Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
The easiest way to buy bitcoin in the UAE is through a broker that accepts cash. There are several platforms that accept cash as payment for bitcoin, including LocalBitcoins, Paxful, and BitQuick.
These platforms allow you to find buyers that are willing to pay with cash in your local currency. Once you have found a buyer, you will need to meet them in person to complete the transaction.
When meeting in person, it is important to take precautions to ensure your safety. Only meet in public places, and never meet alone.
Be sure to bring your own form of payment (cash or another cryptocurrency), as well as your own bitcoin wallet. Once you have completed the transaction, be sure to get a receipt from the buyer.
Selling bitcoin in the UAE with cash is a simple way to get started with cryptocurrency trading.