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Although the UAE government has warned against investing in Bitcoin, many in Dubai are investing regardless.

Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai.

In March 2021, The Dubai Financial Services Authority, or DFSA, requested input from the public regarding a proposed regulatory framework for crypto and blockcain technology. But thus far, there have been no restrictions on cryptocurrency.

A view of Dubai

If you want to buy Bitcoin, you need a way to store your investment. Storing your coins on an exchange wallet is risky because centralized exchanges are subject to hackers and theft.

Using a cold storage hardware wallet like the Ledger Nano S or the Trezor is the best way to keep your investment safe.

After you buy a wallet, choose one of the exchanges above that best suits your needs in terms of limits, fees, and privacy. From there, all you have to do is verify your identity, connect your payment method, and buy Bitcoin.

You can deposit your Bitcoin from the exchange to your hardware wallet. There was only one Bitcoin ATM installed in Dubai back in March of 2019, but the authorities removed it just a few days later for non-compliance.

At the time of writing, there aren't any Bitcoin ATMs available for use in Dubai, but there is one Bitcoin teller.

Despite retracing significantly since Bitcoin's major run in late 2017, Bitcoin volume in Dubai on LocalBitcoins seems to be steady.

Dubai is an important economic center of the United Arab Emirates, not to mention its largest city and the focal point of advanced technologies.

Cryptocurrency has been met with friendly legislation when compared to the rest of the UAE. The less developed countries in the surrounding area buy their Bitcoin in Dubai due to hyperinflation in their home countries.

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Dubai has access to many large Bitcoin and cryptocurrency exchanges.

Have a look at our favorites below:

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There are three main types of Bitcoin wallet and all of them are supported in Dubai:

• Software (desktop or mobile - iOS and Android wallets
• Hardware wallet
• Cold-storage (paper or steel wallets, the latter of which are used to backup your main wallet.

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Ethereum (ETH) has established itself as the second most popular digital currency, after Bitcoin. Its smart contract features allow unique apps to be built on top of its platform. Below you will find exchanges in Dubai that allow you to buy ethereum. Once you buy, you should withdrawal your ETH directly to your own crypto wallet.

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Thanks to Tesla founder Elon Musk, Dogecoin (DOGE)—a coin that started as a meme about the shiba inu dog—has recently become a popular digital currency. Below you can find crypto exchanges in Canada that allow you purchase Dogecoin.

About Dogecoin: Dogecoin has become one of the most famous altcoin blockchains. Dogecoin was founded by Jackson Palmer and Billy Markus on December 6, 2013. Thanks to its popularity on Robinhood, it hit an all time high of $0.42 on April 20. Doge started the year at under $0.01 USD. It is an open source blockchain, meaning its code is publicly available for anyone to see.

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Litecoin (LTC) is one of largest cryptocurrencies by market cap. Below you can find a list of brokerages in Dubai that allow you to buy litecoin and other crypto assets for good exchange rates.

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Aziz ‘Com’ Mirza Scam

In October of 2019, social media influencer and scammer Aziz Mirza was arrested in Dubai for defrauding investors in his "Bitcoin of the Middle East" Habibi Coin. Habibi Coin was supposed to be a "real-estate backed" cryptocurrency.

Unfortunately for its investors, most of whom belonged to the Muslim Entrepreneur Network facebook group, Habibi Coin was just a scam to get investors into fake real-estate deals that enriched Mirza who never bought any real estate. In total, 1,500 people signed up to join his program at £5,000 minimum per person.

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If you want to acquire Bitcoin as quickly and efficiently as possible, buying it directly from an exchange or peer is your best option.

More tech-savvy individuals may opt to mine their Bitcoin instead, but mining requires expensive hardware, lots of electricity, and a ton of time.

Large operations in countries with cheap electricity are responsible for the majority of Bitcoin mining. These operations can turn a profit at scale, under the right conditions.

But unfortunately, Bitcoin mining is not profitable for the average Joe, thanks to the price of electricity and the increasing Bitcoin block difficulty.

However, electricity costs in the UAE aren't high by any stretch of the imagination. Coming in at 0.296 Dirham per kWh ($0.08), the UAE has cheaper electricity than the United States, Canada, and many European nations.

Still, electricity in the UAE is pricier than China, home to many of the largest mining farms. If you're expecting to turn a profit, think again. Mining should only be for fun/as a hobby, not as a fast track to riches. At least, this the case for the casual investor.

For this reason, you will still be losing nearly $900 a year if you are mining in the UAE.

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Does Coinbase work in Dubai?

Coinbase does NOT support customers in Dubai as of September of 2020.

Where Can I Find a Bitcoin ATM in Dubai?

Unfortunately, there are no Bitcoin ATM's in Dubai at this time. However, there is one Bitcoin teller at the Coinsfera Bitcoinshop in Baniyas Square on 14th Road.

You can use our Bitcoin ATM finder tool to check back in occasionally and see if one has opened.

What is the price of Bitcoin in Dubai?

Bitcoin prices are changing every second.

The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.

Can I buy property with Bitcoin in Dubai?

Aston Plaza and Residences in Dubai were offering the first 150 residences in their tower for Bitcoin purchase only. If you wanted to pay in Cash, you had to wait. However, all of these units have been sold.

Besides Aston, There are few known developers stating publicly that they accept Bitcoin, there have been reports that many developers are open to accepting Bitcoin when offered by a prospective customer.

Can I get a Bitcoin debit card in Dubai?

You can get Bitcoin debit cards in Dubai by using Pursa.co, which makes it simple to get all sorts of debit cards in many variations of fiat and Bitcoin.

How do I cash out of Bitcoin in Dubai?

Any exchange with a UAE Dirham trading pair will allow you to sell your Bitcoin for fiat currency. Rain.bh has AED trading pairs for many popular coins.

LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.

You could also use a service like eGifter to sell your Bitcoin for gift cards.