How to buy bitcoins in UAE ?
Why is Bitcoin considered as the #1 cryptocurrency?As cryptocurrencies like bitcoins are completely new to the world, there is no clear rules and regulations defined for the bitcoin-based transactions. Every country has its own regulations related to the buying/trading of cryptocurrencies. But, one thing is common. Cryptocurrency is not considered as an alternative to the fiat currency because of its volatile nature and limited supply. Do you know? Based on the protocol developed by Satoshi Nakamoto (the original creator of bitcoins), the total supply of bitcoins is restricted to just 21 million. And, more than 12 million coins have already been mined. What will happen to the bitcoins once the miners reach that magic number? No one knows. Unless the protocol is modified, it is impossible to mine even one bitcoin more than the 21 million bitcoins. Bitcoin is considered as the #1 rated cryptocurrency even though there are more than 1500 cryptocurrencies created so far. Do you know people are rushing towards buying bitcoins? At the beginning of January 2017, the price of 1 BTC was approximately $1000. But, the value of 1 BTC was close to $13000 in January 2018. Just calculate the percentage of profit attained in 1 year. Unbelievable? Yes. That's why not only the individuals but also governments, financial institutions, banks, institutional investors are all keeping their eyes towards the bitcoins.
How to buy bitcoin in UAE & GCC region?Even though bitcoins are not banned the UAE government, still it is not clear about the government's policy towards the cryptocurrencies. Irrespective of your geographical location, there are three ways to buy bitcoins which are given below:
- Mining - This was the oldest and the most time-consuming option to acquire bitcoins. Because you need to have a dedicated computer with the high processing power, mining software, graphics cards etc to solve highly complex mathematical equations to earn some bitcoins. Simply, you need to make a huge amount of investment to mine bitcoins using this option. Instead of building your own system to mine bitcoins, the best option is to join the existing mining pools so that the mining power will be more as there are more miners.
- Bitcoin payments - This is the easiest way to get some bitcoins. In this case, you will get paid for your service with bitcoins instead of fiat currencies. For example, if you are a web designer then you can request the clients to send the payments as bitcoins for designing their website. For that, you need to have a cryptocurrency wallet which can be online(web wallets) or offline (hardware wallets).
- Exchanges - Buying bitcoins through cryptocurrency exchanges is the most popular option as of today. But, you need to make sure that the exchange you are choosing is reliable and secure. There are hundreds of cryptocurrency exchanges available online but not all of them allows you to buy bitcoins irrespective of your geographical location.
- Regals RA DMCC - Recently, Regals RA (a trusted gold dealer in Dubai) was legally awarded the cryptocurrency license which enables the users to trade cryptocurrencies on its platform. It is the first company to get such kind of license from Dubai Multi Commodities Center (DMCC). Regals RA will be offering the cold storage wallets for storing cryptos at its official headquarters located in the Almas Tower, Dubai. So, buying bitcoins from them is a good option because it offers insurance for its wallets as well. But, currently, it is in the development stage and not yet opened for public.
Top 5 Best exchanges for buying bitcoins in UAEYou can use your credit/debit cards for buying bitcoins from the cryptocurrency exchanges. Before that, you need to make sure that your card provider supports that option. Because, banks like Citibank, Chase etc have strictly prohibited their customers from buying cryptos using the credit/debit cards. Given below are the list of exchanges that offer good customer support for the users located not in UAE but also worldwide.
Want to buy a hardware wallet? You can now place an order for the Ledger Blue or any of the other hardware wallets such as Trezor or Keepkey from our store page. We offer same day shipping for all orders placed within any of the GCC countries including UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Oman. Our customers anywhere in the UAE – Dubai, Abu Dhabi, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah also get to choose Cash-on-delivery (COD) during checkout and pay cash at their doorstep. Every order also comes with 2 years warranty and toll-free customer support.