FintechHow ToStartups

Understanding Bitlipa, Kenyan P2P Borderless Remittance Network

What is Bitlipa?

Bitlipa is a mobile application that allows users to transact privately and for free across the globe, Bitlipa leverages on Cryptocurrencies being borderless in order to use Bitcoin (BTC) as a conduit to move value across borders.

Why Bitlipa?

Bitlipa allows users to exchange FIAT* for BTC and vice versa within the app through the following steps;

*Fiat: Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it e.g Ksh via Mpesa

1. How to exchange Fiat for Bitcoin on Bitlipa

  • Download the app and sign up
  • Open the Fiat wallet
  • Click on deposit and fund your wallet
  • Click on the exchange function inside the Fiat wallet
  • Enter the number of Bitcoins you wish to acquire
  • Wait for the confirmation of the transaction on the blockchain

Note the minimum number of Bitcoins you can acquire on Bitlipa is 0.001 as we are operating with 3 decimal places

2. How to exchange bitcoins for fiat on Bitlipa

  • Download the app and sign up
  • Open your bitcoin wallet and copy-paste your public address from the receive function
  • Provide the wallet address to the person sending you Bitcoins
  • Wait for confirmations of the transaction on the blockchain
  • Click on the exchange function inside the Bitcoin wallet and exchange your Bitcoins for fiat
  • Your money, now fiat, will seat in your fiat wallet
  • To withdraw to Mpesa, open your fiat wallet and click on withdraw
AlSO READ:  How to Quickly Disable Dark Mode on Microsoft Word

The acquisition of Bitcoin and liquidation has made this easy, all users are able to move money across borders in the form of $BTC and are able to settle them to fiat(cash) in real-time, thus easing the process of cross-border remittance.

[appbox googleplay]

Follow Techspace Africa on Facebook and Twitter. For the latest news, tech news, breaking news headlines, reviews and live updates check out

You may also like