Bitcoin is a cryptocurrency and a payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 and released as open-source software in 2009. The system is peer-to-peer and transactions take place between users directly, without an intermediary.
At the same time Dubai has been climbing up the ranks as the global financial centre arena competing with other centres like London, New York. Dubai as a global financial centre would help its ambition to grow and make available all the finances for itself and regionally.
That’s why the relationship between BitCoin & Dubai or – more in general – cryptocurrencies & Dubai is becoming stronger and stronger. There are many ways to buy / sell cryptocurrencies over here.
Let’s also give a look at Ola Doudin‘s story. Coming from Jordan, she’s the founder of the Dubai-based start-up BitOasis; she bought her first Bitcoin three years ago, while living in Amman, after reading an article of Business Insider about Bitcoin.
She spent months reading up on the digital currency in scientific journals and connecting with other enthusiasts on Twitter.
In Amman, however, there was no easy way at the time to get individuals in Jordan, or even in the UAE or Lebanon, to buy Bitcoins from. Finally, a friend connected her to a Canadian cryptocurrency fan, she sent him money via PayPal, and he deposited a Bitcoin into her digital wallet.
BitOasis was launched in Dubai in late 2014 and secured seed funding from Wamda Capital and others in 2015. Its wallet service is now available across the Middle East, North Africa and Asia, and users in the UAE, Qatar, Kuwait, Bahrain and Saudi Arabia can also use the exchange service by wiring money to a BitOasis bank account, to be changed to Bitcoins for a 1 per cent fee.
Bitcoin opens up whole new markets and business models. The next Venmos and PayPals are going to be built on Bitcoin. A study published by Juniper Research in June 2016 predicted the total value of Bitcoin transactions in 2016 will be three times as big as the total value in 2015.
A sizeable user base uses Bitcoin to pay tiny amounts of money on a frequent basis for things like gaming, virtual private networks and cloud services. These payments can be prohibitively expensive via bank transfer or credit card, or completely impossible.
The Gulf’s expatriate communities can similarly use Bitcoin to pay bills or top up cards for their family at home. Then holding Bitcoin is a way to diversify your investment portfolio. Bitcoin’s value tends to rise when there are sharp drops in the value of conventional currencies and commodities.