Buy Bitcoin in Dubai with Cash Your Crypto Cashpoint In Dubai submitted by
How to buy Bitcoin in Dubai?
You can buy bitcoin in Dubai at Coinsfera with cash, credit card, and bank transfer. Coinsfera is the crypto currency cashpoint where you can Buy & Sell more than 500 cryptocurrencies with cash in seconds.
- Make an appointment with Coinsfera staff via phone, Whatsapp or Telegram.
- Visit our Bitcoinshop in Dubai conveniently located at Baniyas Square-14th Rd – Dubai – United Arab Emirates.
- Pay with cash (Dirham or US Dollars) and get your Bitcoin.
One of the methods is cryptocurrency exchanges but it is not so easy for the unexperienced users. First, you will need to create an account on one of the major exchanges, confirm your identity, connect a credit card and transfer money, and only then you will be able to proceed with buying and selling bitcoin.
The whole process takes some time, unless, of course, the exchange is suffering from failures and you do not know how to do everything correctly.
First Bitcoin ATM in Bitcoin
In Dubai, there is also an ATM for buying BTC without identity verification. In Dubai, the first ATM was installed in 2019, allowing you to buy bitcoins without passing KYC. However, to withdraw fiat money, you will still need an identity card. Even though ATM is becoming more popular all over the world, security remains the main problem. This ATM was installed at the Rixos Premium Dubai JBR Wellness center in Dubai.
The device allows you to purchase bitcoins for cash. However, you do not need to present your identity card or pass KYC. Nevertheless, although the purchase of bitcoin is made anonymously, users are unlikely to be able to maintain confidentiality and a high commission than traditional exchanges. To use cryptocurrency in the future, you will have to turn to the services of exchanges and wallets, most of which currently require verification of identity before performing operations.
We offer one the easiest and the best way to purchase Bitcoin with cash. At Coinsfera, Transactions only take 10-15 minutes. Moreover, our friendly staff will provide you with full assistance in this case, if you have any difficulties or questions.
How to store bitcoin? Bitcoins can be stored in two types of digital wallets: a hot wallet or a cold wallet
. With a burning wallet, transactions are faster, while a cold wallet often includes additional security measures that help keep your assets safe, but also take longer.
With the help of a hot wallet, bitcoin is stored on an exchange and is accessible via an app or a computer browser on the Internet. Even though the blockchain technology underlying bitcoin is even more secure than traditional electronic money transfers, bitcoin hot wallets are an attractive target for hackers.
The cold wallet is a small encrypted portable device that allows you to download and transfer Bitcoins. Cold wallets can cost up to $100 but are considered much more secure than hot wallets. As a result, the choice remains for you which wallet to buy hot or cold. But you can think about this option in advance with the help of our qualified team, which will proconsul everything and help you create a wallet.
How to invest bitcoin correctly?
There are two ways
to invest bitcoin. If you like the idea of day trading, one option is to buy bitcoin now and then sell it when its value rises. This method is popular since most users try to make a profit immediately. Sometimes this type of trade brings a good income, and sometimes insignificant. The second way is if you have analyzed the cryptocurrency market, especially the bitcoin market, and see it as the future of the digital currency, then you are investing in bitcoin. In other words, by purchasing it and investing your money. But this method is long compared to the first, which is a disadvantage.
Why should you buy bitcoin in Dubai?
Buy Bitcoin in Dubai
- The expansion of the use of cryptocurrencies, including at the state level(for example, the UAE);
- Large online stores today accept bitcoin, which allows the currency to develop further at a rapid pace;
- Security (privacy). You do not use your real name for transaction. Instead, you have a unique address;
- The blockchain. The entire Bitcoin system depends on the blockchain. Each computer running Bitcoin software stores its copy of the complete transaction record stored in blocks. As transactions are received, the system creates a new block;
- The volatility. In 2017, the price of bitcoin jumped sharply, and the value of the cryptocurrency increased twenty times. No other asset, apart from stocks, can make such a profit. A year later, the bitcoin exchange rate fell, but in 2019 it began to recover;
- The complexity of calculating blocks leads to an increase in the value of the asset. The price of bitcoin is growing, due to the complexity of calculating blocks;
- Independence and decentralization. This means that they are not attached to any country or government authority, which allows cryptocurrency owners to make transactions without government supervision. On the one hand, this is an advantage, but on the other hand, you cannot to cancel unauthorized transactions.
- A positive outlook for cryptocurrencies, which is the basis for the fact that investments in BTC will bring a good income.
Dubai and Abu Dhabi have the highest possibility of extremely fast, wide spread adoption out of any other country. I think we all agree the remittance market will be the first disrupted by Bitcoin. 85% of Dubai's residents are expats, working here solely to send there tax free income back home, 71% are from India, Philippines, Bangladesh and Pakistan respectively. This is true for the entirety of the United Arab Emirates and most of the rest of the middle east. Almost all small retail and hospitality businesses are run, managed, and owned by those Asian nationalities mentioned above, with the exception of a few large corporations. The potential market in terms of percentage of population is huge! Everyone who has a job or business in Dubai remits money back to their home country. People literally Que outside western union branches on pay day. I work here and have a team of colleagues committed to spreading the word. From the Pakistani taxi drivers to the Indian corporates, even the multi-national airline crew. We have created brochures and business cards with simple Bitcoin info including benfits and instructions. Our goal is to reach as many people as possible, and help spread the adoption of Bitcoin ATM's here. Any ideas and recommendations appreciated, and if you are located in Dubai let me know. Dubai has the biggest potential in terms of remittance, yet only has one pizza restaurant that accepts btc. we need to get the word out over here! submitted by
Welcome at MyBit's official Reddit. Intro submitted by
MyBit designs products that open up the world, creating tools that enable freedom and wealth generation for everyone. Its two flagship products include a decentralised investment platform (MyBit DApp) and the world's first decentralised IoT asset exchange (MYDAX). Powered by Ethereum.
Founded in Switzerland by industry veterans, MyBit believes that people should be able to follow their passion instead of having to work to survive.
By redefining the way people generate income, MyBit strives to democratise financial services so everyone has equal access to income opportunities. This becomes critical as the machine economy begins to dominate and 800 million human jobs are lost to machines by 2030 (Mckinsey, 2017
MyBit provides an ecosystem for the upcoming 11.1 Trillion dollar IoT industry (Forbes, 2017) among other collaborative tools, with the belief that everyone should have an equal opportunity to participate in this revolution. Follow MyBit on: Twitter
Quick Chat BITCOIN TALK
Timely updates YOUTUBE Linkedin
Blockfolio More Information WEBSITE Whitepaper
The Company Where is MyBit registered?
MyBit Stiftung (Foundation) is registered in Zug, Switzerland under public registration number CHE-177.186.963 and can be found in the commercial registry HERE. MyBit AG (Operating Entity) is registered in Zug, Switzerland under public registration number CHE-192.841.841 and be found in the commercial registry here
. What is the responsibility of the Foundation and AG?
The MyBit Foundation is responsible for managing capital flow, the MyBit Token, and the overall success of the entire ecosystem. MyBit AG is owned by the MyBit Foundation and employs the team as well as completes the engineering, marketing, business development, and other core functions. Why choose a non-profit structure?
To best protect ourselves and our community we mirrored our corporate structure to that of Ethereum and are based in the same jurisdiction. This ensures that everyone involved with MyBit from team members, to contributors, to third-parties are protected to the best extent currently possible. Who is the team?
Please review the company section of the website. Where is the team located? The core team is based in Zug, Switzerland where our offices are and company is registered.(edited) What legal firm represents MyBit? Mayerlustenberger Lachenal (MLL) which is one of the top law firms in Switzerland, with offices throughout the EU. They have a strong history in the fields of start-ups, energy, fundraising, and international law which made them a perfect match for our needs. Who are your partners?
Please review the partners section of the website and our blog to monitor updates on the partnership side of our business. How much funds have you raised?
During Phase 1 of our TokenSale we raised 10,044 Ether which at the time was approximately CHF 2’700’000. Are you planning a future funding round and why? Yes, however it will not involve issuing more MyBit Tokens above the current maximum supply of 180.000.000.
The Business Model How do you monetise?
All Assets funded on the MyBit platform are assessed a 3% fee 1% which goes to the foundation to cover ongoing operations and upgrades, 1% to the MyBit DAO, and 1% is used to buy back MYB from exchanges and burn it. Who will maintain the platform?
The MyBit DAO is in charge of maintaining the platform. Who will upgrade and add new features? The MyBit Foundation and MyBit AG will collaborate to implement new features and upgrades. All DAO members are welcome to contribute and submit propositions for additional features which may be integrated after voting, rigorous auditing, and approval. How does regulation affect MyBit?
MyBit currently complies with all regulation and is governed by the Swiss Foundation Authority. However, please note that regulation may prevent MyBit from entering certain markets and/or servicing certain users. What markets are you targeting?
Initially MyBit will be conducting testing in Europe and Dubai. The first market MyBit will fully target is Europe, followed by Japan, China, Latin America, Australia, and North America. Dubai may be used as a testing bed for new products. What industries are you targeting?
Initially we are focused on Autonomous vehicles, renewable energy solutions such as solar, cryptocurrency ATMs, cryptocurrency Mining, decentralised storage units and Smart IoT devices but any IoT device or machine that generates revenue can be integrated into the MyBit platform.(edited) Section 3: The Platform What is MyBit?
MyBit is a company building ethereum-based products (aApps) which enable a range of income generating and collaborative transactions to take place without relying on a middle-man, broker, or intermediary fund. How does MyBit Go work? Similar to kickstarter or like investment platform. Users can log on and view assets to invest in. Smart contracts govern the entire process and act as a digital broker so you can be ensured the terms of your investment will be followed. Why would I use it?
MyBit is the first platform to streamline investments into the technologies of the future. To invest in these next generation IoT assets via another platform or service would involve sending your capital to a third-party fund which creates counterparty risk, reduces personal control, and exposes you to exorbitant management fees. Who are MyBit Go's competitors?
Traditional investment funds are the main competitor, with their advantage lying mainly in their existing client relationships.
What is the competitive advantage? Traditional funds cannot compete with MyBit’s security, speed, and low fees because their business models and overhead infrastructure cannot easily be redefined to match MyBit’s benefits. Is it secure?
On one end it is very secure compared to traditional funds because you are in control of your capital from start to finish and do not have to rely on a third-party to fulfill investment terms and entrust them with your money. All of this is automated with immutable blockchain-based smart contracts (or computer code that cannot be altered or manipulated in any form). On the other end of the spectrum Ethereum and Blockchain technologies are still largely untested and in their infancy which creates risks, so it is important for everyone to perform their own individual assessments. Do I have to pay to use the platform? Yes, there is a one-time fee required which differs based on features you wish to use. These one-time fees are paid in MYB and then the MYB is removed from the total supply. How do I fund Assets?
It is as simple as logging onto the platform, finding the project you want to invest in, and sending Ether to the listed smart contract address. Then everything is automated and you will receive revenue distributions shortly after the asset begins generating revenue. Who can fund assets?
MyBit scales to meet the demands of any user ranging from small individual investors to large institutional funds. Please note that users may be subject to different onboarding requirements based on investment amounts, legal structure (if entity), and location. What currencies can I use to fund Assets?
Uniswap has been integrated to facilitate multi-token funding, this is a back-end conversion service that enables asset funding in any supported cryptocurrency with enough liquidity. Investment is denominated in DAI which is a USD stable coin, and In the future we hope to also implement fiat options. How often do I receive revenue?
It is available for withdrawal at the discretion of the user. We aim to make our Blockchain powered, revenue distribution management system as real time as technically possible. What currencies can I receive revenue in?
By default it will be received in Ethereum, but we will integrate a conversion layer to increase the amount of cryptocurrency options which it can be received in. In the future we plan to implement Fiat payment; However, that is subject to the cost-effectiveness and local regulations. What is the onboarding process? This is yet to be set in stone but we will be partnering with a compliance company to manage all onboarding and user KYC/AML. This can differ substantially based on location and capital amounts. How do you establish fractional ownership on the blockchain?
Fractional ownerships is achieved by smart contracts and crypto movement recorded on the ethereum blockchain. Physical ownership is recorded through ownership of tokens in a smart contract. More units of cryptocurrency that are contributed to the initial whole of the funding requirement equates to more fractional ownership. For example, if a solar panel costs 100 units of ether then contributing 30 units of ether to the smart contract results in 30 percent fractional ownership which are stored in the smart contract. How will ROI be determined?
The ROI associated an IoT Asset will be determined by the installer or producer of the asset and reviewed by the MyBit team to increase accuracy. We cannot guarantee the complete accuracy of the ROI estimations; however, as more assets are funded on the the MyBit platform, the data will be aggregated and analysed to increase the future accuracy of ROI projections. Is ROI accurate?
ROI is reviewed internally by the MyBit team to help ensure accuracy; however, MyBit cannot guarantee the ROI. The ultimate decision to invest based on the ROI and its accuracy is the responsibility of the investor. Investment ROIs will get more accurate over time as we accumulate more investment data via the machine learning practices we will implement. How will tax credits and asset depreciation be handled by the platform? Tax credits towards the purchase of solar are priced into the asset funding price. Personal tax credits and depreciation expense are left to the investor and we advise to seek the advice of a certified tax professional. Can investors sell and transfer their shares of ownership?
Not with the initial launch of the platform. Implementation of this feature is prioritized after initial testing and scaling. What happens when a dispute arises?
All terms are recorded immutably upfront in smart contracts before they are deployed. When any dispute arises it is up to the parties involved to solve it - we recommend seeking third-party arbitration. Are there a minimum or maximum number of investor limits per asset?
The minimum number of investors is 1. Each lister of an asset will determine if there is a maximum number of investors. Once a smart contract reaches its full funding requirement then the asset is locked from any further investments effectively capping off the number of investors. How do you handle depreciation?
When choosing partners who will be listing their assets on the MyBit platform we review that the rate of revenue generation is greater than the rate of depreciation + operating expenses (projected)? This ensures that more profits are coming in than being lost to expenses and depreciation and that the total revenue generated over the asset's "normal" lifespan exceeds the cost of the asset. The majority of assets will be designed to operate (and generate revenue) until their lifespan is over, rather than deal with depreciated re-sale value. Therefore, we do our best to partner with companies whose assets can generate profits at a rapid rate to achieve full ROIs well in advance of the asset's life ending. Section 4: The Token What is the use of the MyBit Token?
MYB is a utility token which is used to pay the one time fee to access different features of the platform. It will also be used as escrow by the Asset Managers to incentivise them to complete their work as needed. Staking is also planned to be added in the future. How does staking MYB work?
More information will be made available prior to the Beta Release scheduled for Q4 2018. How do I trade assets I own?
Typically, investments such as this are illiquid - meaning that you often have to wait until the profits exceed your investment to gain a full ROI. Or you have to sell the asset in full to obtain cash. MyBit lets users sell a portion (or the full amount) of their ownership to someone else in exchange for cash. The buyer is willing to complete the purchase to capitalise on the existing and proven revenue streams of the asset. So there is potentially a whole business opportunity in taking the risk of funding assets with unproven revenue streams and selling them shortly after at a premium if revenues surpass projections. Is MYB considered a security?
No, MyBit is a utility token used to access the MyBit platform. The MyBit platform enables investments into IoT devices, but the token does not directly which keeps it in compliance with regulations. Also, there is no truly passive revenue distributions purely from holding the MyBit token due to users having to participate in staking, similar to how Ethereum is migrating their structure. What exchanges is MYB on?
MYB is currently on HitBTC, EtherDelta, and Cryptopia.(edited) Where can I store MYB? MyBit can be stored on an exchange or any Ethereum wallet that supports ERC-20 tokens such as MyEtherWallet, Parity, or Mist. How do I add MYB to MyEtherWallet and others?
You must add the custom token address via your wallet: 0x5d60d8d7eF6d37E16EBABc324de3bE57f135e0BC Additional parameters that may be needed include: name: MyBit Token , Symbol: MYB , Decimals: 18 Do you burn tokens?
Yes, one-time platform access costs which are paid in MYB. Section 5: Other When will the Alpha be released? It was released in private on May 10, 2018. What is a Brand Ambassador?
MyBit uses a Brand Ambassador strategy to have supporting members of our community host informational meetups around the world to spread awareness. How do I become a Brand Ambassador?
Send us an email with your location and experience in the crypto-industry and we will coordinate an interview with you. When will the Alpha be released?
It was released in private on May 10, 2018. Are you hiring?
We are always looking for passionate innovators to join the team. Send us an email if you are interested in exploring full-time options or wish to become a Brand Ambassador.
MYDAX What is MYDAX?
MYDAX is the MyBit Decentralised Asset Exchange which is the world's first Blockchain-based truly decentralised exchange for IoT Assets. What can I use MYDAX for?
MYDAX is designed to securely create a market for buyers and sellers of historically illiquid alternative assets without relying on third-party brokers and agents to establish trust. This creates a more fluid, secure, and profitable user experience. Will only assets funded on the MyBit DApp be on MYDAX?
No, the beauty of MYDAX is that any IoT asset, either those funded directly via the MyBit DApp or those already funded, deployed, and generating revenue can be tokenised. Why would anyone want to tokenise an existing IoT asset?
Liquidity. A large risk in alternative asset investing is the lack of liquidity - the inability to easily, securely, and cost-effectively find a buyeseller. MyBit streamlines this currently erroneous process with smart contracts. How is it more secure and faster than traditional secondary markets?
By integrating Blockchain technology, we are able to automatically establish trust and proof of ownership so buyers/sellers are not reliant on third-party verification services to prove ownership (to the extent currently possible). Blockchain also creates transparency so financials can easily be audited (and trusted), and the exchange between ownership and cash does not require an intermediary which eliminates counterparty risk.(edited)
Asset Manager & Staking What is the role of the asset manager?
Many assets still require oversight, maintenance, and other operational requirements that are currently best completed by a human. The asset manager is rewarded with a percentage of the asset's revenue for his work. Why reward the asset manager with a percentage of revenue instead of a fixed amount?
By taking this approach, it encourages the asset manager to complete his job to the fullest of his/her ability, as their work input should theoretically have a direct impact on their monthly profits. Fixed amounts often create complacency and laziness. What percentage of revenue does the asset manager receive?
We believe in a free market approach where the asset manager can choose their percentage. We anticipate that it will typically range between 5-10% for an average asset. If the perecentage is too high, then investors will in theory not fund the asset, which will lead to an equilibrium percentage over time. How are investors protected if the Asset Manager does not perform or meet requirements?
Investors of an asset can utilise our (anticipated) integration with Aragon to vote on removing an Asset Manager and replacing with a new one. This requires 51% of voting consensus. Investors voting power is equivalent to their percentage stake in the asset. Does the Asset Manager have any money at stake?
Asset Managers are required to lock MYB in escrow as collateral to incentivise them to perform their duties. If they are removed from their position, the escrowed MYB will be forfeited to the new Asset Manager. When can Asset Managers withdraw escrowed MYB? Asset Managers can withdraw MYB in proportion to the percent ROI the asset has generated. For example if an asset is at 25% break-even, meaning it cost CHF 10.000 and CHF 2.500 has been distributed to investors, then 25% of escrowed MYB is elgible for withdrawal. The percentages at which withdrawal is available are: 25%, 50%, 75%, 100%. After Asset Managers withdraw 100% of their escrow what incentivises them to continue?
The monthly revenue streams they are receiving. It is important to note at this stage, Asset Managers have no financial-risk because they have received their full escrow amount back, but investors have received 100% of their initial investments back so the risk of any loss is mitigated. How can I trust an Asset Manager? Asset Managers will receive a trust level based on a proprietary trust algorithm we are developing. This will also give suggestions as to the escrow range they should follow. What if an Asset Manager cannot afford the average escrow?
This is where staking comes into effect. Hodlers of MYB can "stake" or post the required escrow for Asset Managers and in return receive a portion of the revenue stream assigned to the Asset Manager. What percentage of revenue do Stakers receive?
Much like the free market model where Asset Managers can choose their revenue percentages of an asset they are managing, we believe that this should also be up to the discretion of the Asset Managers and Stakers. If an Asset Manager offers to low of a revenue share agreement, then in theory they will not have their escrowed covered by any Stakers. How are revenue share agreements enforced?
Everything is done with smart contracts, so you can be sure it will function exactly as planned without any human risk. When can stakers withdraw their staked MYB?
The same eligibility as Asset Managers - based on the revenue generated by the asset compared to the asset cost. Can escrowed amounts be crowdfunded by stakers?
No stakers are required to post all or nothing. In the future we may implement crowdfunded staking, but currently it is not an option. Are assets listed for funding prior to having escrow requirements met?
No, no assets will be listed to investors until 100% of the staking requirements are met. In what form of payment is revenue received?
Ethereum by default; however, third-party conversion services may open up a variety of different crypto and fiat currencies which revenue can be received in.
sted on twitter that he has imported 400 Bitcoin ATMs in Dubai. These ATMs could be operational within two weeks. Yusupov plans to have them operating in April all around the city. Yusupov’s tweet shows a warehouse full of four hundred Bitcoin ATMs, though the exact location is unknown. The city authorities and government were not involved with importing the Units, and it was not disclosed ... Bitcoin ATM have been installed at locations in many countries. On this page you may find the list of countries with Bitcoin ATMs locations and number of Bitcoin ATMs. Producers. Genesis Coin (4040) General Bytes (3338) BitAccess (1104) Coinsource (730) Lamassu (542) All producers; Countries. United States (9079) Canada (919) United Kingdom (286) Austria (148) Spain (104) All countries; More ... Now dubai residents can also take benefit of amazing services of our website for buying bitcoin in dubai and easily convert their coins into UAE dirhams just like bitcoin ATM in Dubai. On our website we provide different payment methods and different currencies. Payment methods include, paypal, payza, payoneer, neteller, okmoney, moneygram, bank account and credit card, in currencies we offer ... Bitcoin ATM Store; Advertising; Knowledge Base; Support us; Blog; Log in; Share: Subscribe: Bitcoin ATMs in United Arab Emirates Total number of Bitcoin ATMs / Tellers in United Arab Emirates: 1. Coins: Bitcoin (BTC) Lightning BTC (LBTC) Bitcoin Cash (BCH) Ether (ETH) Dash (DASH) Litecoin (LTC) Zcash (ZEC) Monero (XMR) Dogecoin (DOGE) Tether (USDT) Ripple (XRP) Operations: Buy Sell. Location ... The first ever ATM for Bitcoin introduced in Dubai has already been removed. Bitcoin is a cryptocurrency, a form of electronic cash, usually purchased digitally, but it became available to buy at the Rixos Premium, located in JBR for a short time.
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