Bitcoin Loophole UAE
Over the years, the international profile of the United Arab Emirates has risen dramatically, leading to it being recognized as a regional and a middle power. The UAE is a member of the UN (United Nations), the Organization of Islamic Cooperation, OPEC, the Arab League, as well as the Gulf Cooperation Council. Since the 1960s, the city of Dubai has grown at a rapid pace under the Emirate of Dubai, Sheikh Rashid bin Saeed Al Maktoum. The end result is an extraordinary city that has evolved from a humble trading port, to one of the most luxurious tourist destinations in the Middle East as well as a powerful financial hub.
To achieve this growth, the leadership in Dubai has invested heavily in the city and they have also established numerous Special Economic Zones across the city. The aim of this project is to attract foreign investment and to foster business growth. With so many media, finance and technology companies opening in Dubai, the perfect environment has been created for Bitcoin in the UAE. This means that trading opportunities are open, allowing anyone to now profit from trading this exciting cryptocurrency.
What is Bitcoin?
In 2009, Bitcoin was released as an open-source software. It was the world’s first cryptocurrency and it can be best understood as a digital currency that only exists electronically. Another interesting fact about Bitcoin is that it is decentralized. This means that Bitcoin is not controlled by any bank, financial institution or government and no central issuing authority controls the amount of Bitcoin in circulation.
Using a peer-to-peer network, Bitcoin holders are able to transfer their Bitcoins. All these transfer transactions are then tracked on the “blockchain,” which can be compared to a giant ledger, which records every single Bitcoin transaction. Each ‘block’ in the blockchain is made up of encrypted data and one of the most appealing features of Bitcoin is its secure verification process. Since Bitcoin is decentralized, ‘miners’ or volunteers are responsible for constantly verifying and updating the blockchain. Once a specific number of transactions are verified, another block is then added and the process continues.
Bitcoin does not rely on any government to create new currency. Instead, the blockchain program handles when Bitcoins are made and how many are produced and it ensures the transactions are accurate. Interestingly, the total supply of Bitcoin to ever be created is capped at 21 million Bitcoins.
Since being introduced to the financial markets, many investors globally have made a lot of money trading in Bitcoin. To put it into perspective, those who invested in Bitcoin in 2009, made over 666,000% in profit by the end of 2017. With Bitcoin being so volatile, it presents profitable trading opportunities all the time.
Is Bitcoin Legal in UAE 2019?
Following countries such as China and the Philippines, the United Arab Emirates and its central bank are working aggressively to provide a clear regulatory framework on the usability of Bitcoin as well as the operations of cryptocurrency exchanges in the near future.
A document entitled, “Regulatory Framework for Stored Values and Electronic Payment System”, was published by the UAE central bank in January 2017, which focuses on the adoption of digital payments and fintech technologies within the UAE.
The governor of the central bank of the UAE, Mubarak Rashed Khamis Al Mansouri, has stated that the central bank is currently in the process of legalizing Bitcoin. In addition, they are also developing the necessary regulatory frameworks that exchanges and businesses will need to comply with. It is clearly evident that regulators and government officials of the UAE see the great potential in Bitcoin. As of now, this digital currency is viewed as a commodity and it is, therefore, legal to use Bitcoin in the UAE.
In April 2018, the ambitious UAE Blockchain Strategy 2022 was announced. The strategy is to make the UAE the world’s first “government on the blockchain,” by 2022, with the aim of also ensuring that half of all federal transactions are made via cryptocurrency by the aforementioned date. At the same time, Bitcoin was declared acceptable under Sharia Law by Muhammad Abu-Bakar of the Indonesian firm, Blossom Finance. The major benefit of this is that Muslims around the world are now able to take advantage of the many trading opportunities that Bitcoin offers.
Despite all the initiatives taking place, it is important to note that the legal and tax status of Bitcoin in the UAE is still somewhat unclear. According to legal experts, within the UAE, the buying and selling of Bitcoin is considered a “tolerated practice.” This means that those that trade Bitcoin will not be prosecuted. While talks are still underway, it is evident that there are many encouraging signs that the UAE is open-minded when it comes to Bitcoin and its many investment opportunities.
How Can I Invest in Bitcoin in Dubai?
In order to invest in Bitcoin in Dubai, you can use effective trading software such as Bitcoin Loophole. This software has a powerful algorithm that will scan the financial markets and based on the historical data as well as the existing market conditions, it will pinpoint lucrative trading opportunities. The software will then generate a trading signal advising what to trade and when.
Automated Trading Software
One of the best features of Bitcoin Loophole is that the software can be automated. That is, once the signal is generated, the software will open a trade on the trading platform in your trading account based on the parameters you have set. That is, based on how much you wish to invest per trade as well as the assets you wish the software to trade, such as Bitcoin.
A major advantage of automated trading is that it eliminates the many emotions that are associated with online trading. That is, some traders are driven by fear or greed and this can cause one to trade recklessly or too aggressively, which leads to losses. With automated trading software, such as Bitcoin Loophole, a trade is opened based on factual data and nothing else. In addition, automated trading happens instantly. If you are a trader, you will know that every second counts in the financial markets. The Bitcoin Loophole software will make a trade quickly, accurately and in real-time.
No Experience Required
If you do a search online, you will find many testimonials and articles about traders around the world who are making a lot of money using Bitcoin Loophole to trade Bitcoin and other cryptocurrencies. You can too, even if you are based in the UAE. Another core benefit of the Bitcoin Loophole software is that anyone can use it to trade. That is, even if you are new to the online trading world and you have no prior experience or an understanding of the markets, you can trade Bitcoin profitably in Dubai using the Bitcoin Loophole software. There is also a demo version available so you are able to test the software with virtual funds before you start investing your hard earned cash.
Free of Charge
The Bitcoin Loophole software is also available free of charge and there are no hidden fees or commissions. Once you have registered with Bitcoin Loophole, you will get the opportunity to choose one of their preferred brokers. These brokers all provide an all-inclusive trading environment, which includes an easy to use trading platform, access to comprehensive educational resources and tools, secure banking options and professional and responsive customer support. You simply need to make a deposit of only $250 so that you have trading capital for the Bitcoin Loophole to use in order to make your trades. The best part is that you can withdraw these funds and any profits at any time, hassle free.
With Bitcoin Loophole, you can trade Bitcoin and other cryptocurrencies from the comfort of your home, anywhere from the UAE.
Dubai's First Bitcoin ATM
In March 2019, Dubai received its first Bitcoin ATM (Automated Teller Machine). This ATM has enabled both locals and tourists to purchase Bitcoin with ease. The ATM, which accepts cash for cryptos, is located at the Rixos Premium, a 5-star hotel located in the heart of Dubai’s Jumeirah Beach Residence.
The Rixos Premium hotel is centrally located and can be found very close to major tourist attractions, such as the Dubai Marina Mall, the Mall of the Emirates and the Dubai Eye. While the ATM is currently only limited to crypto purchases, it is expected to be expanded in the future to the selling of Bitcoin as well.
The company behind the new Bitcoin ATM is Amhora, which is also behind a blockchain explorer web app. The ATM is also licensed through Dubai’s Department of Economic Development. While this ATM provides another option for people to purchase Bitcoin in Dubai, it is important to note that a 5% commission is charged on the purchase amount, which transacts the currency in real-time exchange rates. Also, clients need to produce a passport or an Emirates ID when doing a transaction.
The Best Place to Buy Bitcoin in Dubai
Trading in Bitcoin is growing quickly in the United Arab Emirates and while there are a variety of choices when it comes to investing in Bitcoin, the simplest, safest and most convenient way to buy Bitcoin in Dubai is using the leading Bitcoin Loophole software. From ease of use and no charge for the software, to accurate trading signals and secure, quick transactions, the Bitcoin Loophole software is the best place to trade Bitcoin in Dubai.