By Tofiq Aliyev
On Oct 26, 2020
One of the places where Bitcoin is gaining popularity and acceptance is UAE. Currently, people are looking more often for places to buy bitcoin there. It is quite a simple process for both country’s residents and tourists to buy leading cryptocurrency quickly and securely.
Bitcoin (BTC) has come a long way since the invention in 2009. Now it has an edge that cannot be ignored by savvy investors. In recent years, the world has taken an interest in the most attractive cryptocurrency. There are many positive outlooks on Bitcoin in the UAE, too. It should be noted that once the United Arab Emirates was a pioneer in embracing the blockchain initiative in the Middle East region.
There are various ways to buy bitcoin in the UAE. Over time, as the use of bitcoin and blockchain technology expanding in different areas, some initiatives in this direction emerged in the country. The number of cryptocurrency exchanges, branches, and ATM points is increasing day by day. It is not difficult to buy Bitcoins as long as you find the best option for you.
One of the ways to buy Bitcoin is by using online crypto exchanges. The exchanges are designed to support the dealing of cryptocurrencies. Before purchase, users enter an identification process. The process is called KYC (Know Your Customer). The KYC verification procedure requires information about buyers (proof-of-identity, proof-of-address, etc.). After the verification process is finished, Bitcoin transferred to the user’s cryptographic wallet. The only obstacle in this method is that it is not possible to pay cash.
Another alternative way to buy Bitcoin in UAE is ATM. UAE’s first and only available bitcoin ATM is located in Dubai, the country’s largest and most populous city. It was installed at the Rixos Premium Hotel in JBR, Marina, in 2019. Users who decide to purchase Bitcoin via ATM can own it here with a 5% commission and cash payment only.
There is another method for those who want to buy a large scale of Bitcoin with the convenience of cash payment. Being able to buy Bitcoin with cash is the most comfortable way for buyers. Operating since 2015, with a cryptocurrency cashpoint in Dubai, Coinsfera allows residents and visitors of the United Arab Emirates to buy, sell, and trade bitcoin with cash, instantly. It offers not only cash but also credit card payment too. Through Coinsfera, even if you are not an expert in the world of cryptocurrencies, buying bitcoin in UAE is quite simple. Coinsfera supports more than 500 cryptocurrencies in addition to Bitcoin(BTC), Ether(ETH), Bitcoin Cash(BCH).
If you are in the UAE, you can visit Baniyas Square-14th Rd – Dubai where Coinsfera is located.
Today, cryptocurrencies are seemed promising in nearly all countries around the world, including the United Arab Emirates (UAE). The UAE, the second-biggest Arab economy, trying to implement a blockchain strategy and become a leader in it.
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