Bitcoin is a decentralized digital currency that was first introduced in January of 2009. It is based on principles first proposed in a whitepaper by Satoshi Nakamoto, a mysterious and pseudonymous figure. The creators of the technology's identities have remained a secret. Unlike government-issued currencies, Bitcoin promises reduced transaction costs than standard online payment methods, and a decentralized „authority“ controls it.
Bitcoin is classified as a cryptocurrency since it is protected by encryption. There are no actual Bitcoins; instead, balances are recorded on a public ledger that everyone can see (although each record is encrypted). All Bitcoin transactions are verified by a process known as "mining," which requires a massive amount of processing power. Bitcoin is not issued or guaranteed by any government or bank. Private Bitcoins could not even be considered a commodity. Even though Bitcoin is not legal money in some areas of the world, it is prevalent and has sparked the creation of a slew of rival cryptocurrencies known as Altcoins. When Bitcoin is exchanged, it is commonly abbreviated as "BTC."
Bitcoin uses blockchain technology, which is commonly referred to as a collection of blocks. A sequence of transactions might be included in each block. Nobody can game the system since all blockchain computers share the same block and commerce lists and can observe new blocks being filled with recent bitcoin transactions in real-time.
Bitcoin is neither a legal tender nor a prohibited currency in the United Arab Emirates. While the UAE warns against it, it is legal to purchase and sell Bitcoin here. The UAE, on the other hand, has long been one of the most advanced crypto-supporting countries. The Securities and Commodities Authority (SCA) monitors Bitcoin's activity and regulation within the UAE. Buying, selling, and holding Bitcoin within the UAE is legal.
Bitcoin (BTC) is the most valuable cryptocurrency, with a market capitalization of $1.1 trillion. It's been accessible in the UAE since 2014, and it's becoming increasingly popular. In Dubai, numerous cryptocurrency companies, like Sarafex, allow individuals to purchase and sell Bitcoin and other cryptocurrencies.
However, before acquiring Bitcoin or any other cryptocurrencies, you must have a secure wallet. Non-custodial decentralized wallets like Trust, Atomic, and MetaMask wallets help users securely save their cryptocurrencies. Cold Storage wallets, also called hardware wallets, such as Ledger and Trezor, are also an effective method to keep your assets secure.
The Securities and Commodities Authority of the United Arab Emirates (UAE) began regulating initial coin offerings in the half-moon of 2019, indicating that the UAE is serious about cryptocurrencies.
Purchasing Bitcoin in the United Arab Emirates is simple, but the broker or exchange you choose is crucial. There are two ways to buy Bitcoin in UAE. Namely, via exchange platforms and local companies. Purchasing cryptocurrency like Bitcoin in Dubai via exchange platforms requires buyers to go through some steps. This method allows users to acquire bitcoin on regulated platforms like Binance and Bitfinex. On the other hand, cryptocurrency can be purchased or directly with cash from a local company.
Buying Bitcoin from exchange platforms involves the following steps;
Some cryptocurrency exchanges like Coinbase are licensed within the UAE and are internationally accepted. BTC can be purchased directly there with your debit card or credit card.
Several local cryptocurrency exchangers offer Bitcoins, also a variety of other digital currencies. Due to the low taxation rate, supportive regulatory environment, and political stability in UAE, various discussions and digital currencies base themselves within its territory. Additionally, official support for cryptocurrencies makes Bitcoins an attractive investment for many UAE-based residents, although their values fluctuate dramatically relative to national currencies.
After opening an account on an exchange platform, it is essential to verify your identity; these will strengthen the security of your e-wallet and provide a Know Your Customer (KYC) security that establishes the legitimacy of customers. As a UAE citizen, you will be required to provide documents like personal information, government-issued ID or driver's license, facial recognition, and proof of address. The exchange company will review the verification, and this will take some days.
Different payment options will be provided to deposit money on the cryptocurrency exchange platform, like direct banking and debit cards. When payment has been confirmed, you can then buy BTC either with a direct purchase via credit or debit card or exchange against other cryptocurrencies on the exchange platform using a market order, limit order, and stop-limit options to purchase.
Another option for buying BTC involves speculating on the movements of the crypto by using contracts for difference (CFDs). For instance, you need to open an account with a web broker, like XTB, which doesn't require a wallet or exchange account. Confine mind that if you're employing a broker and trading BTC CFDs, you never actually possess Bitcoins and cannot use them to buy goods and services or receive gifts and payments.
Bitcoin can also be purchased via person to person (P2P) with people you might know but it has its perks and risks as there's no legal document or security involved.
After you purchase your Bitcoins on an exchange or another source, you'll withdraw the Bitcoin to your wallet or multi-currency wallet. To possess complete control over your BTC or the other cryptocurrencies, you would have to withdraw your bitcoins from the crypto exchange or another source to your crypto wallet. The wallet communicates to the crypto network once you want to send and receive transactions. A wallet address is analogous to an email address, except you can use your wallet address to form purchases and receive payments. Wallets can be installed on a personal computer, laptop, or tablet, also as on an Android or iOS Smartphone. Another wallet may be a web-based wallet that does not require a download and provides access to your cryptocurrencies anywhere with an online connection. After you have got successfully withdrawn your currency from the exchange, you have got successfully purchased BTC.
Local companies within Dubai like Sarafex can help UAE residents use Dirham (AED) to buy Bitcoin and send it to your wallet within a business day; you can also sell your BTC to AED on this platform. Sarafex offers to buy and sell solutions of cryptocurrencies, including Tether (USDT), Ethereum, Litecoin, and a lot of other currencies, to a wide range of users. They are among the best company to buy and sell cryptocurrencies to as a UAE-based business and resident.
Sarafex was created to permit crypto-investors and businesses in the UAE to buy Bitcoin and other cryptocurrencies. You can create an exchange request at the company, and you will be mediated with an OTC exchanger, whereas the exchanger will send the BTC to the address you provided.
The Sarafex team is devoted to cryptocurrency technology and constantly simplifying the process of buying cryptocurrencies within the UAE.
To successfully undergo these procedures, start creating a request here.
You can make an exchange request which is forwarded automatically to Sarafex with the details you provided. Therefore, the paper money will be sent via bank transfer, Cheques, or cash delivery, and if someone wants to shop for crypto, it will be sent to the provided address. The process is most times done within one business day after the funds are received.
Cryptocurrencies are becoming more and more attention around the world. And thus, many cryptocurrency investors also want to experience new solutions to pay with these funds.
In the United Arab Emirates, the payment option with cryptocurrencies is currently minimal. And this is where Sarafex comes in with its innovative solution.
Buy and Sell cryptocurrencies by getting brokered by Sarafex with an OTC-Exchanger or as a business owner, expand your store's audience with the ever-growing cryptocurrency industry, and accept payments in Bitcoin and other currencies to get them after easily exchanged into Dirham, AED.