Bitcoin traders club
When she quit her job at a local telecommunications company, Aerlene Mugambi spent two and a half years dabbling in small businesses without success until she discovered the world of digital currency. Fifteen months later Ms Mugambi, 38, has made online digital trading a bitcoin traders club time job, earning her a monthly income of up to Sh, and she bitcoin traders club not about to look back. Like Ms Mugambi, more than 1, Kenyans are betting big on the unregulated, global digital currency craze and putting tens of millions of shillings at stake in pursuit of outsize gains.
Bitcoin and Ethereum, whose values have skyrocketed in the past 10 months, are the digital currencies of choice for the Kenyan traders. Bitcoin is a trust-based, digital currency that is not backed by any bitcoin traders club or underlying asset, but commands its value from scarcity and universal tradeability. Each bitcoin traders club pays a minimum of Sh70, for membership and a starter trading deposit, which translates to a conservative minimum bitcoin traders club about Sh70 million invested in the little-understood digital currency.
The Kenyan traders have formed clubs to pool their resources and invest in Bitcoins, mainly to do what is known in cryptocurrency lingo as mining. She is also a member bitcoin traders club the AchieversKlub Kenya that is affiliated to global mining unit BitClub Network that has its main facility in Iceland. Mining involves setting up powerful computer processors that are used to verify global Bitcoin transactions — based on an online digital register— and in return the person is issued a certain number of Bitcoins in exchange.
It is the bitcoin traders club means for issuance of new Bitcoins into the market and it also plays the role of the central exchange for the currency. The initial joining fee of Sh70, covers membership fee and one share, from which the new bitcoin traders club starts earning a slice of the mining income of BitClub Network, which hasmembers drawn from 90 countries. Those bringing in new members also earn a commission.
In Kenya, the idea of a referral for commission raises comparisons with multi-level marketing or pyramid schemes, the latter having caused untold pain to the public.
The digital currency wave has had its doubters, among them central banks and several prominent business leaders globally. The CBK issued a public notice in December warning the public to desist from transacting in virtual currencies. Like many of its peers globally, the CBK pointed to the fact that these currencies carry heavy risk due to their lack of regulation and backing by an underlying asset, warning consumers they would lose their money without having any legal redress in the event these exchanges collapse or close business.
The regulator had not responded to the Business Daily 's queries on Bitcoin trading in Kenya by the time of going to press. KRA should offer clarity on how to tax bitcoin trading. Bitcoin trading firm partners with Airtel after cutting Safaricom links. In China, the government has been cracking down on Bitcoin, which has spawned a huge industry in the country with huge mining farms that take up a large amount of electricity to power their powerful processors.
Kenyans have, however, been content to overlook these risks instead focusing on the promise of huge returns compared to bitcoin traders club returns from the traditional investment classes. Raymond Kaptich, a year-old civil engineer, is also a director at the club.
Mr Kaptich argues that there is risk in all investments, while defending Bitcoin from claims that its obscurity is also leading to use in financing illegal activities. Independent analyst Aly-Khan Satchu says that what has been happening in Kenya is part of a global movement towards the mainstreaming and acceptance of Bitcoin.
Pointing to bitcoin traders club demand-driven rise in price, Mr Satchu says that eventually, cryptocurrencies are likely to be accepted as a legitimate investment class. Forget land and invest in digital currencies. Bitcoin claws back Sh, after losing almost a third of value.
Bitcoin traders club becoming the rage at US business schools. More than 1, Kenyans are betting big on the unregulated, global digital currency craze and putting tens of millions of shillings at stake in bitcoin traders club of outsize gains. The creator of Bitcoin bitcoin traders club not known.
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