UAE's first Bitcoin ATM set up in Dubai

Machine has been set up by software integration service provider Umbrellab

Tags: United Arab Emirates
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UAE's first Bitcoin ATM set up in Dubai According to coinreport.net, the ATM allows for a daily limit of AED 2,000 or approximately one BTC - by today's market rates.
By  Helen Gaskell Published  April 24, 2014

The UAE's first Bitcoin ATM has been set up by software integration service provider, Umbrellab in Dubai.

The ATM, which is not yet ready for public use, is located in an office in Dubai Media City and allows people to deposit cash into their Bitcoin wallet using their mobile phone number.

According to coinreport.net, the ATM allows for a daily limit of AED2,000 or approximately one BTC - by today's market.

The machine is demonstrated in a video by Umbrellab's co-founder, Tarik Kaddoumi. After putting in his mobile number, the kiosk shows Kaddoumi the current exchange rate of bitcoin. Kaddoumi then inserts a AED100 note into the machine and taps to ‘OK' the transaction. A few seconds later, he receives a receipt and a text verification that notifies him that there was account activity. A few more seconds later, the money arrives in his digital wallet.

After performing a single transaction, the user's phone becomes linked to their digital wallet address for future use.

According to The National, the Middle East is one of the least integrated regions into the global Bitcoin network, but advocates for the virtual currency say it is fertile ground because of its large, youthful population and high proportion of migrant labour.

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838 days ago
Fritz

Where is this ATM located in Dubai ?

1832 days ago
asab

sir i like to buy bitcoins in us $
how can i get it

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