to McKinsey.
While these factors bode for a good breeding ground for bitcoin startups, only a few entrepreneurs are currently leveraging blockchain technology to develop solutions in Kenya. Aside from BitPesa and Bithub. Africa, other Kenyan blockchain startups include Remitano and Umati Blockchain. Lastly, there is the paper wallet, a wallet you generate on the Bitaddress.
Both the public key and the private keys are represented as QR codes or long strings of alphanumeric characters on the paper. You can share the public key with those who want to send you bitcoins but keep the private keys secret. Paper wallets are safe because they are offline. However, their physical security is critical. If someone steals a paper wallet from you, they gain full control of your bitcoins.
Paper wallets could also be destroyed by such things as fire and flood. How Can One Get Bitcoins? There are several ways through which you can own bitcoins. You can get them from friends or relatives as a gift. Many people around the world receive bitcoins for the first this way.
Often it is a small amount to test how the system works. However, to significantly get huge amounts, the easiest way is to buy from those who already own them. The online marketplaces where you can buy bitcoins are known as exchanges.