Tuesday
February 26
2019

Crypto-currencies gaining popularity in Kenya

Despite warnings from Kenya’s central bank about the volatility of crypto-currencies, some businesses in Nairobi are now accepting Bitcoin payments.

The total number of Bitcoin transactions in Kenya are estimated to be worth over $1.5m, according to the Blockchain Association of Kenya.

But can the technology really take off?

Crypto-currencies are virtual money that can be used to pay for things in the real world, such as a hotel room, food or even a house.

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.

Photo courtesy of Pixabay.

Source: BBC (link opens in a new window)

Categories
Finance, Technology
Tags
bitcoin, blockchain, cryptocurrencies, cryptocurrency, digital payments, emerging markets