William Nanjero: Understand the Fundamentals before You Invest in Crypto – Tuko.co.ke

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In July 2022, a new report by the United Nations Conference on Trade and Development revealed that Kenya held the largest share of the African cryptocurrency market.
Kenya was ranked fifth among the top 20 global economies with the highest number of people in possession of digital currencies, beating developed economies like the United States and the United Kingdom in crypto adoption.
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But what could be driving the rapid adoption of cryptocurrencies in Kenya? How can new investors get involved and make money, what are the risks, and how do you navigate them?
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And what is a cryptocurrency?
Nanjero is the general manager at Sol Generation. He also consults for International Finance Corporation (IFC) and provides advisory services to banks, mobile network operators and fintechs.
Crypto, which Nanjero defined simply as a digital currency, exists on a technology called blockchain.
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Nanjero noted cryptocurrencies are not confined to the borders of one country. It is not regulated or controlled by any authority.
He said there are over 10,000 cryptocurrencies, including Bitcoin and Ethereum.
According to Nanjero, most of these coins have been useful in global digital payments.
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Kenya's leading telecommunication company, Safaricom, launched a virtual visa card on its M-Pesa platform to facilitate global payments.
Safaricom noted the card will reduce forex conversion costs on the local currency used in online payments.
But for Nanjero, such costs can be avoided if one uses crypto coins to make global payments.
Before you invest in cryptocurrencies, understand the fundamentals, just like in any other form of investment, Nanjero advised.
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The investor would also need to understand how to use a digital wallet, as this would allow easy conversion from one currency to another.
The risk profile you possess as an investor is another fundamental you should consider when investing in crypto.
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Nanjero said Bitcoin, for example, has invested heavily in its distribution services over the years, allowing conversion to and from US dollars and payments in cafes and hotels globally, and therefore it is one of the most trusted and preferred digital currencies.
Millions of Kenyans holding the assets have suffered massive losses, especially in the recent months owing to extreme volatility and meltdown in the crypto market.
And owing to the fact that crypto market is un-regulated and fraught with fraud, Kenyans have lost billions of shillings through crypto frauds, for instance Bitstream Circle Cryptocurrency Scam.
Nanjero noted one of the first important steps in crypto trading is picking the right exchange house duly registered and regulated within a country.
This, he said, reduces the risks of stashing money in rogue exchange houses and losing it.
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He noted that the only way to improve the digital currency environment is when the private sector, policymakers, and consumers work together.
For starters, he recommended getting a trusted crypto broker who understands the market trends.
The exchange house should give you a platform (App) that is easy to use – able to sell, buy, check trends, history and mine your coins.
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He explained investing in crypto takes the same principles of investments — short-term (0-6 months), mid-term ( 1 – 2 years) and long-term (over 10 years).
For example, Bitcoin and Ethereum, which are very easy assets to liquidate, may suit for months zero to six, and other coins for six months to a year or longer.
He noted that the coins have a sound business developed through continuous innovation.
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Nanjero added digital currency presents an opportunity for the youth to build and add value to traditional industries.
He said the creative industry can exploit the trends in digital currency to maximise value for artistes.
He said it is through innovation that the foundation for the future generation is built.
In separate news, TUKO.co.ke reported about Lindah Kiyeng, who is the Chief Executive Officer (CEO) and founder of a PR firm, Lindah Kiyeng Communications.
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Kiyeng started the business immediately after graduating in 2017 with KSh 10,000 and today boasts a net profit of up to KSh 500,000 per client.
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Source: TUKO.co.ke
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