Middle East Bitcoin Guide: Five Ways to Get Bitcoin

This Middle East Bitcoin guide takes a look at five ways to get Bitcoin in the Middle East, especially if you are new to this.

Bitcoin is Growing Fast

The emergence of Bitcoin on the global stage has been nothing short of breathtaking.

In a span of just over a decade, Bitcoin has become the world’s sixth-largest currency in circulation, behind the Chinese Yuan (RMB) and the Japanese Yen (JPY).

Bitcoin’s utility of being peer-to-peer (P2P) digital cash without the need for intermediation has made it a popular medium for the transfer of value in a borderless setting, circumventing the legacy financial system.

Not only that, the actual utility that includes quick transfers and cheap transaction fees that occur in a transparent and immutable environment has propelled the adoption of Bitcoin as a viable global currency for many.

With a fixed and limited supply of only 21 million, the scarcity of Bitcoins will logically result in an increase in price over the long run, assuming that adoption increases. This represents a core motivation for many to acquire Bitcoin as a store of value.

Bitcoin has been the best performing asset relative to any other asset class in 2020, growing by more than 326% since the start of the year!

Here in the Middle East, the adoption of Bitcoin and cryptocurrencies is still in the stage of infancy.

Compared to the global level, there is a lack of cryptocurrency exchanges in the Middle East for users to buy and trade Bitcoin.

In fact, there is only two licensed exchange in the entire GCC region that includes the UAE, Saudi, Bahrain, and Kuwait. One of the regulated exchanges is Fasset, a zero-trading fee exchange that is extremely simple to use.

Five Ways to Get Bitcoin

There are many ways that you can get your hands on some Bitcoins. Let’s take a look at five ways to get BTC in the Middle East.
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1. Buy Bitcoin from an Exchange

The easiest way to get your hands on Bitcoin is to simply purchase a Bitcoin from any cryptocurrency exchange.

First-time users need to open an account with a cryptocurrency exchange that supports local fiat currency – also called a fiat gateway exchange – and perform the necessary Know-Your-Customer (KYC) verification process.

Once done, they can start transferring funds from their local bank account and start purchasing Bitcoins and any other cryptocurrencies listed on the exchange.

Alternatively, a growing number of cryptocurrency exchanges have begun allowing cryptocurrency purchase with users’ credit and debit cards, which is a more convenient process but entails slightly higher fees.

It is imperative that first-time users choose an exchange that is regulated and has a high trading volume for security and convenience.

If you’re a resident of UAE, Saudi Arabia, Bahrain, Oman, or Kuwait, a regulated and prominent crypto exchange that you can buy Bitcoin easily and safely with your local currency is Fasset, which is the first crypto exchange in the Middle East that offers zero-trading fees.
Here is a guide that reviews the top cryptocurrency exchanges in the Middle East and GCC region – Middle East Crypto Exchange Review: Where to Buy Bitcoin in MENA.

2. Generating Interest on Your Bitcoins

Supposedly you already have a bunch of Bitcoins in your exchange account or your digital wallet that was acquired through a fiat-gateway crypto exchange like Fasset, it would be financially smart to let the Bitcoins “grow”, similar to a savings account generating interest.

This would be especially beneficial for Bitcoin investors with a long-term horizon.

In fact, it is much more profitable to earn interest in interest-generating Bitcoin accounts relative to traditional savings accounts in a typical bank.

A traditional savings account can yield 0.1% to 0.5% per annum while earning interest in your Bitcoin can generate an excess of 8% annually!

There are several popular Bitcoin interest accounts in the market that include BlockFi, Bitwala, and Crypto.com.

Users can expect an annual yield of 5% to 8% yearly, with different interest structures such as compounding or simple interest rates.

3. Get Paid in Bitcoin

Another easy way to acquire Bitcoins is to get paid in Bitcoin after delivering a particular service or selling goods to customers.

Business owners can leverage on a payment processor to accept Bitcoin and other cryptocurrencies as an additional payment mode accepted in your business.

In fact, there is a rising trend of merchant adoption that accepts Bitcoin as payments, with over $4 billion sent through payment processors in 2019 alone.

Accepting Bitcoin can also translate into a great PR campaign that entails greater referrals by cryptocurrency enthusiasts.
Freelancers or service providers in the Middle East can also work out arrangements to be paid in Bitcoins.

This has been a popular mode of payment given the global outreach that Bitcoin possesses, especially if you are providing services beyond the Middle East.

Instead of using the traditional financial infrastructure which can be costly and take a couple of days of processing, accepting Bitcoin can be much more efficient and cost-effective.

Once you have received the Bitcoin, you can easily convert that into your local currency in a cryptocurrency exchange.

4. Buy Bitcoin Through Peer-to-Peer Platforms

Peer-to-peer (P2P) platforms – like LocalBitcoins – allows you to buy Bitcoins by trading directly with sellers (and vice versa).

This means that you can use your local Middle Eastern currency to buy Bitcoin.

As compared to a cryptocurrency exchange, transacting via a P2P platform is more informal and you have to deal directly with the seller.

For example, if you’re interested to buy Bitcoins through this channel, you would have to go to LocalBitcoins and select the seller that is offering the best prices.

You would then need to message the seller and finalize a way to transact, either by sending local currencies through bank transfers or physically, and then receiving your Bitcoins in your wallet.

Usually, Bitcoin prices via P2P platforms is much higher as compared to a crypto exchange, since prices are not dynamic and manually set by sellers.

Additionally, you would normally have to meet with the counterparty to ensure that fund transfers are done correctly and safely.

It is therefore highly recommended to buy Bitcoins in the Middle East through a regulated exchange like Fasset.

5. Mining Rewards

Albeit a little more complex than the other methods explained above, mining is a core component of the cryptocurrency ecosystem that provides you with direct access to the inner workings of this revolutionary technology.

Mining entails the use of advanced computing hardware and a tremendous amount of electrical resources to solve mathematical problems that directly secure the network.

By validating transactions on the blockchain, you can earn rewards as miners.

If you are new to the industry and require simplicity, you can sign up to cloud mining services that allow you to participate in a mining collective.

Popular examples of cloud mining services include Genesis mining and HashFox.

Middle East Bitcoin: Rounding It All Up

Acquiring Bitcoins in the Middle East is not a difficult endeavor; anyone can get access to Bitcoins and other cryptocurrencies easily through a variety of steps mentioned in this article.

If you have additional funds that you want to convert to Bitcoin, the easiest way is to use a prominent cryptocurrency exchange such as Fasset and invest in Bitcoin.

Besides that, there is a variety of ways to acquire Bitcoin, from getting Bitcoin cash-back through online shopping, to getting paid in Bitcoin or other cryptocurrencies if you have provided a service.
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