The businessmen of United Arab Emirates as well as country’s citizens refuse to accept Bitcoin in any way as the instability of the digital currency negates all other benefits associating with it.
In the right hands cryptocurrencies are like a Swiss army knife, a multitool with dozens of uses. Nevertheless, for the countries of the close East and especially the so-called Gulf countries one of the greatest features of the Bitcoin is its low to non transaction fee. This use of the digital coin could be crucial for the people, who work abroad to feed their families.
Just for you to appreciate the scale of the situation lets speak numbers. Every single year the amount of money sent via Western Union (WU) is roughly $500 billion U.S. green. Out of these the bucks WU feeds itself something like 37 billion (!). Kind of nice for the money transfer company, not so much for the average user.
Ok, if the difference between Satoshi’s creation and classic bank-like systems for our newer readers (the dedicated ones have heard many times), then I would provide with some more exciting numerology. 3% is the fee that retailers are paying to work with credit or debit card. The money transfers are even greedier – to send your money across the globe you would be required to pay at most 9%.
Even though, all these money add up to a neat amount, people of UAE are not hurrying to leave their finances in the “hands” of Bitcoin network. The good old cash transfer is still much preferred over its younger digital transfer.
The lack of regulation also doesn’t help, as there is no Central Bank for the likes of Bitcoin. Actually, it is the reason why Satoshi created the Coin in the first place, so the currency would be independent of governmental and/or bank control.
To spice the things up the recent scandals involving digital coin further deepened distrust of Bitcoin. I don’t even want to begin recounting these. Enough would be to say, that the apparent death of the oldest exchange services and the arrest of a man, who is charged with laundering of millions are not giving cryptocurrencies a positive publicity.
I see why Bitcoin is not getting through the conservative views of UAE people. However, the roots of the distrust are more likely in the infamy that the cryptocurrency have been gaining lately, not in the Coin itself. Well the black stripe cannot go on forever, so I am anticipating some good news regarding Bitcoin in the nearest future.