Buy and Sell Bitcoins with Knet

Post by Mark

bitoasis

BitOasis, the UAE based Bitcoin exchange backed by the DCG (Digital Currency Group) out of New York have now added support for KNET and exchanging bitcoin into Kuwaiti Dinars.

bitoasis2

Bitcoin has many benefits and is considered by many the future of currency. Some of the advantages of Bitcoin include anonymity during purchase, meaning there is no digital trace linking a person to a transaction, similar to when paying for an item in cash. Another advantage is that nobody owns Bitcoin, not an individual, not a company, not a government, bank or any other financial institute. This means no one can freeze your account, take any money from it or stop you from performing transactions.

If you’re interested, check out the BitOasis website [Here]

Thanks Abdullateef


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24 comments, add your own...


  1. aaa says:

    A major, major point is that bitcoin fluctuations are a lot more volatile than a typical currency BECAUSE none of the protections of a government etc. are in place. In the last year Bitcoin has been worth like… $250 to $700 in different months.

    There is also a lot of controversy with the actual security behind it, in August there was another major hack with $60 million worth of bitcoins disappearing

  2. Abdullateef AL Fozaie says:

    Hey aaa,

    I’ve been working in the digital currency space since 2010, when bitcoin was a nerds wet dream. Back then Bitcoin was a proof of concept and was valued at 3 cents, fast forward 6 years and 3 bubbles the value rose to 1200 USD in 2013 and has been somewhat stable around 620 USD.

    The controversy that you mentioned isn’t to do with Bitcoin itself but the nature of how bitcoins are stored in wallets, Bitcoin as a currency is yet to be broken but the means third parties store it has.

    August of this year one of the worlds largest exchanges, Bitfinex, was hacked and indeed a large sum of Bitcoins valued at 72 Millions USD was stolen, now this was a breach of their security as they used what is known as a hot wallet to store customer bitcoins, this isn’t standard practice and since Bitfinex has resorted to using cold wallets to store the majority of its assets.

    Hot Wallets: Live wallet front facing.
    Cold Wallets: Offline, disconnected.

    Now since the breach Bitfinex has been reimbursing its clients: http://www.coindesk.com/bitfinex-reimburses-first-bitcoin-exchange-hack-victims/

    Now as for the volatility, now let me ask you this, where does bitcoin derive its value from? Trade Volumes, merchants, miners and exchanges. Just as the stock market works if there is demand buy buy buy and this is all attributed to market adoption, politics and the general ecosystem.

    Bitcoin cuts so many strings, no more will you have to pay lofty transfer fees, credit card fees, your money is yours it cannot be destroyed it cannot be tracked and no one can tell you what you can or can’t do with it.

    Many thing that you can’t do much with your Bitcoin here but the list of online merchants like amazon, ebay, expedia, cheapair, overstock etc.. Local Exchanges like BitOasis.. Startups that convert your bitcoin wallet to a physical credit card that you can use on a daily basis like Xapo, Shift, Wirex and Shake.

    There is so much stigma and misconception that taints bitcoin that is all attributed to lack of education and market awareness.

    I am a big believer in Bitcoin, altcoins, cryptocurrency and the underlying technology like the blockchain and I invite anyone to get in touch with me and I would be more than happy to educate and blow your mind.

    Cheers.

    • Kuwait says:

      Say I buy 1 bitcoin if its worth is 100KD now, and in a year, a bitcoin is worth 150KD.

      1. Who do I “sell” it to?
      2. Can I withdraw the 150KD to my Kuwait bank account?
      3. Is a bitcoin worth exactly the same everywhere in world? Say 100KD = $350. Does that mean I can buy a bitcoin for 100KD in Kuwait and for $350 in the US?

      • Abdullateef AL Fozaie says:

        Hello Kuwait,

        1) In this case I think you are referring to the exchange model.

        Example:

        If you buy 1 Bitcoin worth 190 KD today and a year from now that same Bitcoin is worth 300 KD you would go on an exchange like Bitoasis and sell your Bitcoin to KD.

        2) A Bitcoin exchange like Bitoasis would then wire you KD in exchange for your Bitcoin to your local bank account.

        3) The price of Bitcoin is relatively the same with minor deviations of 1-3% every exchange has its own Price.

        Example:

        Bitoasis 623.43
        Bitfinex 617.82
        Bitstamp 614.54
        Coinbase 617.19
        BTC-e 617.98

        If you have anymore questions I’m more than glad to help, keep them coming.

        Thank you.

    • aaa says:

      Anywhere offsite I can get in touch with you?

  3. meh says:

    You can’t buy burgers anonymously though.

    • Mark says:

      you could if you pay in cash

      • meh says:

        At the burger joint I will have to wear a mask, or send somebody I trust to get it for me, and there’s always the chance that they will compromise my identity.

        Online, they will have my address. If I use a random drop point, I or someone will still have to pick it up.

        • Mark says:

          You don’t have to wear a mask, just wear a cap and sunglasses and don’t stare into the security camera. or write out your order on a piece of paper, pass it to one of the street cleaners and offer to give him a bit extra if he goes inside and orders for you. he doesn’t know you so he wouldn’t be able to compromise your identity.

  4. Jacob says:

    Perhaps not burgers in Kuwait but you certainly can buy your used books from Better Books (Salmiya) with Bitcoins. Yes!

    Among other crypto currencies to watch out for are Ethereum & Maidsafe. However, much more than the Bitcoins itself, I believe it is the blockchain technology that would transform the world in many ways.

    • Mark says:

      can you really buy books using bitcoin at better books?

    • Abdullateef AL Fozaie says:

      Hello Jacob,

      That’s Brilliant! Welcome to the club! :)

      There are three main schools of thoughts when it comes to Bitcoin and Blockchain.

      At its infancy the technology was first introduced as a proof of concept a technological tour de force by Satoshi Nakamoto in a paper he wrote in 2008 and then brought it to life in 2009.

      Originally it was for nerds, techies and engineers now a days its an industry worth over 12 Billion USD.

      Originally VC’s were funding Bitcoin startups but with the volatility and ensuing bubbles this shifted to the core technology, the Blockchain.

      This doesn’t mean that investing in Bitcoin is dead, not at all, but its more risky and focused and the chances to make it big so late in the game are slim.

      In regards to Altcoins like Ethereum and Litecoin, the same logic applies to them. But of course Ethereum is the star child nowadays with the way its revolutionizing applications and smart contracts.

      There are so many big name players in the Blockchain space, like Microsoft, Intel, visa, NASDAQ etc.. and a revolution is surely afoot but only time will tell.

      The future is bright my friends.

      Cheers.

      • Jacob says:

        I am glad that there is a growing awareness about bitcoins although most people I come across haven’t heard of it, or have heard the wrong things, or in a very uneducated manner simply waive it away.

        My own introduction came three years ago at a point when bitcoins was at it’s peak price of around USD 1300 (wish I bought it when it was less than a dollar!) only to slide down leaving me with burnt pockets! Yet, I still continue trading in altcoins now and then (mostly an exercise in bankruptcy though!) but more frequently and importantly keep track of the technological advances that the blockchain is bringing about.

        Of course, as a promoter of bitcoins, what better way to start than in your own backyard selling used books:)- And no.. Not a single person has walked in to purchase books with bitcoins although a sign has been hanging on our door for the last two years! However, it becomes a topic of conversation and also spreads the awareness of bitcoins.

        I am just curious to know if there are any other business in Kuwait which accept bitcoins.

  5. HILARIO SANCHEZ says:

    If i buy bitcoins in kuwait dinar, so it is in may wallet in bitoasis, possible i can transfer it to my another bitcoin wallet like blockchain?


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