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Cryptocurrencies, especially Bitcoin, are getting popular in the world. People seek to buy bitcoin in Dubai since the city is the most financially active location in the MENA region.
Bitcoin is one of the popular cryptocurrencies worldwide. Before going into detail about why they want to buy Bitcoin in Dubai, it will be beneficial to discuss the backstory of Bitcoin. Bitcoin was created as an alternative for the traditional financial system since the conventional system malfunctioned with the lead of people. The creator of Bitcoin is still unknown. While some think that the creator of Bitcoin is one person, others think that it cannot be created by one person. The proponents of the team idea suppose that there cannot be only one person that has deep knowledge in those subjects.
On the other hand, the name on Bitcoin's whitepaper states Satoshi Nakamoto as the author of the research article. Although the name is known, the person still has not exposed himself yet.
The anonymous nature of Bitcoin displays itself in the blockchain. Although the transactions are public, it is impossible to know who made the transactions or how much he owns. The only known part is from which wallet transferred, how much transferred to which wallet transferred. Only if the person reveals that he owns the wallet, it becomes obvious who owns whose funds.
Bitcoin will continue to revolutionize the financial sector with its brand new ideology of accessibility to everyone. As the world moves on to a global economy, new solutions are required since the financial sector suffers from it. Well-structured companies demand those solutions apply in their business model to gain a competitive edge. That's why Bitcoin is here, and companies and individuals want to buy Bitcoin in Dubai securely to benefit from that superiority. Let's examine 3 reasons to buy bitcoin in Dubai below.
Why Buy Bitcoin in Dubai?
Fast Transaction in the Fast-Growing World
Dubai, as one of the financial centers of the world, requires solutions for instant payment. Due to the delays in business transactions, companies pay the additional commission in business deals. Besides delays, the work hours of banks are not so convenient. The work hours of banks are confined from 9 AM to 6 PM, which also coincides with the work hours of the companies and individuals. They need to sacrifice their time to pay the payment that emerged from the business deals.
Bitcoin proposes a solution for the problem as being the fast and convenient payment method for business transactions. Bitcoin blockchain allows anyone to send any amount of money anywhere at any time. The convenience and the freedom of access features make Bitcoin preferable for many companies and businesses. Convenience urges people to buy bitcoin in Dubai fast within a few minutes at exchanges. Exchanges, such as Coinsfera, facilitate the bitcoin acquiring process and provide anyone with any expertise needed.
Decentralized Blockchain
Conventional financial institutions are centralized and controlled by a central body. This makes the entire system vulnerable to malicious parties. For example, it is only needed to hack the central server or admin panel to hijack the bank network. Even though it is hard, it is doable. They need to execute high-security measures to be sure that the entire system works well. The implementation of high security is costly, which adds up the costs and price of the services provided to users. In addition, users need to research the entire market to find a reliable financial service provider to rely on them in their financial operations. This makes centralized bodies unfavorable in comparison with decentralized networks.
The decentralized system as Bitcoin has, fills the gap between convenience and security. The nodes are the computers that do the mining, in other words validating transactions, play as a decentralized unit by themselves. Bitcoin core developer mentioned that more than 100,000 full nodes were operating in the Bitcoin blockchain in 2019. Surely, with the popularity of cryptocurrencies in 2020, the number of bitcoins will increase much more than that. More decentralization brings more security conditions to the table. It is almost impossible to hack the whole network. The chance of malicious nodes disturbing the system is insignificant due to the high decentralization. This appeals to people to buy Bitcoin in Dubai easily, and be part of the revolution.
Increase in Adoption
People used to work with the traditional banking system, and it is convenient to work with banks. Given the banking sector has existed for a long time, it has deep roots in society. Almost every company and individual owns bank accounts which makes it easy to transact over the banking system. It is hard to leave the thing behind they get used to, but they need change to adopt new technology.
Bitcoin adoption increases with support from countries and companies. In this case, the number of parties that can receive bitcoin as a payment method rises, and it brings new ways to execute the business deals. The well-known case is the Tesla electric car manufacturing company. Tesla began to receive Bitcoin as a payment method for electric cars only in the USA. They planned to increase the number of countries in the next stages. Another example is El Salvador which made bitcoin legal tender. Analysts expect that as more companies and countries join the parade, Bitcoin will be more popularized, and with the high demand for BTC prices will continue to break records.
To sum up, Bitcoin adoption is increasing all over the world due to the unique features of Bitcoin. Individuals and companies may have different motives to buy Bitcoin in Dubai. Regardless of those motives, the future of the payments systems seems to be cryptocurrencies such as Bitcoin, Ethereum, and others. That's why people who live in Dubai choose Bitcoin as the first option for this.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.