More and more Kenyans are buying and trading in bitcoin and Kenya is one of the fastest growing crypto currencies market in Africa. The total number of Bitcoin transactions in Kenya has increased.
Bitcoin is just one of many crypto-currencies and by far the most popular and widely known of all cryptos.
Digital tokens are held in online wallets, and can be sent anonymously between users.
Crypto-currencies run on a technology called blockchain – a ledger of blocks of information, such as transactions or agreements, that are stored across a network of computers.
The information is stored chronologically and is designed to be de-centralised and tamper-proof. Bitcoin as a crypto currency offers an efficient means of transferring money over the internet and is controlled by a decentralized network with a transparent set of rules, thus presenting an alternative to central bank-controlled fiat money.