Buy Bitcoin in Dubai – UAE, Saudi – A Beginner’s Guide!
If you are not hiding under a rock, you would have definitely heard about the Bitcoin and Blockchain. Recently, Khaleej Times, ran multiple articles related to Blockchain and Bitcoin. Those who had already invested in Bitcoin when it was still a new technology, have become millionaires over a period of time. Although I knew about Bitcoin and Blockchain since some time, I never had a courage to venture into this as I lacked the confidence. I never bothered to read about Bitcoin and its uses. However, since beginning of 2017, I started taking keen interest in Bitcoin and Blockchain technology. Since then, I have taken a serious note of the advantages of these technologies.
What is a Bitcoin?
Bitcoin is a decentralized cryptocurrency. It started in 2008 from a white paper written by Satoshi Nakamoto. Bitcoin runs on a technology known as the Blockchain. There will only ever be 21 million Bitcoins and this is what makes them valuable and scarce.
Bitcoins are created by a process known as mining. Since there are no banks, transactions are verified by miners and when miners verify a certain number of transactions they can actually earn Bitcoin. There are many cryptocurrencies now, but Bitcoin is seen as the first. Other popular ones are Litecoin, Ethereum, Ripple, Dash etc. Bitcoin are stored in locations known as wallets. These Bitcoin wallets can be online, on a hardware device, on a piece of paper or even memorized in your brain. Bitcoin wallets look like a string of numbers and letters.
Here are a couple videos that easily explains what is a Bitcoin:
If you have a basic understanding of Bitcoin, you could also learn about what a Blockchain is. The following video explains this:
If you have a basic understanding of the Blockchain, you will appreciate its uses and future.
How to get Bitcoin?
There are 3 ways you can get Bitcoin:
- Being a Miner.
- Buying Bitcoin through an exchange or through BitOasis or Localbitcoins.
- Selling stuff for Bitcoin on your e-commerce store.
In this tutorial, I will cover how to buy Bitcoin in Dubai, UAE.
There has been a strong demand for Bitcoin in Middle East, especially Dubai. Bitcoins can be purchased through organisations called the Exchanges. If you live in Dubai, you could use any of the Bitcoin exchanges. However, I have only experienced buying through an exchange called BitOasis. And in this tutorial, I will cover how to buy Bitcoins through BitOasis.
Buying Bitcoins through Bitoasis:
What is BitOasis?
BitOasis is a digital currency wallet and exchange service in the Middle East that enables you to buy, sell and secure bitcoin. A wallet is a place where you store the Bitcoins you bought or mined. This has to be a secure place and BitOasis claims that their wallets are secured through Multi signature authentication.
Bitcoin Price in Dubai:
If you head to the homepage of BitOasis, you will be able to find the price of 1 Bitcoin at that particular moment.
How to buy Bitcoin through BitOasis?
To purchase your Bitcoins through BitOasis, you will will need a Voucher.
For this, you will have to first Sign Up for a new new account at BitOasis.
Step by Step tutorial to buy Bitcoin with BitOasis:
Video Tutorial on how to buy Bitcoin?
Step 1# Sign up or Login to your account:
When you are done sign up, you should then Login to your account.
If you are logging in, BitOasis will request you to confirm your login by sending you an email:
Select a strong password, enable Two Factor Authentication. Basically treat this is as a bank account, because you will have money here.
When you have logged in, you will find the following screen: Wallet Dashboard
Before you start fund transfer process: Make sure to add your bank account details under BitOasis. BitOasis will need to approve the Bank. This is done in order to comply with certain bank regulations. Once your bank account is approved, it will be listed under Settings menu:
Step 2# Click on Buy Bitcoin to select your Voucher amount and transfer the funds.
In order to buyer Bitcoin, you need to click on the Buy Bitcoin link on the left:
- Insert your voucher amount;
- Select mode of transfer;
- Remember to enter the User ID in bank reference number column.
Important: The funds should be transferred from Bank Account under your name in UAE, Saudi etc.
You will then be guided to a page to deposit money in your wallet for buying voucher.
Step 3# Transfer Funds from Bank
At this stage, you must login to your online banking account and transfer the funds. Note that the amount of funds transferred must match the actual transfer done.
Double check all the details of the fund transfer and make sure following match:
- Your account details with BitOasis;
- Your bank account listed with BitOasis;
- BitOasis bank details in your online bank account;
- Amount should match both in BitOasis and Bank Account transfer;
- User ID provided by BitOasis should be entered at the reference number column at bank account.
When you have confirmed your transfer, following screen will be displayed at BitOasis:
Your orders will shown under the Pending orders table:
Usually it will take a day’s time to get the funds transferred from your bank account to BitOasis, if you have followed the steps above.
You will also receive an email, when the funds have been transferred:
Once the transfer is completed, your Voucher balance will be shown under your wallet:
Step 4# Buy Bitcoin
When you have your Voucher balance, you can buy bitcoins. Visit Buy Bitcoin link on the left of the menu and click on Buy Bitcoin:
When you have clicked on Buy Bitcoin, it will take roughly 10 minutes for bitcoins to appear in your account.
So, you see it is very easy to buy BitCoin.
Note that you can have multiple wallets and can transfer the Bitcoins between these wallets.
Things to remember when buying BitCoin through BitOasis:
- Bitcoin is a highly speculative cryptocurrency and you must be very careful while buying;
- Note that for buying voucher in BitOasis though credit card, you will be charged a 5% fees by BitOasis;
- Make sure that you choose a very strong password and have authentication through mobile code through SMS;
- Also input a mobile access code to the iOS app.
- Read the FAQ page and other pages from BitOasis carefully to understand risks.
Buying Bitcoin through LocalBitcoins:
Another way to buy Bitcoin in Dubai is through a site called, LocalBitcoins.com. If you would like to meet the person face to face and then purchase Bitcoins, this is the best way.
- First, you will need to sign up for a LocalBitcoins.com account
- Then you would be able to see various offers on the site available. Just make sure the ranking and rating of the person you are dealing is good or 100%. This will make sure you are dealing with a trusted person.
- I would suggest to set up face to face meeting and you transfer the money to the bank or cash and get your Bitcoins in your Bitcoin wallet.
Buying Bitcoins through Changelly:
There is another option for you to buy Bitcoins online, which is called: Changelly.com.
Another way to buyer Bitcoin in Dubai: Buy bitcoin with Credit Card
BitOasis is one of the easy ways to buy Bitcoin in Dubai. But there are other ways you could buy bitcoins. One popular way is to use an exchange called, CEX.io.
CEX.io is a leading exchange and has been in this space since 2013. However, please note that I have not bought any Bitcoins through them and have not studied them. Going from online reviews, I see that they are quite reliable, except for their high fees.
So, you see, it is quite easy to get purchase Bitcoins through your bank account or credit card. Bitcoin hold promise of making common man financially independent. If you have the capacity to take the risk, you could get in and reap long term benefits. I recommend you to go through online articles, videos related to Bitcoin and Blockchain.
Disclaimer: Please note that I am not a financial adviser or I do not have any experience in advising individuals on their financial matters. This post is supposed to be only for information purpose. You should buy and trade in Bitcoins depending on your risk taking appetite. The post may contain affiliate links, using which I may get monetary reward with no extra cost added to you.
BitOasis also lets you Buy Ethereum. But I will not cover it in this tutorial.
Where and how to store your Bitcoins?
Like you store your money or credit cards in your wallet, Bitcoins can be stored in something called online Wallets. These wallets are:
- Desktop Wallets
- Online Wallets
- Mobile Wallets
- Hardware Wallets
If you are running a Bitcoin client node on your PC or laptop, you by default are running a wallet. This client stores your private keys for you. But this may not be a secure way to store Bitcoins. There are other desktop based wallets like Armory, which is more secure than Bitcoin client.
There are many mobile wallets that you could use to store your Bitcoins. Notable among them is Mycelium. You could use these mobile wallets to store your Bitcoins.
I personally use Coinbase to store little quantity of Bitcoins online. If you are in the UAE, you will be able to buy Bitcoins as yet through Coinbase, but due to the secure platform, it makes a good online wallet. Once you have bought your Bicoins through BitOasis or any exchange, you can start transferring your Bitcoins to mobile Wallets.
By far the most secure way to store your Bitcoins is through a Hardware Wallet. Because they are not connected to the internet or any other online service, they are considered more secure than any other form of storing Bitcoins. I have 2 hardware wallets, Ledger Nano S and Trezor
Buy Ledger Nano S (Click on the image below to buy Ledger Nano S)
Buy Trezor: (Click to buy)
Infographics on Bitcoin
How to explain Bitcoin to your Grandparents?