Cryptocurrency has completely revamped the way investors approach expanding and cultivating their financial portfolios. But if you’re someone who’s treading unfamiliar territory and is reluctant to enter the crypto-sphere – let us make it easy for you by breaking it down.
Bitcoin is a decentralized digital currency, meaning that it is not under the supervision or authority of a government-endorsed central bank. The exchange of this currency is simply user-to-user based on the peer-to-peer bitcoin blockchain network, without the need for liaison. As of now (March 2022), it is the largest cryptocurrency on the market, with an overall market cap of nearly $2 trillion, with a single bitcoin estimated to be at a value of $42,129 as of right now, which is a marginal decrease from its price (all-time high) back in 2021, where it touched 65,000 USD in February 2021, April 2021 and November 2021.
As the UAE is gearing towards becoming a crypto hub, demand for Bitcoin has shot up drastically over the few years, resulting in a lack of local exchanges that support and facilitate safe crypto transactions, leaving crypto investors at odds. However, let’s take a look at ways to safely purchase and sell Bitcoin in the UAE.
Bitcoin in the UAE:
As the demand for crypto steadily increases, crypto investors look for platforms that provide a safe, secure, fast, and convenient means for their transactions. The main concerns for crypto investors in the UAE seem to be a lack of a simple and secure means to buy bitcoin (one which is also transparent in terms of transaction fees). Let us also keep in mind that not all crypto investors are familiar with buying cryptocurrencies, so not everybody has the correct faculties for these valuable transactions. But let’s take a look at ways to securely buy bitcoin in the UAE:
The safest way to purchase crypto in the entirety of the MENA region is through local crypto exchanges. Crypto investors can purchase bitcoin via wire transfer or credit/debit card in the United Arab Emirates, Saudi Arabia, Oman, Kuwait, Egypt, Morocco, Jordan, and Bahrain.
Buying Crypto with Cash/Cash Deposit:
Citizens in the UAE can very easily purchase Bitcoin via a Bitcoin ATM, which are available in the UAE. Once you put cash into the ATM and use it to purchase Bitcoin, these transactions will be directly wired to your e-wallet. Buying Bitcoin for cash comes at an extra cost of 6-12%, but gets you the cryptocurrency quickly and securely. Some Bitcoin ATMs in the UAE include YBETA, 488X and EMF crypto.
Buying Bitcoin with Debit/Credit Cards:
Often crypto investors are reluctant to pay the obscene fees that crypto brokers charge – but there are some brokers that charge reasonably on all credit and debit card deposits in AED.
Buying Bitcoin with PayPal:
In order to buy BTC with PayPal, you need to open an account, link it with your mode of payment, click on the “crypto” button at the top and type in quantitatively, how much Bitcoin you want to purchase. Paypal has a Bitcoin rate of $1 at a purchase fee of 0.5%.
Buying Bitcoin via P2P exchanges:
Perhaps the easiest method to buy bitcoin is P2P exchanges. After your account has been set up, investors pitch to buy/sell Bitcoin. They go through the listings and choose the trade partners with whom they want to conduct their crypto business. And while P2P exchanges don’t offer the confidentiality that other exchanges provide, the most prominent advantage of using P2P is that investors can literally scan, skim and bargain their way through the best deal on the market.
Investing in Bitcoin is both a virtue and a gamble – but if you have your sources and your homework right, nothing should stop you from cashing in on the crypto-wave, especially in a region like the UAE, where opportunities are immense and so are the rewards, so go and check out the best of what it has to offer!