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 2 primary ways to get Bitcoin:
- Being a Miner
- Buying Bitcoin through an exchange.
In this tutorial, I will cover how to buy Bitcoin in Dubai.
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.
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:
When you are done sign up, you should then Login to your account. 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:
In order to buyer Bitcoins, you need to click on the Buy Bitcoin link on the left:
You will then be guided to a page to deposit money in your wallet for buying voucher.
You can buy voucher by depositing money (online – You have to login to your bank account online and make the transfer) or through Credit Card online. Once you have the voucher, you could then buy Bitcoin. When you payments are done, your voucher balance will be reflected and then you can proceed to buy Bitcoin.
Depending on your voucher balance, you could purchase Bitcoins. So on this date, the value of 1 Bitcoin is worth AED 16,072.62. So, If I have to purchase AED 6000 worth of Bitcoin, I am eligible to get 0.37330457 Bitcoin (BTC). When you are sure, click Buy Bitcoin.
When you click Buy Bitcoin, system will serve the following page, which will confirm your purchase and show pending orders:
Your orders will shown under the Pending orders table:
So, you see it is very easy to buy BitCoins.
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.
Another way to buyer Bitcoin in Dubai:
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.
Infographics on Bitcoin
How to explain Bitcoin to your Grandparents: