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Bitcoin in Dubai

Middle-East : Dubai : Life in Dubai : Dubai Finance

In these days, the use of money among people around the world is something that the most important to make a living. So many people move from their homeland to other countries to find a better job and send the money to their family at their homeland. Since the currency and the money are different from one country to another, it might be difficult to send as the currency of the nation money they have. Because of that, some people tend to use one of the newest ways to send money by using a system called cryptocurrency for any transaction.

Cryptocurrency is a method of payment in which using digital money to purchase goods. In other words, cryptocurrency is a computationally-derived mathematical currency which is functioned as money that can be exchanged for various goods and services. Its value is more on virtual currency which only existing in a digital form. The cryptocurrency itself has so many kinds of digital money. There are five types of digital money on cryptocurrency which is Bitcoin that act as the gold in cryptocurrency, litecoin which act as the silver for bitcoin’s gold, peercoin, dogecoin, and also namecoin. Among all those cryptocurrency money, the Bitcoin is the most famous from all that it has more value in purchasing goods and it has been used in so many countries including Dubai as one of the richest countries in the world.

Bitcoin has been famous for certain countries in the world for transaction. Bitcoin itself means a new payment system which using a completely digital money for any transaction. Bitcoin is first invented in 2009 by unknown person who use Satoshi Nakamoto for its alias. The transaction of bitcoin is a no middle men transaction, which means there is no brokerage house such as, bank in doing transaction. It also means that  there are no extra fees on transaction and real name is needed. There are some advantages in using bitcoin instead of real money in transaction. As for international payment, paying using bitcoin is easier and cheap since it’s not tied to any country or subject to regulation. Bitcoin is also becoming favorite way of payment for merchants, especially small business since there are no credit card fees on purchasing goods.

In acquiring bitcoin, people or companies do some method in acquiring it. There are three method in acquiring bitcoin. The first method is by buying the bitcoin through an exchange since there are several marketplaces called bitcoin exchanges which allows people to buy and sell bitcoins using different currencies. The next method is by transferring bitcoins from other people. In some devices, there are some apps which can be used to transfer bitcoins from one person to others just like what we have in sending cash digitally. The last method is by mining the bitcoins. It is the most complicated way of acquiring bitcoins since it requires complex math puzzles solving in computer just like a game and bitcoins are the prize.

Dubai, as one of the richest countries in the world has been known to use bitcoins as one of the transaction tools there. There was a promise that a company will setup 400 ATMs in Dubai, but till today its not yet started. Cryptocurrency is gaining popularity among people who live in Dubai. With these positive responses regarding the simplicity of using bitcoins, there is no doubt that soon it will be the best method in purchasing goods from online stores, and using as a money transfer.