Category : CryptoCurrency news
Date : Tuesday, November 13, 2018
With Bitcoin, everyone shudders and wants a piece of it, one way or another. With regard to the purchases of bitcoins, the options are quite limited, especially when we talk about the Gulf region, especially the United Arab Emirates. The question everyone asks is: how to buy Bitcoin in Dubai? All are launched to the first step towards the world of cryptocurrency, but havind a cold feet. Recently, some local exchanges have created great trust among their customers. Now anyone with a verified account can buy Bitcoin in the UAE and enter the world of cryptocurrency. Here is a complete guide to buying bitcoins in Dubai and the rest of the UAE and the Gulf.
What is Bitcoin and BlockChain
Bitcoin is a type of decentralized cryptocurrency founded in 2009. The name behind this creation is Satoshi Nakamoto, whose true identity remains a myth, because it is an alias used by one person or by many as a group of developers. Behind the creation of Bitcoin. In the normal world, we trade commodities and goods in old currencies that we call cash, either in online forms of different currencies like ($ | £ | €) or in its paper form. The bitcoin is the same, the only difference is that it does not exist in the form of banknotes or coins, it is fully encrypted and secure, and that no intermediary bank is monitoring the transaction. Just like the real money you can buy, whatever you want, from those who accept it (the number has increased significantly), and you can keep your identity hidden when necessary.
If you want to transfer bitcoins, the banker is avoided, so you do not have to wait for days or weeks. This is done in minutes. All this is possible thanks to the revolutionary blockchain technology.
How to buy Bitcoin in the UAE?
As already mentioned, Bitcoin uses a technology called Blockchain. In total, only 21 million bitcoins can be mined and 16.75 million pieces have already been mined.
Bitcoins are created during the mining process. This is the process by which miners examine a number of blockchain transactions and actually get bitcoins for free.
Bitcoin was the first cryptocurrency, followed by other currencies like Ethereum, Litecoin, Ripple and many others, each with its own touch and added value for the Blockchain game.
Bitcoins, as well as depositing your local currency into bank accounts, are stored in special wallet types numbers of strings and letters that point to a single address.
There are two types of wallets:
- Hardware Wallets
- Online Wallet
Buy Bitcoin with the easiest method in UAE?
Well, bitcoins can be purchased in different ways, such as:
- Bitcoin Mining
- Buy bitcoins per exchange
- Payments made in Bitcoin (in exchange for services)
Miners can use servers and high-performance computers to use software specifically designed to solve complex mathematical problems when verifying transactions. Then they receive a certain amount of bitcoins as a fee.
Bitcoin / Crypto exchanges:
Like currency trading, there are many online crptocurrency exchanges where you can buy bitcoins in UAE, exchange other currencies and withdraw money. Accepted payment methods include PayPal, credit cards or bank transfers.
This is the case when you offer a service and pay with BTC instead of cash. Crypto is really good for payments with the world of e-commerce.
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