Bitcoin in UAE – Bitcoin trading in UAE
Are you thinking of investing in Bitcoin in UAE? If you have been watching the financial news lately, you might have heard about the exponential rise in the world’s most known cryptocurrency. So a lot of people in the UAE are thinking “Should I invest in Bitcoin in UAE?”. Before jumping to any quick conclusion, let us have a quick view on different aspects of Bitcoin. After that, it will be automatically clear, whether you should trade bitcoin in UAE or Dubai. It should be your decision after knowing the pros and cons of Bitcoin Trading in UAE, whether to trade it or just give it a try.
If you decide to give Bitcoin trading in UAE a try then IQ Option is one of the best available options to you. They offer you Cryptocurrency trading, Forex trading, CFD and Binary Options under one trading platform. You can use all these financial trading instruments strategically to make use of the trading opportunities in the market.
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What is Bitcoin?
Bitcoin is a kind of digital currency, also known as the cryptocurrency. The term Cryptocurrency means that it is a highly encrypted currency, which means hacking of Bitcoin is almost impossible. Like any other currency, you can exchange Bitcoin, and its price keeps fluctuating in relation to other major currencies like USD, EURO etc. This brings the opportunity for trading on its price fluctuation and earn.
All the conventional currencies are centralized, which means they are controlled by a central bank. For example, UAE Dirham is issued by United Arab Emirates Central Bank. Whereas Bitcoin is decentralized, meaning there is no central bank, country or government managing it. That means it is not susceptible to government or any central bank mismanagement.
Let us discuss some Pros and Cons of Bitcoin, before finally jumping onto the topic “Bitcoin in UAE“.
Cons of Bitcoin
- Risky and sharp price fluctuation – Bitcoin has shown a steady rise for several months, then falling 20 -40% over a few days. Bitcoin trading goes on all seven days a week and 24 hours a day, and the price keeps fluctuating. Sometimes small global news can send the price tumbling down.
- So, it’s basically not stable as there are a lot of unknown factors that may affect the price abruptly. The important rule here is “Don’t put any money into Bitcoin which you can’t afford to lose.”
- Bitcoin transactions are not reversible – Unlike a payment made by credit card, Bitcoin transactions are not reversible. So if you send Bitcoin to the wrong person, you can not retrieve it back.
- Lost wallet – There are lots of stories from people who have lost their Bitcoin wallet address through a computer crash, virus-infected computer and stolen computer, thus losing all their money in Bitcoin wallet.
For the above-discussed reasons, you really have to know what you’re doing and take the time to research how to buy and store your Bitcoins properly. Always keep a hard copy of your wallet address in a safe place.
Now, you are better informed about Bitcoin and other Cryptocurrencies and can take a decision on investing in Bitcoin in UAE.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK.
|General Risk Warning:
The financial products offered by IQ Option carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.