The term Worldcoin has become popular in the country recently with thousands of Kenyans turning up to register. This mass response has attracted government attention resulting in the suspension of the exercise. Here is what you need to Know about worldcoin in Kenya.
What is worldcoin?
World coin is a revolutionary cryptocurrency that combines both digital identification and digital tokens functionality. Digital identification works by scanning your eyeballs to give you a unique digital identity. After scanning, you are then allocated free worldcoin tokens that you can use to transact.
The coin was released in 2023 and has already attracted over 2 million users globally. Kenya is among the leaders in registration with over 300,000 users so far. This represents over 10% of the total crypto usage.
It is important to note that cryptocurrency is the new form of decentralized money that is based on blockchain technology. These forms of currencies have gained popularity recently with thousands currently in existence. Some of the main ones include Bitcoin and Ethereum. Here is a detailed process on how to buy and sell Bitcoin in Kenya.
Worldcoin uses artificial intelligence to identify users and complete transactions. This is not a surprise as its founder is the famous creator of the AI platform ChatGPT known as Sam Altman.
What is the worldcoin price in Kenya?
Upon registration to the worldcoin wallet, each Kenyan was receiving at least 25 Worldcoins worth 7,000 shillings.
This translates to a value of at least 280 shillings per coin. However, because this is a cryptocurrency, the value keeps changing based on market forces. Hence, this could go up or lower depending on the demand and supply.
Just like most cryptocurrencies, most of the investors in such assets normally have them to sell at a profit. With this I mean buy low, wait when the price rises, and then sell higher to make a profit.
What is worldcoin eye scan?
This cryptocurrency has become common with people scanning their eyes during registration. The reason for this is that worldcoin works by creating a database of user eye data. Due to their uniqueness, this data works to authenticate a human from robots.
This information is also critical when completing transactions as a form of authentication. The scanning happens through a spherical machine known as an ORB scanner.
According to the developers, the information scanned through these machines is given a unique code that is then stored on the decentralized blockchain. Hence, it can’t be traced back to you.
How to register for Worldcoin in Kenya
Registration for worldcoin requires you to download the World app and create your account. You should then visit an eye-scanning center to have your data captured and verified. The verification process is free.
Until the process was stopped by the government, registration centers were available in Nairobi with the most common one being KICC.
Upon verification, you are then credited with free 25 world coin tokens.
How to withdraw money from worldcoin to M-PESA
To access your worldcoin funds through M-PESA, you need to join a cryptocurrency exchange platform such as Binance.
Binance is the largest and most used cryptocurrency trading platform in the world.
Here is how to join Binance in Kenya
Step 1: Download the Binance app or go to their website
Step 2: Create an account. This will require you to provide details such as email and phone number. You will also be prompted to upload your ID and scan your face.
Step 3: Wait for verification. Your detail will be verified after submission and then your account will be activated. This process could take up to 1 week.
How to withdraw your worldcoin to M-pesa on Binance
To access your funds on M-pesa, you will need first to transfer your tokens from the worldcoin wallet to the Binance platform.
Step 1: Log in to Binance and select deposit. You should then select the cryptocurrency you want to deposit. In this case Worldcoin.
Step 2: Select the network you want to use. Ensure the network is correct to avoid losing your tokens.
Step 3: Copy and paste the address to where you are getting the tokens from. In this case, it is a world app.
Step 4: Convert your tokens to USDT. After transferring your tokens to Binance, convert them to USDT as this is the selling stablecoin.
Step 5: Go to the P2P sell option. This allows you to sell your tokens on local payment methods such as M-PESA.
Step 6: Once a buyer is ready, you will receive your payments on your M-pesa. However, you need to include these payment details such as the M-PESA number on the platform.
Is Worldcoin Suspended in Kenya
Recently, the Kenyan government has shut down the operations of Worldcoin in the country citing data privacy issues.
This means that registrations are now illegal in the country. However, those that had already registered will continue using the platform as their data is already stored in the blockchain.
What happens to those Kenyans that had registered to worldcoin
As long the registration was successful and cryptocurrency tokens issued, they will exist to be in existence. This is because it is impossible to stop data that is already in the blockchain decentralized ledger.
However, it is advisable to avoid trading on assets that are illegal as it could result in losses of legal challenges.
Due to the extensive use of biometric data collection, the coin is facing a lot of controversy across the world. Multiple countries have initiated investigations on its operations and generally how they handle the extensive user data.
Most of this is happening in Europe, South America, and now Africa. Despite all this, the price remains relatively stable. An indicator of market confidence that the idea could be valuable.
What is the future of Worldcoin?
The creator of worldcoin has a vision of creating a global database that helps to identify humans from robots. With this information, they are also creating a decentralized transaction network that allows users to use worldcoin tokens in making transactions.
The coin has a global supply of 10 billion coins. However, it is still in the early days, and hence hard to predict its future.