Unlike traditional assets, Bitcoin is on online system used to purchase assets in exchange for goods and services. The advantage of Bitcoin is that they are portable, which allowing for the easy transfer of Bitcoin to anyone, anywhere in the world. Bitcoin investing is still relatively new in the cryptocurrency environment and way of buying and selling online. In 2009, Decentralized Cryptocurrency was invented, and is today known as Bitcoin. The Bitcoin was seemingly developed by a group of developers, or a syndicate, who thought of an idea of how to trade in an online environment, without using hard paper currency. Bitcoin is an encrypted form of “currency” which renders it to be a safe form of trading worldwide, and has become more commonly known as cryptocurrency.
What is Bitcoin and Blockchain?
The technology behind Bitcoin is known as Blockchain. Blockchain enables an individual, as well as a community, to update record entries and information as well as control this information being updated and/or amended. Blockchain technology allows every record update to become the de-facto official record as there is a master copy kept of the original transactions. Blockchain comprises 3 technologies: the Internet, a private key cryptography, and a protocol governing incentivization. Bitcoins are earned because of blockchain-mined transactions. When you buy Bitcoins, they are stored and kept safely in 2 types of “wallets”, hardware wallets and online wallets. These “wallets” comprise of strings of numbers relating to unique addresses, keeping Bitcoin safe in your “wallet”, and ensuring that you cannot be locked out of your funds in any way.
How to Buy Bitcoin in UAE?
Purchasing Bitcoin Through Regal RA
Bitcoins can be purchased via a licensed broker or exchanged directly online. When purchasing Bitcoins via a licensed broker, for instance, in Dubai, there is a licenced brokerage house called Regal RA. The advantage of purchasing or mining Bitcoins via a licenced broker is that this is a secure way to ensuring that your transactions are guarded against hackers and fraudulent transactions. Free cold storage of your wallet is available at the Dubai Multi Commodities Centre (DMCC) headquarters in Dubai (Almas Tower, Dubai). Regal RA is a company which has been accredited by the DMCC, allowing them to trade in cryptocurrencies.
Purchasing Bitcoin Through an Exchange
Purchasing of Bitcoin in Dubai is a simple process, but some considerations should be noted when opting to purchase Bitcoins, i.e. one would require the correct amount of knowledge and experience; a 2-factor authentication code will be requested from you to verify your account to protect it from hackers.
In the Middle East, a BitOasis is a digital currency exchange that allows buying and selling of Bitcoins in a safe and controlled environment also enabling you to use the BitOasis as your digital wallet.
Bitcoin mining allows one to add transactions and records into a public ledger by means of block chain technology, which is essentially, a chain of blocks. The transactions are confirmed via block chain to the entire network. Legitimate Bitcoin transactions are distinguished by nodes in the block chain which eliminates the occurrence of spending coins that have already been spent elsewhere.
In order to mine Bitcoin, you will require software called ASIC Miner. Without this software one will not be able to mine Bitcoins. ASIC miner software is specifically used on specialized hardware designed for the purpose of Bitcoin mining. Upon obtaining your Bitcoin mining software, you will be required to acquire a mining pool, but it is also possible to find a block which is referred to as solo mining. The advantages of becoming part of a mining pool is that the hash rate percent pay-out is greater to the pool of miners e.g. should you contribute 1% of the pool’s hash rate, you would ultimately earn 0.125 Bitcoins.
Buying Bitcoin is Dubai is a process that is both safe and secure, and safeguards you against the possible hacking and theft of your valuable coins. Having the right transaction mediums in place, has streamlined the process, making it easier and more effective to buy Bitcoin in Dubai.