NAIROBI, Kenya – Bitcoin, a global cryptocurrency, is emerging as a transformative technology with high potential to empower Kenya’s youth amid the country’s economic challenges.
A recent survey conducted by Y News established that despite regulatory limitations, the majority of Kenyan youth are beginning to embrace Bitcoin, mainly driven by the desire for financial freedom and inclusion.
Yonker Gitamo, a BYBIT Trader and Merchant, told Y News that crypto is a growing space which is gaining traction.
“This is a place where people can come and get additional money. This is not a get money, get rich scheme. It is a place that helps people get money by investing in digital stocks, digital currencies and custodians,” explained Gitamo.
According to Gitamo, a merchant is someone who bridges people using their funds in Kenyan shillings to convert it into the digital format and then gets more profits from it.
“This is a platform that allows you to even transact with anyone at any given time. It is an easy and legal way. If you follow the guides, you will always make money,” he added.
Gitamo observed that BYBIT is one of the biggest exchanges in the world, which comes in the digital space to help young people get an extra platform to earn an extra income.
Gitamo spoke to Y News over the weekend after attending a BYBIT side event held at a Nairobi hotel, a special initiative aimed at equipping Kenyan youth with essential knowledge and practical skills in Bitcoin and cryptocurrency trading.
Hosted by BYBIT, one of the world’s leading cryptocurrency exchanges, the event brought together blockchain experts, crypto educators, and industry leaders to provide training, insights, and hands-on learning opportunities in the fast-growing world of digital assets.
Key highlights of the event included:
- Expert-led training sessions on Bitcoin and crypto trading
- Interactive workshops and live demonstrations
- Networking opportunities with key players in the crypto space
- Panel discussions on the future of crypto in Africa
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, serves a global community of over 70 million users,
Speaking separately to Y News, Sheila Waswa, the CEO of Chasing Mavericks, stated that blockchain is the technology behind crypto.
“From where I sit, I will urge the government, of course, it has been getting very serious when it comes to the ongoing conversations around it. So, it should take this ecosystem very seriously, especially as to how it impacts the digital economy,” said Sheila.
Sheila observed that the blockchain and the crypto space are big creators of jobs.
“The government should look at how to promote and support innovation to grow, and ours is ensuring that it has credibility so that our youth get something out of it. Data protection is a very important issue in this context. This has, of course, been captured in the Virtual Asset Service Providers Bill, just like across any industry,” explained Sheila.
When reached for comment, Wilson Ogheneovo, the African BYBIT regional manager, said that the company had put in place stringent measures to curb their users from being scammed.
“Just for the record, we have very efficient systems. Our systems are also designed in a way that merchants can’t manipulate prices and manipulate users,” explained Wilson.
Why some crypto users are living in fear
Wilson’s remarks came when there were fears among users in the crypto space of being scammed even by people who are evading security dragnets.
“But the best tuning with BYBIT, you can always engage the customer care, which will always guide you. Some people use crypto to scam others, and then they come up with the general feeling that crypto is a scam. But eventually, people who do crypto are never scammers,” added Gitamo.
Gitamo disclosed that on most occasions, scammers ask unsuspecting crypto users to invest in particular platforms by lying to them that they have a Bitcoin mining machine that can be able to give them more returns.
“They (scammers) then ask users to send them money and not to anyone else. But to avoid this, don’t click on any fishy links you come across on these digital platforms,” Gitamo advised.
However, all is not lost as Gitamo insists that the Kenyan youth can consider tapping into crypto to earn an extra coin.
“This is because I know Kenya has a vast majority of people who use technology, and crypto is a place where you can earn digitally. You don’t have to have a physical place to earn. If you do due diligence and due investment, you can at least earn 10% returns. If you tap into platforms like BYBIT, you will never go wrong,” Gitamo advised.
