How To Buy Bitcoin In Dubai
A Guide To Buying Bitcoins In Dubai, United Arab Emirates
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The City Of Dubai
Now known as the largest and most populous city in all of the United Arab Emirates, the beautiful city of Dubai begets its humble roots as a simple pearl-fishing village. Over the years Dubai has established itself as an international port city for free trade.
Free Port
Dubai is not only a global city and business hub of the Middle East but also a major global transport hub for passengers and cargo. Established as a free port in 1901 by Maktoum bin Hasher Al Maktoum, Dubai enforced no taxation on imports or exports.
In the 1980s, Dubai fashioned itself into a free-trade oasis at the prompting of Sheik Mohammed bin Rashid al-Maktoum.
Gold & Oil Trade
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Dubai Gold Souk
Dubai has been at the center of gold trade since the 1960s. Whether exported or imported, the vast majority of Dubai’s gold trade has occurred internationally off the coast of India.
In 1966, 4 million ounces of gold was shipped from London to Dubai which was a world record at the time. Dubai has been and will continue to be a major gold and precious metals exporter across the globe.
Despite its humble roots, the discovery of oil deposits off the coast of Dubai in 1966 accelerated the development and economic growth of the city. Today, only 5% of the emirate’s revenue is from oil.
Modern Day Dubai
If you are traveling to Dubai, you may want to visit its rich collection of skyscrapers and man-made structures. Many residents choose to live in Dubai for its unique selection of real estate, whether they are renting an apartment in the Emirate Towers or booking a room at the expensive Burj al Arab.
- The Burj al Arab is the world’s only “7-star” hotel, which features a Skyview bar, an underwater restaurant, and an outdoor tennis court.
- Opening in 2010, the Burj Khalifa, constructed by more than 30 contracting companies around the world, is the world’s tallest building.
- The Palm Islands are the largest artificial islands in the world Dubai and home to the Palm Jumeirah.
- The city is home to the Dubai Miracle Garden which has over 150 million flowers arranged in colorful arches and patterns.
- Located in downtown Dubai, the Dubai Mall is the second-largest mall in the world by total land area.
نحن ندعم بثبات شبابنا ، وسوف نمكنهم من تحقيق أعلى مستويات الابتكار والإبداع في جميع المجالات – Sheikh Mohammed bin Rashid Al Maktoum
Bitcoin In Dubai
With cryptocurrency getting more mainstream media attention in Dubai, people are clamoring to get a piece of the action to buy Bitcoin in Dubai, United Arab Emirates. Today, there are hundreds of cryptoassets on the market, with more cropping up every day. However, Bitcoin is the first blockchain backed cryptocurrency and remains the most popular and most adopted. If you know where to look you can find a reputable Bitcoin seller in every corner of the United Arab Emirates (UAE).
Over the last few years, the digital currency has trended upwards hitting record highs and making headlines. Bitcoin and related blockchain technologies are already beginning to be used by people, businesses, and governments around the world. If you missed out on the initial Bitcoin craze, you can still hold onto them for the long term. The adoption of Bitcoin is still in its infancy, so there will be more opportunities for growth.
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The blockchain has great potential to disrupt a multitude of industries including banking, government, industrial and business sectors. While we may not know which cryptocurrency will eventually become the new “dollar”, we do know that Bitcoin is the first mover in the blockchain era of technology. This means that as long as people hold Bitcoin, it will have inherent value since it will be used as a mean to exchange between currencies.
Obtaining Bitcoin in the United Arab Emirates can be challenging for beginners who want to try their luck in the cryptocurrency market. If you are based in the Gulf region, and particularly in the beautiful city of Dubai, we are going to take you through how you can acquire some Bitcoins in your wallet and build your portfolio. But let’s start with a brief look at what Bitcoin is and the mother technology that is behind its inception.
Bitcoin And The Blockchain In A Nutshell
Bitcoin is a decentralized digital currency built on the Blockchain invented by Satoshi Nakamoto. No one knows who the inventor is or if it was created by a group of developers; as it stands the identity of Satoshi remains a mystery. In order to process transactions efficiently without involving an intermediary, Bitcoin utilizes the Blockchain technology. Think of the Blockchain as a network of nodes and computers that work together to ensure each transaction is cryptographically secure.
There are many reasons to love Bitcoin. It can be used as a store of value and serve as a powerful hedge against the dollar. At the same time, Bitcoin is seamless, transparent and easily transferable between Fiat currency and Gold. For many pundits, Bitcoin is a unique gimmick, while technologists consider it a more effective way to securely hold and transfer money. Early adopters know that Bitcoin is a borderless currency that has real potential to disrupt global economics.
Late last year, we saw Dubai make headlines when a residential real estate was sold in digital currency, notably Bitcoin. Yes, it happened in September when Aston Plaza started offering off-plan studio as well as one and two bedroom units for around 30 – 70 Bitcoins, a time when the digital currency was worth around $4,900 (Dh18,000). This showed the world that indeed Bitcoin can be used as a payment option – not just a digital asset.
“The adoption of this technology will reflect on the quality of life in the UAE and will enhance happiness levels for citizens” – Sheikh Mohammed bin Rashid Al Maktoum
Bitcoin Expansion Across The Middle East:
- User anonymity – While each transaction can be easily traced from one address to another, the identity of users remains private and discrete. Personal purchases from a wallet cannot be associated with your details unless you wish to publish your transactions publicly.
- No third-party influence – Unlike fiat currency which is widely controlled by central banks and governments across the globe, Bitcoin is unique because third parties do not directly influence it. It operates purely on peer-to-peer transactions, guaranteeing more freedom and control for people across the planet.
- Low transaction fees – Standard bank transfers involve fees. Cross-border payments attract higher costs because of intermediaries. By utilizing Bitcoin and the blockchain, transaction costs are inherently low.
- Faster payments – Bitcoin payments are seamless to complete. Unlike the traditional bank wire transfer which could take days or weeks to process, Bitcoin transactions are handled on the more efficient blockchain network, which has no wait periods for authorization requirements.
- No paperwork – With Bitcoin transactions, forget about sending proof of address, showing your passport or ID card or going into a bank. You just need your own wallet, and an address to send Bitcoins to.
- Appreciating value – Apart from being used as a digital currency, Bitcoin can also be used as a store of value, which makes it viable as an investment.
