Kenyans highly like the simplicity of being capable of converting bitcoin to MPESA. This is made feasible by several exchanges providing the well-liked mobile money service. This post will teach you five different methods for converting bitcoin to MPESA.
There are various platforms where you can convert Bitcoin to MPESA, including LocalBitcoins, LocalCryptos, Paxful, and Binance; you can also exchange Bitcoin in Person.
Now you know about these various platforms, let’s read about them in detail so that you can follow and employ these methods to convert Bitcoin to MPESA.
- 1 Methods to Convert Bitcoin to MPESA
- 2 FAQs
- 3 Conclusion
Methods to Convert Bitcoin to MPESA
Below are the methods which can be used to convert Bitcoin to MPESA:
How to convert Bitcoin to MPESA using LocalBitcoins
One of the best peer-to-peer (P2P) markets for trading bitcoin is Localbitcoins. The steps for converting bitcoin to MPESA are as follows:
- Log in or create an account.
- Verify the necessary data. There are various verification layers on Localbitcoins. To ensure a seamless process, you need at least to obtain a tier-one (TI) verification.
- To your Localbitcoins wallet, transfer BTC.
- On the home page, select “Quick Sell.”
- Enter the desired selling price and choose MPESA as the preferred payment option.
- Localbitcoins will show a list of offers, paying great attention to the transaction volume, reputation score, and reaction time. For instance, green denotes a five-minute response time, while yellow indicates that they will respond within 30 minutes.
- Before beginning the trade, read the conditions of the deal. If you would like the conditions, look again for a different offer.
- Enter the selling price in the blue box once you’ve found a suitable buyer. Type a note for the dealer and press the “Accept Terms” button. The BTC will be transferred from your account to escrow.
- Send the buyer your MPESA information and wait for payment.
- Once the buyer has finished submitting the payment, they should confirm.
- Check the transaction on your phone. Click “Release Bitcoins” if the transaction is accurate. The buyer’s wallet will get the BTC once it leaves escrow.
Alternatively, you might post an ad online and wait for inquiries from purchasers.
How to Exchange Bitcoin for MPESA using LocalCryptos
LocalCryptos is another P2P marketplace that allows users to convert bitcoin to MPESA. Below are the steps you should take.
- Create a LocalCryptos account or sign in if you already have one.
- Check the pertinent details.
- BTC should be sent to LocalCryptos.
- Filter your search for buyers based on the price, location, payment method, and currency. Select certified traders with a solid reputation, lots of trades, and significant trading volumes.
- Open a trade once you identify a reliable buyer.
- Enter the quantity you wish to sell, then lock in the pricing. A message will be mailed to the buyer, inviting them to deal with you.
- The decentralized escrow with the BTC. A countdown timer begins once the dealer has escrowed the BTC. The customer will be informed by the countdown how soon they have to send the payment.
- Send the buyer’s payment information via an encrypted messaging method. Your MPESA account will receive the payment from the buyer. They will next select “Mark As Paid” to validate the payment.
- Make sure you have an MPESA SMS verifying payment on your phone. Send the bitcoins to the purchaser after that.
On LocalCryptos, you can also advertise a buy bitcoin for MPESA deal.
How to exchange Bitcoin for MPESA using Paxful
MPESA is a payment method that Paxful accepts. Users can easily convert bitcoin to MPESA thanks to this. Take the steps below to sell on Paxful.
- Register a Paxful account. Log in if you have an account.
- Check your details, then await approval. With this trading app, you can begin trading once Paxful has confirmed your information.
- Bitcoin should be transferred to the Paxful wallet.
- Select Bitcoin and then click “Sell.”
- Decide on MPESA as your payment option. Select the Kenyan Shilling as well.
- Click “Search Offers” after entering the amount.
- Check out the deals Paxful will show you. Look at the pricing, the trust rating, the buying restrictions, and trade volumes to choose a reliable trader. Pay close concentration to the confirmed information as well.
- Click “Sell” when you discover the ideal customer.
- Enter the desired selling price in Kenyan shillings. The quantity of BTC you ought to send will be displayed. To sell now, click.
- Chat with the purchaser to begin. Bitcoin will be transferred to escrow by Paxful.
- Give your MPESA information.
- The purchaser will send the money and verify it has been received on Paxful.
- Unleash the Bitcoin to the purchaser if you have already received payment.
Another option is to put up a buyback request for bitcoin and wait for a purchaser to respond.
Trade Bitcoin for MPESA on Binance
Additionally, Binance accepts MPESA payments. Follow these instructions to sell bitcoin on this platform.
- Create a Binance account.
- Verify your data following the standards of the exchange.
- Bitcoin should be added to your Binance wallet.
- Next, select P2P under “Trade.”
- Simply select “I Want to Sell.”
- Select BTC and input the selling amount.
- Choose the amount and the mode of payment.
- You’ll find a list of deals there. Focus on the price, deals the buyer has already performed, and the limit when examining each offer. Click “Sell BTC” if a potential buyer has been located.
- The buyer will verify the payment option and sum on the order information page.
- The customer will acknowledge sending the payment once they have paid.
- Send the bitcoin to the purchaser if the money has reached your phone.
On Binance, traders may also publish a trade advertisement.
Exchange Bitcoin in Person
Follow these actions to make use of this choice:
- Search for purchasers in your neighborhood. They can be people you know, or a reliable source recommended to you.
- Set up a meeting with the buyer when you discover one. Beforehand, talk about how much you’ll sell for and the price.
- Ask to notice the buyer’s MPESA credit foremost during the meeting.
- Next, send the money using their bitcoin wallet’s address.
- They must send you the money as soon as they get the bitcoin.
Can I use Bitcoin at banks?
Which banks are Bitcoin-friendly? It may have crossed your mind if you're seeking solutions to manage both your conventional and alternative currencies. While some US banks enable you to buy Bitcoins using your bank account, most US banks forbid clients from buying or exchanging cryptocurrency.
Are M-Pesa and Bitcoin compatible?
In the modern world of mobile money, trading Bitcoin with M-Pesa is simple.
Can Bitcoin be exchanged for actual money?
An option is to employ an outside exchange broker to exchange Bitcoin for actual money. Your BTC will be transformed into money at a predetermined rate through these 3rd parties. It is both easy and safe.
How much Bitcoin may be withdrawn all at once?
You can sell an unlimited amount of cryptocurrency for cash. To draw money, you must foremost sell your BTC for cash. After that, you can transmit it to the bank or buy more BTC.
We hope this guide has helped you to convert Bitcoin to MPESA. These are the various platforms using which you can exchange Bitcoin for MPESA. Our tutorial has addressed the easiest, most convenient, and most practical methods.
See Also: 8 Best Bitcoin Mining Apps For Android.