Bitcoin is a digital currency widely popular in the investment market that uses P2P (Peer-to-Peer) technology for instant money transfer. It can also pay the merchants and retailers who accept Bitcoins. However, in Kenya, most retailers do not accept Bitcoin for payments. If you do not have Kenyan shillings in your pocket and want to use your Bitcoins to make purchases, you can do this by converting Bitcoin to MPESA.
So how do you convert Bitcoin to MPESA and get free from the hassle of finding a Bitcoin Buyer? You can do this through many cryptocurrency exchanges which support this mobile money service. You can convert your Bitcoin to MPESA using, Paxful, LocalBitcoins, LocalCryptos, and Binance. Using messaging apps like Whatsapp, you can exchange Bitcoins for MPESA directly from someone you know personally.
In this article, we will walk you through all the above-mentioned methods to easily convert Bitcoin to MPESA.
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How to use Paxful to convert Bitcoin to MPESA?
Paxful is the most preferred platform in Africa, where you can convert Bitcoin to MPESA in a hassle-free way. It also offers diverse other payment methods alongside MPESA. You can convert Bitcoin to MPESA on Paxful following these simple steps.
To create your account on Paxful, you must verify your identity, phone number, and address through the KYC process. To complete this process, you can upload a document with your correct name and home address. It can be your bank statement or any utility bill. If you made an account earlier on Paxful, you could log in directly.
Once Paxful approves your account, you can start trading. Pass on Bitcoins from your wallet to the Paxful wallet.
Then, go to the Sell Bitcoin option and look through various available offers. Select MPESA as your payment method from the choices available. Then, input the amount you want to convert, enter your country details, and tap on Search for Offers.
Now, based on your search, Paxful will show you some buyer offers. From the list, select a buyer with good ratings and trust scores to avoid any kind of fraud. Also, check the selling limit, the exchange rate of your buyer, exchange fees, and other terms and conditions.
After selecting the right buyer, specify the amount you want to convert in Kenya Shillings. You can see the Bitcoin amount you need to send and select the “Sell Now” option.
Through Paxful’s chat support, you can chat with the buyer to start the exchange. Share your MPESA name and numbers and ask the buyer to make payment. Once the buyer confirms the MPESA payment on Paxful, release your Bitcoin.
You have now successfully converted your Bitcoin to MPESA. You can also create an offer on Paxful to sell Bitcoin and wait for a trader to connect with you.
See Also: History of cryptocurrencies
Convert Bitcoin to MPESA on LocalBitcoins
LocalBitcoins is a top-rated platform for buying and selling Bitcoin. Follow these steps to convert Bitcoin to MPESA:
Begin by creating an account on LocalBitcoins, or log in to your account if you have one. Proceed to verify your identity, name, and address as required. There are many verification tiers on LocalBitcoins. To start trading, you should acquire a tier-one verification.
Go ahead and move the Bitcoins to your LocalBitcoins wallet. Proceed to the main page and choose the “Quick Sell” option. Select MPESA as your payment method and insert the amount you want to sell.
LocalBitcoins will show you an array of offers. Find the right Bitcoin Buyer by analyzing the offers closely. Pay attention to the trust scores, trade volume, and response time. For reference, a buyer with a green tag is likely to respond within five minutes. A yellow tag means the buyer’s response time is within thirty minutes, and a grey tag means it will take more than thirty minutes to reply.
Tap on “Sell” to read additional information. Go through the buyer’s trade terms before making the deal. If the terms are not cordial to you, then go back to find another buyer. Once you have found a suitable buyer, enter your preferred exchange amount in the blue box.
Move ahead to send a message to the trader and select the “Accept Terms” option. Send the trade request to start the deal. LocalBitcoins will move the Bitcoins from your wallet to escrow.
Provide your MPESA name and number to the buyer and wait for the payment. When the buyer confirms payment on LocalBitcoins, verify it on your phone. If the received amount is correct, tap on the “Release Bitcoins” option.
This is an easy way to convert Bitcoin to MPESA on LocalBitcoins.
Convert Bitcoin to MPESA on LocalCrypto
LocalCryptos is also a P2P marketplace that allows you to convert Bitcoin to MPESA. Here are the steps to do so:
First, form an account on LocalCryptos. If you have previously registered, then log in instantly. Then proceed to verify your necessary details via the KYC process. And transfer Bitcoins to the LocalCrypto wallet.
Look for relevant buyers after entering MPESA as your preferred payment method and Kenyan Shilling as currency. Choose a verified trader with a good reputation and high trade volumes. Also, look for their response time.
Initiate trade once you find a suitable buyer by entering the amount you want to exchange. LocalCrypto will notify the buyer of your trade offer. LocalCrypto will move the Bitcoin amount to escrow.
Use LocalCrypto’s messaging system to send your MPESA details to the buyer. The buyer will pay the amount on your MPESA account and confirm the same on LocalCrypto.
Check the message from MPESA on your phone. Verify the payment and release the Bitcoin to the buyer.
Alternatively, you can also post an offer to sell Bitcoin for MPESA on LocalCryptos.
Convert Bitcoin to MPESA using Binance
Binance is also a good crypto exchange that supports MPESA payments. To convert Bitcoin to MPESA on Binance, follow these steps:
Firstly, form an account on Binance or log in to your existing account. Then, verify your details as required and deposit the Bitcoin in your Binance wallet.
Next, move to the “Trade” tab, opt for P2P, and tap “I Want to Sell.” Insert the amount you desire to convert. Select MPESA as your preferred payment mode and Kenyan Shillings for currency.
You will now be able to see Binance’s list of buyers. Review every offer with attention to the trade limit, completed trades, and exchange rate. Once you discover an appropriate buyer, tap on “Sell BTC.”
Now, wait for the buyer to accept your trade offer and confirm the payment mode and amount. Once the buyer confirms the payment on Binance, verify it on your phone and release the Bitcoin amount.
Thus you can convert Bitcoin to MPESA on Binance successfully.
Exchange Bitcoin with a local trader
Apart from selling Bitcoin on an exchange platform, you can also trade them with people from your local area. They can be anyone you know or someone your trusted people may have referred to.
Connect with them directly through a messaging app like WhatsApp and discuss the amount, exchange rate, and trade terms.
You also have to make sure there is enough money in the buyer’s MPESA wallet to complete the exchange. Once confirmed, ask for their Bitcoin wallet address and transfer the amount. Ask for the payment on MPESA at once.
You can trade Bitcoin smoothly if you know the trader personally and trust them. But in case you feel the buyer is not trustworthy. You can always use an online marketplace to convert Bitcoin to MPESA.
See Also: what are private cryptocurrencies?
FAQs
Can I transfer money from bitcoin to MPESA?
Yes, you can transfer money from Bitcoin to MPESA through an exchange app like Paxful, LocalBitcoins, LocalCrypto, and Binance.
Do banks accept Bitcoin?
Yes, some banks like Bank of America and Goldman Sachs are crypto-friendly and accept Bitcoin. They also allow you to buy digital assets.
Which Bitcoin wallet is popular in Kenya?
Some popular Bitcoin wallets in Kenya are, Coinbase, Ledger NanoX, and Electrum.
How can I convert Bitcoin to cash?
There are various modes available to convert Bitcoin to cash. You can sell your Bitcoins on exchange apps like Paxful or Binance. You can also sell Bitcoins through a broker or cash out from a Bitcoin ATM.
Conclusion
Paxful, LocalBitcoins, LocalCrypto, and Binance are some of the best exchange platforms to convert Bitcoin to MPESA. Therefore, we hope this article has successfully helped you to use these mediums to convert your Bitcoins.
While they are most secure, always be mindful while trading your Bitcoin to avoid suspicious traders. If you are making an in-person trade with someone, as mentioned earlier, ensure the buyer is trustworthy to minimize the risk.
Check out: Digital Asset – Best Crypto Channels On Youtube-2023
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