Crypto mining kenya

Nairobi — The crypto-ecosystem is steadily evolving - and unlike traditional investment options, the use forms of cryptocurrencies go beyond buying, holding, and selling. With crypto, the possibilities are nearly endless, with users being able to facilitate payments like never before, use as a form of insurance, and ultimately store wealth. For example, Binance, the world's leading blockchain ecosystem and cryptocurrency exchage, trains users to on use of crypto investments. One of such ways is through Binance Earn, which offers customers a suite of products for them to grow their crypto holdings easily. Think of it as your crypto savings account - where you can increase your crypto holdings and earn a passive income without trading. It allos users to save, stake, or even become liquidity providers.

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Content:

• GitHub Reacts to Growing Cryptocurrency Mining Attacks Using GitHub Actions
• Bitcoin Era
• Kaspersky Highlights The Threat Of Malicious Crypto Miners In Africa
• Can you do Bitcoin mining in Kenya?
• Can cryptocurrencies drive a Covid-19 recovery in emerging markets?
• Bitcoin and M-Pesa: Why money in Kenya has gone digital
• What to Know About Investing in Crypto Exchanges
• Bitcoin & Crypto Kenya

WATCH RELATED VIDEO: Youth embrace new way of mining money through cryptocurrency

GitHub Reacts to Growing Cryptocurrency Mining Attacks Using GitHub Actions

The towering vista of Mount Kenya provides an unlikely backdrop to a tech-savvy Kenyan restaurant that has embraced crypto-currencies as a form of payment. Betty's Place specialises in "nyama choma", a lip-smacking goat meat barbeque that is a firm favourite amongst Kenyans. Located in the rural town of Nyeri, about km 90 miles outside the capital, Nairobi, it is one of the few businesses in the country that allows customers to pay with not one but two crypto-currencies - Bitcoin and Dash.

As long as it's a viable coin we accept it. Ms Wambugu started trading in Bitcoin two years ago and and within a year she made enough money to buy the two-storey Nyeri hotel, which she converted to Betty's Place. Located on Nyeri town's busy main road, the restaurant is unmistakable with its bright mustard-coloured walls and big glass windows providing a welcome invitation to hungry patrons, who are greeted by a pleasant aroma of meat on the grill and the sounds of local music.

Betty's Place is not only a place for tasty Kenyan cuisine, but it has become something of a local attraction for people wanting to know more about Bitcoin. When it comes to embracing new technology, Ms Wambugu describes herself as "a crypto-currency pioneer". To encourage more take up, she holds classes in how to trade in Bitcoin every Sunday at her restaurant. Whoever asks about crypto-currencies: 'How does it work? What is Bitcoin?

Mobile phones make paying with crypto-currency at Betty's Place and other retailers easy. In Africa the mobile phone has been instrumental in transforming the way people conduct business, and the growth of Bitcoin could one day rival mobile banking platforms like M-Pesa as a viable form of payment.

Bitcoin presents an "opportunity to do what people are calling 'banking the unbanked'", says James Preston, head of the publication SA Crypto, referring to more than million Africans who do not have access to traditional forms of banking. The surge in popularity of Bitcoin and other crypto-currencies has led many experts to believe that Africa will once again leapfrog the digital divide, bypassing traditional banking much like it did with the fixed-line telephone.

Yet even in the famed Kenyan tech hub of "Silicon Savannah" there are few if any businesses that allow customers to buy with Bitcoin - and there are cautionary tales. Look out for it on partner stations from 22 October. Peter Oduba, a would-be investor from Kenya, fell for a Bitcoin Ponzi scam called Crypto Wealth and lost a significant amount of money in the process. He told the BBC the scam had involved "six pots" investors could "jump into".

We didn't know it was a scam, and we did it for quite some time and then it just collapsed. Bitcoins, and the blockchain technology that underpins crypto-currencies, are often touted as presenting an opportunity to transform business and the way governments run in Africa. Transparency and accountability are key aspects of the blockchain system - two qualities citizens seek in African countries that have been mired in corruption and maladministration.

Pan-African telecommunications company Liquid Telecom said in its blockchain report this year, that the technology was a "truth engine that represents a new opportunity to improve processes and drive efficiency". If all government contracts, tenders and budgets were available in an incorruptible blockchain network there would be an exponential decline in corrupt practices and shady deals. But it is important to note that blockchain technology is not the panacea to the governance problems seen in parts of Africa.

Much of the appeal of Bitcoin and other crypto-currencies for investors is that they are free from the strictures of regulatory authorities, partly because legislation has not caught up with the technology yet. South Africa's central bank trialled a system earlier this year called Project Khokha, which used blockchain technology, to process interbank payments and settlements.

It found that "the typical daily volume of the South African payments system could be processed in less than two hours" with full confidentiality of transactions assured.

Earlier this year, the country's Senate ordered an investigation into Bitcoin trading and central bank governor Godwin Emefiele warned: "Crypto-currency or Bitcoin is like a gamble, and there is a need for everybody to be careful. Business instinct and pioneering endeavour has led Ms Wambugu to invest in Bitcoin and make it a payment alternative for her customers. She does not need regulators to tell her how to best use the technology. Betty's Place is at the confluence of traditional food and modernity in a rural setting, and that is exactly how Ms Wambugu wants it to be.

Bitcoin buster? The search for a more stable cryptocurrency. Five African tech trends to look out for in Africa Today podcasts. Bitcoin lessons. Behind the jargon. It is a crypto-currency that has no notes or coins. It is digital and largely exists online and is not issued by governments or traditional banks. What is blockchain? It is the technology that underpins Bitcoin - a method of recording data, a digital ledger of transactions, agreements and contract.

Distributed across computers around the world, no one person or entity can control the data, which makes it transparent. You can enjoy roast meat as well as learn about digital currencies at Betty's Place. You can get a Bitcoin wallet on your mobile phone. Cautionary tales. What is a Ponzi scheme?

Original investors are initially rewarded with a high rate of return on their investment, but they need more investors in the scheme to maintain that level of return More investors are conned into joining, but as their investments are used to pay the original investors returns and inflate the scheme, they receive less money from their investments.

They in turn seek more investors to increase their returns Scheme collapses when the number of new investors dwindles and returns dry up. Blockchain 'incorruptible'. This video can not be played To play this video you need to enable JavaScript in your browser. Karishma Vaswani takes a look at blockchain and explains how it works. You may also like:. Why African millennials can't get enough of Bitcoin Why is it so hard for Africans to visit other African countries?

Why Kenya hopes blockchain can end land grabbing. Beatrice Wambugu used her profits from trading in Bitcoin to open up her restaurant. Published 11 December Published 19 September Published 21 August Published 3 January Related Topics. Kenya Bitcoin.

Bitcoin Era

The towering vista of Mount Kenya provides an unlikely backdrop to a tech-savvy Kenyan restaurant that has embraced crypto-currencies as a form of payment. Betty's Place specialises in "nyama choma", a lip-smacking goat meat barbeque that is a firm favourite amongst Kenyans. Located in the rural town of Nyeri, about km 90 miles outside the capital, Nairobi, it is one of the few businesses in the country that allows customers to pay with not one but two crypto-currencies - Bitcoin and Dash. As long as it's a viable coin we accept it. Ms Wambugu started trading in Bitcoin two years ago and and within a year she made enough money to buy the two-storey Nyeri hotel, which she converted to Betty's Place. Located on Nyeri town's busy main road, the restaurant is unmistakable with its bright mustard-coloured walls and big glass windows providing a welcome invitation to hungry patrons, who are greeted by a pleasant aroma of meat on the grill and the sounds of local music.

Kaspersky Highlights The Threat Of Malicious Crypto Miners In Africa

In our series of letters from African journalists, media and communication trainer Joseph Warungu looks at why Kenyans are becoming wary of what they post on social media. Picture this: you're having a great Christmas holiday at a fabulous location abroad. You walk into a fancy restaurant and order an exquisite meal. And because you have a loyal band of followers on social media, you decide to take good pictures of the sumptuous meal and share them. How else would people know that you've eaten food that your village mates have never seen in their lives and whose name even you cannot pronounce? And when you press "share" - the immediate reaction is: "Oooh, mmh, nice! Look at you!

Can you do Bitcoin mining in Kenya?

These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. In cryptocurrency mining, people use enormous power-hungry computers to solve algorithmic puzzles and in return get rewarded with new bitcoin. That makes cheap energy integral to bitcoin.

Can cryptocurrencies drive a Covid-19 recovery in emerging markets?

CNN Eugene Mutai is well aware of the risks of mining virtual money. More Videos Kenyan developer mines cryptocurrencies from his front room He's right to be -- cryptocurrencies are volatile. That hasn't stopped him from operating in this shadowy and controversial corner of the global financial system. A few years ago Mutai was working odd jobs on farms in rural Kenya.

Bitcoin and M-Pesa: Why money in Kenya has gone digital

The threat of malicious cryptocurrency miners has remained prevalent in Kenya, recording a high number of targeted users, according to cybersecurity firm Kaspersky. This as the trading of cryptocurrency trade continues to gain momentum with the Global Crypto adoption Index ranking Kenya as a top country in peer to peer exchange trade. Since the beginning of , Kaspersky has detected more than 1, fraudulent global resources aimed at potential crypto investors or users who are interested in cryptocurrency mining. Currently in Kenya, the share of all users targeted by malicious crypto miners in H1 was 0. When looking at the fraudulent global resources detected by Kaspersky, typically, cybercriminals locate sites in popular domain zones:.

What to Know About Investing in Crypto Exchanges

Sort through the list of sellers based on your preferred currency and payment option. Finally, open a trade with any trader of your choice and complete the trade to get your bitcoin. The first step is to register for a free account on the Paxful website. Select your preferred currency and payment mode.

Bitcoin & Crypto Kenya

It comes as no surprise that the world is becoming more connected and digital. The COVID pandemic has only accelerated this trend, shifting everything from work to school to socializing into a technologically charged reality. Cryptocurrency usage has fared strongly across emerging market countries, which are leading the world outside of the US across key crypto metrics - highest adoption rate, highest trading volume, and highest level of mining. Among the top 20 crypto-adopters - most of which could be classified as emerging or developing nations - crypto usage has been both bottom-up and top-down , as governments have explored and recognized the utility of the digital currency at the macroeconomic level.

In Kenya, the Central Bank has issued a warning against investment in cryptocurrency. This warning comes with the growing popularity of cryptocurrency in Kenya. The concern is that the bubble might bust leading to tremendous losses. Some experts and direct investors, however, disagree with this warning describing cryptocurrency as the future. Cryptocurrency is a digital currency that is big across the world.

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