The Price of Bitcoin Is Soaring And Trading Activity Has Really Taken Off In Dubai
The price of Bitcoin topped USDĀ $1,000 (AED 3,672) on the first day of trading in 2017 for the first time since early January 2014. This follows a surge in recent months that has seen the value of this currency grow at a rapid pace. In Dubai, BitOasis, a Bitcoin wallet and currency exchange serviceĀ has been part of this growth, achieving record numbers in 2016.
December was theĀ best month ever for the BitOasis team.
In 2016 BitOasis saw 6x growth in the amount of currency deposited by local customers and a 10x increase in exchange volumes, an indicator of a healthy market. On BitOasis, people in Dubai can easilyĀ buy bitcoin in USD and AED. TheirĀ exchange is currently present in UAE, Qatar, Kuwait, Bahrain and Saudi Arabia
Broke new records
December has been our best month yet since launch. We broke new daily volume records. So proud of #BitOasis team!
ā Ola Doudin (@odoudin) December 28, 2016
The local growth has been noticed globally
Bitcoin now taking off in the Middle East… https://t.co/t3OCCgqDKS
ā Barry Silbert (@barrysilbert) December 28, 2016
2017 is expected to be a big year for Bitcoin.
Analysts are predicting, according to Coindesk, 2017Ā to be a banner year, one that could finally lead the price to pass its all-time high of $1,216.7 set in 2013.
Bitcoin can be used for more than just trading and buying things.
Dubai’s immigration agency is seeking a blockchain startup to develop a system that willĀ cut illegal residency in the country.Ā The agency is hoping to reduce illegal resident entry by 50% using an āinternational blockchainā.
As part of the second round of The Dubai Future Accelerator, the largest government-supported accelerator, the General Directorate of Residency and Foreign Affairs has put out a call for blockchain companies to apply to takeĀ the effort forward.
Bitcoin is a digital currency for those of you still wondering what it actually is.Ā
ItĀ isĀ created and held electronically. No one controls it. Bitcoins arenāt printed, like dollars or euros ā theyāre produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
