Bitcoin tutorials

How to sell bitcoins to ksh on localbitcoins

April 03, 2020

Introduction

This guide is part of the How to open a USD wallet backed by bitcoin series. It assumes that:

  • You have a localbitcoins account
  • You have bitcoins in your localbitcoins wallet

If not, start with this guides:

  • How to open a localbitcoins account link
  • How to buy bitcoin link

Step 1: Login

First step is to login to your localbitcoins account

Step 2: Check balance in your wallet

  • Click the wallet button and you should see your bitcoins balance as shown below:

bitcoin balance

That is the amount of bitcoins that you can sell.

Step 3: (optional) If you are waiting to receive the bitcoins from binance

  • This applies if you have just sent bitcoins from binance to localbitcoins, and want to check the status of the transaction.
  • Click wallet, then the Receive Bitcoin tab as shown below:

receive status

  • Note that the confirmation is currently 1, you cannot sell the bitcoins until the confirmations are 3
  • Confirmed in about is 20 minutes, that is the estimated amount of time that you need to wait till you can sell your bitcoins

Step 4: Navigate to sell bitcoins and choose a trader

Localbitcoins is a peer-to-peer marketplace, so you need to select the trader that meets your terms. For my case i chose lwachira since he can buy my 0.017197 bitcoins at the best rate.

sellers

Step 5: Initiate the trade

To initiate a trade, click the trader (buyer of your bitcoins), then enter the amount of bitcoins you want to sell or the amount of KSH you want.

  • I am selling 0.017197 BTC
  • I will receive KES 12,424
  • I provide my M-Pesa number so the trader can send me

payment details

Step 6: Wait to receive payment

Wait for a few minutes to receive mobile money payment or bank payment. When the buyer of bitcoins makes the payment, they will mark payment as complete and your bitcoins will move to escrow wallet, awaiting your confirmation to have received payment.

chatbox paid

Step 7: Release the bitcoins

If and ONLY IF you confrim you have received the money in your account, click the green Release bitcoins button.

release bitcoins

Conclusion

This marks the end of the series of converting KSH to Virtual USD wallet and back to KSH using bitcoin in the background.


A personal blog by Kimotho Kamau. I write about bitcoin. Contact me