Bitcoin price is skyrocketing at an alarming rate; as a result, many Kenyans have the itch to learn more about this phenomenal technology and the financial opportunities that come with it. Just a week after Coinweez and E-Labz organized a meet-up in Nairobi another one was held courtesy of Blockchain Association of Kenya (BAK).
The event held on 10th of December, at Metta Club Nairobi, was attended by a large number of newbies, enthusiasts, investors and bitcoin experts. Judging by the large number of attendees, it was evident that there is increased enthusiasm amongst Kenyans to understand the new technology of cryptocurrency and blockchain.
The event run for four hours was clearly expressed, thorough and very enlightening. Some of the key speakers included: Michael Kimani (Chairperson- Blockchain Association of Kenya), Eugene Mutai (Cryptocurrency miner), John Karanja (Founder Bithub Africa), Apollo Sande (Cryptocurrency and blockchain expert), George Mangeni (Cryptocurrency trader), Daniel Nyairo (Blockchain content creator), Juliana Mwangi, and Janet Kemunto (Bitcoin peer to peer traders) among others.
Thanks to these able experts the current cryptocurrency scene in Kenya is bubbly.
Topics discussed included:
- Getting started with Bitcoin and cryptocurrencies.
- How to mine cryptocurrencies from your living room?
- The state of bitcoin legislation and regulation in Kenya.
- How to identify Bitcoin Scams and Frauds?
- How 4 Kenyan Women Are Growing Their Bitcoin Biashara.
- Why cryptocurrency technology matters for Kenya.
- All you need to know about investing in cryptocurrency.
The event was opened with an overview on why cryptocurrencies are the future by one of the key speakers, Michael Kimani, who is the Chairman of Blockchain Association in Kenya. He further explained in detail how far the adoption of cryptocurrency has come and it current state in Kenya. According to Mr Michael, Bitcoin is very valuable and its surge is more than just speculation. He stated people purchasing bitcoin believe in the future and that they are betting on the future because there is proof that the blockchain technology actually works.
John Karanja, the founder of Bit Hub Africa, mentioned that he had been in the technology sector for more than a decade now and has never seen anything grow as fast as cryptocurrencies have grown in this year of 2017. He went ahead and explained in detail what blockchain technology entailed and how it is expected to impact transparency, wealth and resource distribution especially in Africa.
Mining cryptocurrency was another important topic of discussion, with Eugene Mutai explaining how he mines cryptocurrencies from home, the cost he incurs and also the benefit that comes with it. He gave a comprehensive breakdown on return of investment (ROI) when purchasing investments and the gains that come from it. Just like any other business/investment have opportunities and risks, so does investing in cryptocurrency and bitcoin technology. Blockchain and Bitcoin copywriter, Daniel Nyairo, enlightened the attendees on what to look out for in order to avoid being scammed. Despite the huge returns Daniel warned potential investors to be wary of fraudsters giving his own experience in the space highlighting possible ways to identify scammers.
George Mangeni a seasoned trader with the Nairobi Stock Exchange and now actively involved in cryptocurrency trading discussed investment opportunities related to Bitcoin. He urged attendees not only look at bitcoin but also invest in alternative cryptocurrencies known as altcoins as some were making huge price margin compared to bitcoin.
In the discussion panel, women were also on the front row discussing the benefits of trading bitcoin not only in Kenya but worldwide. According to them, Damaris Njoki, Juliana Mwangi and Janet Kemunto, Bitcoin trading is a rewarding employment opportunity. Kemunto stated that we should not work for money but let money work for us.
The event came to a close with a discourse on legislation from Tommy Randall, a lawyer, who encouraged everyone to keep playing in the space.
The event was a great success and everyone is eagerly waiting to see what 2018 has in store for them from the world of cryptocurrency. As fast as new ideas are conceivable, Kenyans crypto-based projects are coming up with start-ups despite the regulation setbacks such as Pesabase. and ChamaPesa.