Wednesday, August 21, 2019

Bitcoin ATM In Dubai Lets You Buy Bitcoin With Cash Anonymously

Residents of UAE interested in buying Bitcoin without KYC can now do so with the first ever Bitcoin ATM recently launched in Dubai. However, there is no option to sell yet.

Premier Bitcoin ATM Launched In Dubai

Bitcoin ATM is getting more prominent as the cryptocurrency industry sees more adoption. Dubai, the capital city of the world joins the rest of the world in the crypto race. The ATM is located at the Dubai Hotel and Wellness Center, Rixos Premium, Dubai JBR.

The company behind the ATM, Amhora, tweeted recently that,

“We have installed a Bitcoin ATM in Dubai at the Rixos Premium Hotel in JBR, Marina. Located on the Mezzanine (M) Floor. Shoutout to @LamassuBTC.”

Those venturing into the world of digital currencies in the country can now do so, but most especially, while staying anonymous. Bitcoin can be purchased on the ATM with cash, with no questions asked. But users cannot sell Bitcoin through the machine yet. The CEO of Amhora, Anhad Dhingra stated that the sell option would be made available in a couple of months.

While buying Bitcoin without KYC or an ID card may interest crypto users wanting to stay anonymous, they must realize staying anonymous isn’t completely true. Why? After purchasing Bitcoin with cash on the ATM, users need a wallet to send their cryptocurrencies, and using an exchange makes their details accessible to some level.

Also, when the sell option is activated on the Bitcoin ATM, users will have to swipe their Emirates ID card to make purchases.

Related Article:  New Partnership Enables Everyone Purchase Cryptos On Regular ATMs In The U.S.

Buy Bitcoin With Attractive Commission

Amhora is fully licensed by the department of economic development. It charges users 5 percent commission on total purchase. The commission is still cheaper in comparison to most Bitcoin ATMs which charges 7.5 percent on total purchases.

Dhingra, the CEO of the company in a statement says,

“The commission is very attractive because you can buy bitcoins instantly. Otherwise, people have to go through a number of procedures which take a lot of time. At this kiosk, you just insert cash, and you get bitcoins instantly. It is possible to purchase bitcoins through banking platforms and debit cards already but since we accept cash, it is very different.”

Meanwhile, there has been a surge in the number of Bitcoin ATMs globally. As at January 2019, there were over 4,000 Bitcoin ATMs. The U.S. has the highest number of crypto ATMs, with 2,493 or 55.9 percent of the world’s BATMs according to data from Coinatmradar.com.

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