Bitcoin acts as a form of digital money and is one of the several online currency systems. It is used as a method of payment for goods and services, and also as an investment. Bitcoin is touted as a means to pay for goods and services without needing to involve any third party.
Bitcoin usefulness as an investment is both highly questionable and potentially risky, that is why most businesses still do not accept Bitcoin despite their growing popularity.
It is important you understand what Bitcoin is, and its inherent advantages before proceeding to buy it. This article will explain Bitcoin basics, Bitcoin benefits and how to buy Bitcoin in Dubai.
UNDERSTANDING BITCOIN BASICS
Bitcoin being a virtual currency with no centralized company allows consumers to exchange money for free without making use of Credit Card Company, banks and other financial institution. While in the real world, currencies are governed by a nation’s central bank such as the central Bank of United Arab Emirates. Bitcoin belongs to the people who operate with it, and there are no actual coins, checks or bills.
BENEFITS OF BITCOIN
Bitcoin helps to facilitate online transactions. The market in the Middle East is still hugely cash based with around 85 percent of transactions done in cash. However, we are moving into a digital economy and bitcoin is part of the digital economy.
With bitcoin you don’t actually give out any personal details when you transact, all you need to do is to provide your bitcoin address. So the need of giving out your credit card details online doesn’t even arise.
Another benefit is that there is no need for a middle man, therefore saving you money when sending money internationally.
In the Middle East, only 20 percent of adult operate a bank account, while the remaining 80 percent are stuck in cash based economy, and do not have the opportunity to move money around and also enjoy banking tools that the 20 percent enjoys. The advert of bitcoin has integrated the 80 percent.
HOW TO BUY BITCOIN ONLINE IN DUBAI
The easiest way to buy bitcoin in Dubai is with the use of Bitoasis Wallet.
When you are ready to buy bitcoin, you will start by depositing Dirhams, and then download the Bitoasis Wallet on your iPad or iPhone, Click on the ‘Deposit Money’ page on the buy Bitcoin tab,
Fill in the AED amount you intend to buy the Bitcoin with and take note that the voucher is just a way to add AED credits to your Wallet which you can use to buy Bitcoin any time you wish.
Once you have selected the voucher amount, and then proceed to payment by initiating a wire transfer manually with the Dirhams amount to the bank. You will find the bank details on the second page of the buy Bitcoin tab. On the other hand, you can pay via your credit or debit cards.
If you are in the UAE, your payment will be received on the same day or at most the next business day, otherwise it will take between 1-3 business days if you are outside UAE.
After your payment has been confirmed, The AED amount you paid will be updated with your AED credits, which you can convert to Bitcoin at the exchange rate available.
Bitcoin users can also buy Bitcoin from exchanges such as the UAE-based igot (igot.com) or directly from other people selling it. You can pay for it using cash, credit and debit cards or other crypto currencies.