[Translation] The current state of Bitcoin in Kenya

The Current State of Bitcoin in Kenya

As a peer-to-peer payment network with rapid transaction speeds, ever since Bitcoin was born in 2009, its most promising use case has been predicted to be international remittances.

Many experts believed that Bitcoin would drive down costs in international remittances to developing regions such as Sub-Saharan Africa, thereby providing financial relief to people who lack access to banks.

Although the anticipated remittances to Africa have not yet materialized on a large scale, Africa has nevertheless produced several local Bitcoin economies across the continent.

In this article we will introduce the current state of Bitcoin in Kenya and share information about the major East African hubs.

Kenya's Bitcoin Ecosystem

Kenya is one of the four major Bitcoin economies in Africa, alongside South Africa, Nigeria, and Ghana. While recognition and adoption of Bitcoin are rising across many parts of Africa, only these countries provide an ecosystem that includes startups, meetups, regional Bitcoin communities, and Bitcoin liquidity.

Kenya is home to several Bitcoin startups, regular Bitcoin gatherings, Bitcoin-focused coworking spaces, and promotion projects. As a result, people are accustomed to using mobile payments, and considering the volume of trades on LocalBitcoins, demand for Bitcoin is also high.