Bitcoin is a decentralized cryptocurrency with no single owner or central authority. It’s a peer-to-peer digital currency, totally different from conventional money like the US dollar or the Kenyan Shilling (KES). Launched in 2008 and hitting the mainstream by 2011 as the first-ever cryptocurrency, Bitcoin opened the door to a new era of digital finance and blockchain technology.
How Bitcoin Actually Works
Transactions run on blockchain technology, a public ledger that records every transfer. All you need is an e-wallet to store your bitcoins—think of it as a digital vault. Popular e-wallet applications like Coinbase and other local exchanges keep popping up, so do your own research before you trade. To buy BTC, you can use a credit card or fund your wallet with a bank wire, PayPal, or even M-Pesa/Airtel Money, which are widely used in Kenya.