Top 5 Benefits of Buying Bitcoin

Bitcoin has been on the up and up for over a decade now. It’s the ideal investment for many people who want an alternative to cash or gold without losing sight of their hard-earned money. Adding bitcoin to your portfolio is not only wise but can provide you with an exciting and potentially lucrative new revenue stream. Without further ado, below are five benefits of buying bitcoin.

1.    It Is the Future of Money

As we know, cash and gold aren’t going away anytime soon, but in the long run, they will be replaced by digital currencies such as bitcoin due to major benefits such as security and convenience. Blockchains ensure that users remain anonymous when transferring bitcoins, while innovative contract protocols protect user anonymity and safety.

2.    Bitcoin is a stable store of value

Bitcoin has been stable since its inception in 2009, with one bitcoin worth millions of money today, according to coinbase.com. As well as being resistant to inflationary forces, the currency cannot be confiscated or frozen by governments or central banks either.

3.    Spending Bitcoin Is the Future

Bitcoin transactions are secure and anonymous – meaning that there is no bank or government involvement; therefore, transaction fees charged by third parties such as banks will be a thing of the past.

As well as this, users have complete control over their money 24 hours a day, seven days a week which also means that they will no longer have to wait for banks or businesses to open before they can buy or sell a product.

4.    It Is a Decentralised Currency

Since no company or central authority can control bitcoin, users are free to buy and sell goods without the usual fees charged by third parties such as banks. This benefits both consumers and retailers since there are far reduced costs involved in BTC transactions. As well as this, bitcoin cannot be forged, rendering it immune to fraud or duplication.

5.    It Is an International Currency

Bitcoin is the perfect global currency, meaning that not only can people make transactions without incurring exchange rate fees, but they are also able to bypass discriminatory policies in countries where traditional currencies are heavily regulated. Transactions made using BTC are sent and received quickly, cheaply, and safely, making it the ideal digital alternative.

Disadvantages of Buying Bitcoin

Are you curious about bitcoins? Are you thinking of investing in them? If you are, I’d like to sway your opinion by writing about the top five disadvantages of buying bitcoin. After extensive research for bitcoin mining and reading several online forums, all investments come with advantages and disadvantages. Still, only time will tell if this is a good investment.

The Government does Not regulate Bitcoins

When it comes to choosing between purchasing bitcoin, this is one of the most significant issues with bitcoin as a currency and an investment. The Federal Reserve can lower or raise interest rates, but bitcoins fluctuate independently.

This lack becomes more evident when compared to other currencies. The fluctuation in bitcoins can be up to hundreds of dollars, which would never happen with the USD.

Bitcoins Are Very Volatile

As stated earlier, bitcoin is highly volatile in value, and there’s no government agency in place to regulate the value or demand for this currency. This is good when you’re cashing out large amounts of bitcoin, but not so much for putting money into the system. The fluctuations are all over the place, and bitcoins will likely continue to grow in price, but this is risky.

It’s Not Easy To Cash Out

There are two ways you can cash out your bitcoin. One way is to use an exchange platform that will allow you to trade bitcoins for other currencies; the second method is selling them directly on LocalBitcoins

 An issue with both of these methods is it can take upwards of 10 minutes for your bitcoins to reflect on the website. It is possible, but it will take practice and time to become adept at cashing out your bitcoin.

Bitcoin Is Not Widely Accepted

There are various ways to use bitcoin, but it is impossible to pay for everything with bitcoins. Of course, you can purchase things online using the currency, but there are still many places in your city that don’t accept bitcoins as payment. If you decide to invest in this currency, be sure you understand that not everyone will accept bitcoins and that you may need to exchange them into your local currency.

You Can Lose Them

It’s possible to lose bitcoins, but you must understand where the currency is stored before saying it’s lost. The bitcoins are in your digital wallet, which can be saved on your computer, phone, or other devices.

If you don’t save them and lose your wallet somehow, this would be equivalent to losing cash. If you lose your wallet, it’s gone, and there is no way to recover the bitcoins unless you remember the password needed to enter your wallet.

What’s the Future of Bitcoin?

So, you heard about bitcoin a little while back but were too lazy to look into it. Now you’ve come across this article out of curiosity and want to know more about bitcoin’s future. For this article to have any chance at being written in the first place, I’ll assume that you’re not new to bitcoin entirely and that you know what it is and how it works.

If that’s not the case, I’d recommend reading a quick introduction to bitcoin before going further. So now you’ve got a basic understanding of what bitcoin is. But where is this article going? Three scenarios could happen no change, a change, and a revolution.

In my opinion, it’s unlikely that bitcoin will just fizzle out. While the rise of cryptocurrencies has been slow, I think the idea is too revolutionary for this to happen. However, I do believe that bitcoin could face competition from another cryptocurrency which would be flash-in-the-pan style quick with a short life expectancy.

Frequently Asked Questions about Bitcoin

What is Bitcoin?

Bitcoin is a form of digital currency in which encryption techniques regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. It’s decentralized, meaning anyone party or organization does not controls it. This makes bitcoin safer than traditional currencies because there is no centralized point for vulnerability.

What is a Bitcoin wallet?

A Bitcoin wallet is essentially the same as a physical wallet or purse in which you keep your cash and credit cards – except this one lives on your phone, computer, or the internet. It allows you to make bitcoin transactions without giving away sensitive personal information. When using a bitcoin wallet, you are responsible for keeping your password and private keys safe.

How can I purchase Bitcoin?

There are several ways to buy bitcoin. You can arrange a meeting with someone who already has bitcoin and swap cash for bitcoin face-to-face, you can wire money through services like Moneygram or Western Union to exchanges where you can trade-in your local currency for bitcoin, or you can use an online service that will find the nearest location where you can buy and sell bitcoin.

How do I use bitcoins?

There’s a bit of a learning curve involved, and you may find yourself hitting up against some issues as you navigate the world of cryptocurrency. Search for local user groups on sites like Reddit to see if others in your community might be able to help answer any questions you have.

Is Bitcoin legal?

According to the European Central Bank, traditional financial sector regulation does not apply to bitcoin because it does not involve classic economic actors. While some countries have tentatively embraced bitcoin and are actively providing regulatory frameworks for related projects, others remain unconvinced of bitcoin’s safety and efficacy and have chosen to ban it altogether.

What is Bitcoin mining?

With traditional currencies, if you wanted to create more money, you would need to work in a bank or some other financial institution and follow their rules. Much like digging for gold ore, bitcoin mining involves running software on your computer that processes complex mathematical equations on the network.

Conclusion

Are you looking to buy bitcoin? You’ve probably heard that it’s the future of money. However, not many people know how to buy Bitcoin. So, if this is your first time buying bitcoin, this article is all you need. We’ve unleashed the ways to buy bitcoin in Dubai and tell you everything you need to know about buying Bitcoin in this city.

Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here. 

The best time to consider your financial situation is when you are moving to a new country.

Introduction

Imagine walking into a petrol station and buying petrol from your car with Bitcoin. Impossible, you say? Well, it’s not as far-fetched as some would have you believe. Suddenly, out of nowhere, Bitcoin has become a vast topic in the tech world lately.

Most techies will tell you to hold while some advise you to sell everything you have and buy as much as possible, with a few notable exceptions. Well, I’m going to go ahead and disagree with almost all of those statements.

While I do find the idea of holding for an extended period appealing, I think that selling everything is selling yourself short quite literally. If you’re interested in buying bitcoin from Dubai, this is for you.

What is Bitcoin? Why should I care?

If these questions are occupying your thoughts, then the best advice I can give you is to stop thinking about it right now and imagine someone on the opposite side of the world holding a wad of cash in front of your face with the word sell written on it. That’s how I see bitcoin, an international cash grab with a hefty payout at the end.

Luckily for you, I’m going to share my process of buying Bitcoin using a Credit Card/Debit card which will allow you to bypass all the hoops that are involved in getting your hands on some cold-hard cryptocurrency. Let’s begin!

Step 1 – Getting a Bitcoin Wallet

The first thing you’re going to need is a Bitcoin wallet. There are tons of them out there, but the one I have had the best luck with is Circle. It’s also the most hassle-free and easiest to understand from my experience. All it takes is an email address and password, which you will use every time you log in.

Step 2 – Get Your Wallet Address and Deposit

This is the most straightforward step of all, just click on the deposit button and select how much cash you want to move over to your wallet address, and hit it! Within 10 minutes, your money will be safely stored in your account. Because this process takes a little while and Circle is in the US, you might have to deal with a few fees from your bank here and there, which I believe adds up to something like $5.

Step 3 – Buy Bitcoin on Circle

Now that you have some cash in your account, buying bitcoin should be a piece of cake. Just click on the Buy/Sell tab at the top of the page, select bitcoin under ‘What would you like to buy?’ and click BUY! There are only two things you have to keep in mind here.

The first is that Circle calculates your purchase price based on the current market value, which is, in my experience, not always the most accurate. To get an idea of what you should be paying, I would advise checking out bitstamp for a few days to see how much BTC is selling for on average.

Second – make sure you buy your bitcoin with the money in your wallet, not the funds in your bank account. While you certainly can buy with whatever money you have in PayPal, it’s not advisable to do so by any means. If for whatever reason, Circle doesn’t let you pay via credit card, I would advise against purchasing bitcoin with PayPal altogether.

Step 3 – Transfer Your Bitcoin to a Wallet You Control

The last step in the process is transferring your bitcoin to a wallet you control. The circle is an online service which means that nothing is preventing them from shutting down one day, so for this reason, I would strongly advise transferring your bitcoins to another wallet in order to avoid losing it all when/if something terrible is happens.

If you already have a wallet you trust, this step is easy. Once again, click the Buy/Sell tab and select your wallet address under ‘where would you like to deposit your funds?’ If you don’t have a wallet or are looking for more options, check out Coinbase, it’s a trendy place to buy bitcoin online.

Once you have your wallet, I would suggest transferring the bitcoins to a different address and then selling them for cash on the circle. This ensures that if something goes wrong or Circle decides to close up shop one day, you will still be able to get your money back.

Top 10 Places to Buy Bitcoin in Dubai

The explosion of the popularity of bitcoin has made it a great alternative way to purchase, sell and trade other forms of money. There are various ways you can use to acquire bitcoins including mining them yourself, accepting them as payment, or buying them directly from an exchange. If you live in Dubai, here are the top 10 places to buy bitcoins online.

1.    Bitoasis.Net

BitOasis site claims to be the first bitcoin exchange in the Middle East that provides services in Dubai, UAE, and Saudi Arabia. It enables you to buy bitcoins safely using your international bank transfers with ease – hence no additional actions are required from you.

The great thing about BitOasis is that you can buy bitcoins directly from your Emirates NBD bank account without having to go through numerous steps. Using BitOasis is very simple, convenient, and instant.

2.    Paxful.Com/Buy-Bitcoin-Online

Paxful site offers a platform where anyone can purchase bitcoin easily using their online payment method. Once you have registered as a member, the next thing to do is choose an offer that you find interesting.

You can then purchase your desired amount of bitcoin through online payment methods such as Skrill, PayPal, Payoneer, or Direct bank transfer. The best part about the Paxful site is that it offers low fees, and a good support team will assist you with the process.

3.    Bitstamp.Net

Bitstamp is a bitcoin exchange that enables you to buy and sell bitcoins using other currencies such as USD, EURO, and GBP fiat currencies. It also provides multiple options such as SEPA transfer, international bank wire, and even debit/credit card payments for customers from over 45 countries worldwide.

You can easily sign up for a free account to buy bitcoins with the help of your credit card. Fees are also relatively low, which makes it even more attractive.

4.    LocalBitcoins.com

This is one of the oldest and simplest ways to buy bitcoins via online transactions like cash deposits, PayPal, Western Union, gift cards, or other methods. To do so, you need to register with your email address and conduct the trade via an online platform such as PayPal or Western Union.

It is important also to factor in the time it takes for you to receive bitcoins after initiating a trade. LocalBitcoins uses an escrow system that keeps your money safe and ensures that you get your bitcoins as quickly as possible.

5.    Coinmama.com

Coinmama is also one of those websites that enable you to purchase bitcoins directly from your credit/debit card. The best part about the Coinmama site is that it has a very strong team that ensures top-level support for its customers and features some of the lowest fees around.

It also offers an additional feature of purchasing your bitcoins with cash which makes it pretty convenient for most people.

6.    Bitbargain.co.uk

BitBargain is a peer-to-peer exchange that offers many payment methods, including bank transfers, cash deposits, debit or credit cards, and online wallets (similar to PayPal). It operates on a simple “best price” basis and doesn’t add any fees for its services. The site provides an escrow service that ensures your bitcoins are kept safe during the transaction.

7.    Coinfloor. co

CoinFloor is an established bitcoin exchange based in London, the UK, allowing users to buy and sell bitcoins. It has a simple user interface that makes it easy for newbies to get started with their first Bitcoin purchase. You can also conduct transactions via SEPA bank transfer wherein the site will hold your fiat currency to sell when bitcoin prices are high – letting you take advantage of the best value.

8.    Bitwage.co

This site is known for its convenient and flexible bitcoin payroll services for international workers, which you can pay using bitcoins or fiat currency (credit cards, debit cards, and bank accounts) regardless of whether they are located in the US UK, or any other part of the world. Unlike traditional payment portals, Bitwage helps you get the most value from every penny you earn.

9.    Mycelium Local Trader

Mycelium is an Android Bitcoin app that allows users to buy and sell bitcoins locally using cash, bank transfers, gift cards, e-wallets and more – all without requiring any form of registration! It uses the open-source Bitcoincash exchange module. Mycelium is consistently rated as one of the highest quality mobile Bitcoin wallets.

10. Bitpesa.com

BitPesa is a secure platform that lets you send money from anywhere in the world to a destination of your choice. You can make international remittances in local African currencies or bitcoins at competitive exchange rates and minimal transfer fees.

Using Bitpesa is very simple, convenient, and instant. BitPesa significantly lowers the costs of making an international payment because it uses blockchain technology. That means zero FX fees, zero wires fees, and zero hassle.