The Rise of Digital Currency: Bitcoin in UAE

The Rise of Digital Currency: Bitcoin in UAE

Digital Currencies 
- Has opened a new pathway for investors to seek their fortune.
- Are all the buzz in technology circles these days with so many innovations taking place. 

Bitcoin
- Bitcoin are Cryptocurrencies or digital currencies.
- No real physical bitcoins.
- Introduced the world to a completely unique currency.
- Started with Satoshi Nakamoto’s white paper in 2008.
- Has ever since created a buzz within the global financial sector. 
- Bitcoin is based on Blockchain technology. 

Fact
There will only ever be 21 million Bitcoins contributes to their value.

An Amount of Computational Power
- Used to verify every bitcoin transaction.
- Very advanced computers solve extremely complex computational math problems to create Bitcoins. This process is called mining. 

Role of Mining
- Transactions are confirmed by miners, who can earn Bitcoin if they verify a set number of transactions because there are no banks.
- Numerous cryptocurrencies are now available and Bitcoin is widely regarded as the first of its kind.

Act As A Digital Wallet
- A software-based application.
- A digital wallet, which is also called an e-wallet or a Bitcoin wallet.
- Creates very strong passwords and stores your Bitcoin payment and purchases information very securely. 
- Using these in the UAE, you may conduct transactions anywhere in the world. 
- Mobile payment systems creates consumers to pay for goods using their cellphones and may be used in combination with digital wallets. 
- Loyalty card information and digital vouchers may also be stored in a digital wallet.

Accessing Bitcoin
- There has been a considerable demand for Bitcoin. 
- Can be purchased via companies known as exchanges. 

Note: You have access to a variety of Bitcoin exchanges, if you live in Dubai, .

BitOasis 
- Middle Eastern digital currency wallet and exchange service that allows you to purchase, sell and secure bitcoins. 
- Best way to buy Bitcoin in UAE. 
- Wallets are protected by multi-signature authentication.
- Makes it a safe environment to store bitcoins. 

Steps
Like, if the current price of 1 bitcoin on BitOasis’ webpage at any given time. First, a voucher is required to acquire Bitcoins from BitOasis. You must first create a new BitOasis account in order to do so.

Investing in Bitcoin
1. Sign up or Login to your account
- Basic steps to sign up for a BitOasis account, providing them with any details that are necessary for the process. 
- After the signin process, you should attempt to log in to your account.
- Logging in, BitOasis will send you an email asking you to confirm your login details. 
- Enable Two Factor Authentication and choose a secure password. 
- Treat it like a bank account because you’ll be putting money in it.
- After Login, you may see a screen with the title Wallet Dashboard.

Before The Beginning Of Fund Transfer Process
1. Make sure your bank account information is entered into BitOasis. 
2. Your bank of choice will need to be approved by BitOasis to ensure that specific bank regulations are followed. 
3. Your bank account will be shown under the Settings menu once it has been approved.

2. Select Amount
To purchase bitcoin, go to the Buy Bitcoin link on the left and follow the instructions:
- Fill in the amount of your voucher.
- Choose the mode of transfer.
- Don’t forget to enter your User ID in the bank reference number section. 
- Funds must be transferred from a UAE bank account in your name. 

3. Transfer Funds from Bank
- You must connect to your online banking account and make the necessary financial transfers.

Note: Remember that the amount of money transmitted must match the amount of money transferred.

Check the financial transfer details and make sure the following are the same:

1. BitOasis account information.
2. Bank details in your BitOasis.
3. BitOasis bank details in your online bank account. 
4. Both BitOasis and Bank Account transfers must have the same amount.
5. BitOasis’s User ID should also be provided in the bank account’s reference number column.
6. After the confirmation of your transfer, BitOasis will indicate that the order is in process. 
7. Your orders will then appear in the pending orders table.
8. An email will also be sent to you regarding the pending fund transfer.
9. The funds should be sent from your bank account to BitOasis within a day; if you’ve followed the above steps. 
10. When the funds have been transferred, you will also receive an email and your voucher balance will appear under your wallet after the transfer is complete.

4. Buy Bitcoin
- Purchase bitcoins with your voucher balance. 
- “Buy Bitcoin” link will appear on the left side of the menu and click it.

Note: It will take about 10 minutes for bitcoins to arrive in your account once you have clicked on the link. 

FREQUENTLY ASKED QUESTIONS
1. Can I have many wallets?
Yes, you can have as many wallets as you want and you can also transfer bitcoins between them.

2. What is Bitcoin?
Bitcoin is a highly speculative cryptocurrency and you should use be very careful when purchasing it. It not an investment to be made lightly.

3. Is there any extra charges if I purchase Bitcoins?
Yes, if you purchase a voucher in BitOasis with a credit card, BitOasis will charge you a 5% fee.