# Anyone trading in bitcoins from UAE?



## xxxxxxxxxxxxxxxxxStewartC (Mar 3, 2012)

Is anyone trading in bitcoins from the UAE? Are there any bitcoin exchanges that allow you to buy bitcoins in Dirhams? Or has anyone bought bitcoins via other currency exchanges? I do know that it is impossible to trade in bitcoins via the unmentionable workaround and that most exchanges restrict the home countries of traders to just a few. So does that make it impossible for us to trade other than when we are travelling?

Any other bitcoin comments welcome but it seems like an interesting investment (of the very high risk/reward kind).


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## Mr Rossi (May 16, 2009)

As much as I understand (which admittedly isn't a lot), it appears as if they've had their day.


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## xxxxxxxxxxxxxxxxxStewartC (Mar 3, 2012)

Mr Rossi said:


> As much as I understand (which admittedly isn't a lot), it appears as if they've had their day.


Far from it. Just beginning.


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## saraswat (Apr 28, 2012)

Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k | Technology | theguardian.com

The jury still seems to be out on bitcoins, but their use in the more nefarious sections of the web (just google TOR network or 'silk road') ultimately might be the proverbial deathknell ....


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## Mr Rossi (May 16, 2009)

saraswat said:


> but their use in the more nefarious sections of the web (just google TOR network or 'silk road') ultimately might be the proverbial deathknell ....


Exactly, Silk Road has already been shut down and there's reports of wallets not being entirely secure.


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## xxxxxxxxxxxxxxxxxStewartC (Mar 3, 2012)

The banksters and Feds are trying to kill it but it's too late now that bitcoin has taken hold in China. Global finance is being de-Americanised, slowly but surely. And not before time, some might say.


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## kamrog (Oct 30, 2013)

I am happy to trade bitcoins here in UAE  Would you like to buy or sell?


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## Mr Rossi (May 16, 2009)

StewartC said:


> Global finance is being de-Americanised


The trouble with Bitcoin is that they're only worth whatever anyone is willing to pay for them, hence their massive fluctuations. The fact that away from drugs you can't buy much beyond domain names and hosting seriously restricts their worth. That said you can't buy a pint of milk with gold nuggets either, so what do I know?

It appears that mining seems to have had it's day and it'll take a long time to recoup any investment in the massive rigs needed these days, if at all possible. What's really a shame is the great art that could be created with all that processing power.


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## kamrog (Oct 30, 2013)

I cannot agree with you Rossi, you can buy a lot of stuff with Bitcoins and more and more services are accepting them now. Sure that mining is not for everyone now but this doesn't change a lot  Currently you can not only buy domain names but also pay for wordpress plugins, buy VPN and other services and visit <snip> for many goods. And the Bitcoin price? History shows that it only goes up in the long run which has it's ground in Bitcoin production line, there will be only 21 milions of Bitcoins around the world, can you imagine it's price if everyone would want to have one?


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## xxxxxxxxxxxxxxxxxStewartC (Mar 3, 2012)

SO, are you buying them from here kamrog? If so, on which exchange?


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## kamrog (Oct 30, 2013)

Trading here is difficult. I was looking to buy some for cash but not many people seem to have them. Tried on <SNIP> (look at my signature) but no one contaced me back ;/ Any other echange would require converting Dhs to other currency before paying for BTC and this is also not a good option. That's why I posted here hoping to find someone interested in trading and maybe even starting some kind of trading platform etc


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## Mr Rossi (May 16, 2009)

kamrog said:


> Currently you can not only buy domain names but also pay for wordpress plugins, buy VPN and other services


 Until Spinneys start accepting them and I can use them to pay my DEWA bill, they're not a truly viable investment. By all means have a bit of fun with some spare cash but this will bankrupt more than it makes rich in the end.


"After years of disappointment with get rich quick schemes, I know I'm gonna get rich with this scheme. And quick!"


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## kamrog (Oct 30, 2013)

Mr Rossi said:


> "After years of disappointment with get rich quick schemes, I know I'm gonna get rich with this scheme. And quick!"


By all means - Bitcoin is not get rich quick scheme  It is a currency like any other currencies in this world. It is not meant to be way of making money but paying for goods. Anonymous, fast, secure, reliable and without influence of the government. Unblockable and without stupid exchange rates - global. Not backed up by gold (do you know any "real" currency with such backup?) but by faith of people. I would suggest reading a bit more about it before exhanging any money into Bitcoins 

Anyone who treats it like a way of getting rich might be lucky or not, like any other investment


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## kamrog (Oct 30, 2013)

By the way - Bitcoins are not investment for me but a great way to move money between countries. Can you imagine that you can buy BTC in one country (like UK) and sell it in the other country (like PL) and move the money that way within AN HOUR and setting your own exchange rate - not the one applied by banks. Also I work for BTC! I am doing programming jobs and I am paid in BTC, that way I am not forced to open bank account in US to receive money from US  I can easily be paid by any country straight into my BTC wallet and sell Bitcoins wherever I want. And this is only beginning of endless possibilities so don't treat Bitcoins like another scheme for fools


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## Mr Rossi (May 16, 2009)

kamrog said:


> so don't treat Bitcoins like another scheme for fools


I'm too busy today to pick out individual points but I'm fully aware of the utopian ideal surrounding Bitcoins. If you read my other posts you'll see I'm not fan of self serving governments either. So on both of these aspects I agree with you.

However we're far from utopia and anything that can't be directly destroyed by the hegemony is assimilated and rendered useless that way.


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## Jager (May 26, 2012)

*World's first' Bitcoin ATM opens in Canada*

"Three young entrepreneurs have opened an ATM in Vancouver, Canada, calling it the world's first ATM able to exchange bitcoins for any official currency.

The machine, delivered to Vancouver by US manufacturer Robocoin, stands against a wall of a popular coffee shop, and resembles an ordinary cash ATM.

Customers lined up on Tuesday to use the ATM, then used their smartphones to buy coffee and muffins at the Waves coffee shop. 

The ATM is the world's first, said co-owner Mitchel Demeter, a local entrepreneur who started trading in bitcoins several years ago, then earlier this year with two partners set up Bitcoiniacs, a Vancouver storefront money exchange."

'World's first' Bitcoin ATM opens in Canada


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## xxxxxxxxxxxxxxxxxStewartC (Mar 3, 2012)

kamrog said:


> Trading here is difficult. I was looking to buy some for cash but not many people seem to have them. Tried on localbitcoins (look at my signature) but no one contaced me back ;/ Any other echange would require converting Dhs to other currency before paying for BTC and this is also not a good option. That's why I posted here hoping to find someone interested in trading and maybe even starting some kind of trading platform etc


Not too big a deal to have to convert before trading into bitcoins, if you look at the big picture and in the longer term.

The only way to go bankrupt with such investments is to pile too much cash into them.

The next decade will be a good one to have as much of your money a possible out of the reach of your government. The IMF and EU are preparing the way for huge bail-ins and wealth taxes. Property in the UK is a bubble that will burst in a spectacular way. Time to think outiside the box and position oneself for collapsing currencies and big interest rate rises.


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## xxxxxxxxxxxxxxxxxStewartC (Mar 3, 2012)

My main question remains. Are there any exchanges where UAE residents can trade in bitcoins?


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## xxxxxxxxxxxxxxxxxStewartC (Mar 3, 2012)

I was thinking along the lines of one of the international online trading platforms. I cannot imagine meeting up with anyone to buy or sell bitcoins for cash!


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## kamrog (Oct 30, 2013)

You don't have to trade for cash. You can do it through there, they provide escrow.


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## JonGard (Aug 18, 2013)

I've seen mention of these everywhere.

I've just googled them.

I still don't understand in ANY way.

Could somebody please explain to this idiot? (me)


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## kamrog (Oct 30, 2013)

Here is my article (in polish) by google translate. You may get the point 
<SNIP>

I am working on a English version just now.


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## sgornick (Nov 10, 2013)

StewartC said:


> Is anyone trading in bitcoins from the UAE? Are there any bitcoin exchanges that allow you to buy bitcoins in Dirhams?


One method is to buy CashU and redeem that to BitcoinNordic.

I'm a noob here so can't post a clickable URL. 

<SNIP>


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## Mr Rossi (May 16, 2009)

JonGard said:


> Could somebody please explain to this idiot? (me)


No expert either but as I understand it.

One bit coin is a single virtual unit generated entirely by a complex computer algorithm. It's not minted, not tied into any exchange and doesn't have to be backed up by gold reserves for example. 

Rather than being held in centralised banks, they're stored in the ether of the internet. Those that create the mega computers that allow bitcoin storage and transactions are rewarded with extra bit coins, which are being created all the time. 

Though due to the algorithm there is a limited number than can be made. These virtual coins are now being traded and spent as a legitimate currency online.


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## Joe201 (Nov 13, 2013)

bitcoins i know a guy that made alot of money from mining bitcoins using small specific pc that is for that process.


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## kismatco (Oct 3, 2012)

Get a VPS and install mining software on it simple as that  some sites are selling VPS specially for mining bitcoins


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## cibean (Nov 15, 2013)

I have been studying bitcoins for over 2 years and am an active member of the bitcoin community. You can certainly buy bitcoins using credit cards but the price is as much as +8% or some online exchanges.

I have recently imported a bitcoin mining rig and have started mining about 0.6 bitcoins a day. It cost me close to 8,000 USD but the profits will be enough in a month to cover the costs, as the price has jumped up from 170 USD a month ago to USD 420 as of today, due to massive interest by Chinese buyers.

I am also thinking of starting a bitcoin meetup in Dubai and if you are interested in joining or want to know more about bitcoins, feel free to PM me. Bitcoin is here to stay because it's distributed and Bitcoins are stored in online wallets in people's computers. It is because of bitcoin enthusiasts that it has become a new goldrush. I believe its price should hit USD 1k in another 3-6 months.

By the way, I am a newbie here. Have a great day guys


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## cibean (Nov 15, 2013)

you can do so too... all by yourself. Go to btc-e dot com and they have multiple options to deposit including payneer, which allows you to deposit using credit card. Besides bitcoins, you may wanna look at Litecoins too at that site. Once your account is funded, you can instantly start your buy/ sell transactions. If I were you, I would wait for a week to see market direction. I have been chatting with a few feloow bitcoiners and a technical correction is imminent.


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## kamrog (Oct 30, 2013)

cibean said:


> you can do so too... all by yourself. Go to btc-e dot com and they have multiple options to deposit including payneer, which allows you to deposit using credit card. Besides bitcoins, you may wanna look at Litecoins too at that site. Once your account is funded, you can instantly start your buy/ sell transactions. If I were you, I would wait for a week to see market direction. I have been chatting with a few feloow bitcoiners and a technical correction is imminent.



Thanks but I prefer bitcoindeal.co.uk  And honestly I know lots of exchanges, was just wondering if you want buy or sell for AED directly (cash)


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## cibean (Nov 15, 2013)

No I don't. I prefer to keep them. Perhaps some day they will be of great value.. Or perhaps they will worth a cent. Time will tell.. This site that you are referring to is pretty expensive... I would suggest you try the one I gave you because I have found it to be the cheapest one amongst all. even right now it is cheaper by at least $10/ BTC. Or you can look into ebay. There are people who rent out mining services.... Before getting my own gear, I bought 3.3GH/Sec service for a week from a guy for 15 dollars. He was using 10 blockeruptor chips, each with 333 MH/S hashing power. You can now easily buy 2.3 GH/Sec bitfury chips for around 120-150 USD each. Plug 10 of them into a USB Hub and you will recover your cost in a month. Anything else will be a profit.


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## arabianhorse (Nov 13, 2013)

a fool and his money are soon parted.

just my 2 cents worth


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## rsinner (Feb 3, 2009)

In the time since this thread was started, the prices of bitcoins have gone up from 200 USD to 800 USD. I seriously considered buying them then, but given the whole hassle of figuring out how to actually transact I gave up. In any case, I do not have the risk appetite for an asset class this volatile, so would have traded small volumes unlikely to make me a millionaire any time soon.


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## sammylou (Oct 29, 2012)

kamrog said:


> Thanks but I prefer bitcoindeal.co.uk  And honestly I know lots of exchanges, was just wondering if you want buy or sell for AED directly (cash)


it is against forum rules to buy/sell unless you are a premium member and you have posted your advert in the classified section.

this goes for everyone so please keep the discussions on this thread to just that, discussions. no trading may take place. thanks.


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## saraswat (Apr 28, 2012)

This thread is being closed, per a decision by the moderation team.


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