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Bitcoin => Bitcoin Discussion => Topic started by: mynhpark on April 19, 2017, 11:30:47 AM

Title: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: mynhpark on April 19, 2017, 11:30:47 AM

Bitcoin trading volumes in Saudi Arabia via peer-to-peer trading platform LocalBitcoins have never been higher. For the first time, trading volumes topped USD $100k in bitcoin traded over a week through the decentralized platform. According to data from Coin.Dance, trading volumes last week soared nearly 3x compared to the previous week, with over SAR400,000 in bitcoin traded during the week ending on April 15, a new all-time high.

More details below:

https://www.cryptocoinsnews.com/saudi-bitcoin-localbitcoins-all-time-high/

Do you agree that Bitcoin will become popular in the Middle East soon?

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: shamzblueworld on April 19, 2017, 11:38:04 AM

With the governments as there are now and the conditions, bitcoin will definitely be quite popular in middle east. And subcontinental Asia too.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Xester on April 19, 2017, 11:40:43 AM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

Given the statistical data that you have mentioned it is a clear fact that bitcoin can really be famous in the middle east. Given the resources and money of the people from the middle east it is not a question on whether they can afford or not but on how much bitcoin are they planning to purchase. This oil rich countries have seen the value of bitcoin and will enlist bitcoin in their feasible investments.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Golftech on April 19, 2017, 12:31:26 PM

Quote from: Xester on April 19, 2017, 11:40:43 AM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

giving them enough knowledge for sure they will adopt this system, oil and gold can be transact using bitcoin as they are really
rich with both venue lets see how this news will bring new momentum in the middle east.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: gentlemand on April 19, 2017, 12:39:28 PM

When LBC volumes explode in a new country the first thing I normally do is check whether MMM has started up there.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: BitcoinHodler on April 19, 2017, 12:44:01 PM

bitcoin adoption has been growing in many different countries and with every positive news it grows a small bit. and then there is always price of bitcoin and how good a long term investment bitcoin is.
and this is not limited to one country or one region, it is everywhere. and remember than most people in other countries like Saudi Arabia and middle east are not using localbitcoins so their volume is not even considered.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: mindrust on April 19, 2017, 12:48:15 PM

It seems they finally realized bitcoin is a better choice than gold when it comes to hide your money away from the shady governments.

Most of you already know Saudi's are the biggest fans of Gold and USD. (They like USD even more than Americans) 8) This kind of interest in bitcoins won't make USA very happy. Be careful for another bitcoin FUD may be incoming. 8)

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: gribble on April 19, 2017, 12:48:31 PM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

Of course yes, i agree with bitcoin become popular in middle east soon and it will not just on there
but bitcoin will become more popular around the world,
will many people who adopt bitcoin for payment transaction or just investments long time
because as we know bitcoin is like gold of course with other beneficial.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: joshy23 on April 19, 2017, 03:30:28 PM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

Middle East countries are already known for it riches. I don't know if the volumes are real, if real then the rich people have found a new way to play around with their money with the btc playground and investment. Although 100K USD is still small, I think it will grow more as Middle East will find btc as good investment instrument specially for the rich oil nations citizen.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: izanagi narukami on April 19, 2017, 03:33:56 PM

If they interest on bitcoin as much as Chinese investor, I think it will bring more impact on bitcoin value ( mostly will increase significantly)
They have biggest market on the earth ( oil company ) and with huge $ cap, it's really great ! Looking foward to see it

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Denker on April 19, 2017, 03:48:28 PM

Well ~$110k isn't that much. However the increase percentage wise is something.
Let's see how this will develop in the future. Maybe some sheikh will find Bitcoin interesting enough invest some serious millions. These guys have more than enough money to play with.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: FlamingFingers on April 19, 2017, 03:56:39 PM

Quote from: joshy23 on April 19, 2017, 03:30:28 PM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

Not all Middle Eastern countries are rich – the Arabian Gulf countries only are (including Saudi Arabia, Kuwait, Bahrain, Qatar, and United Arab Emirates). They got Millions of Dollars from Oil selling, and they can easily play with them in the bitcoin field.

And yes, Bitcoin is getting more popular in these regions, but I hope, wish and pray my country doesn't know about bitcoin, or at least ignore/neglect it — they will use it as a way to profit from its users :-\.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Wesimon on April 19, 2017, 03:58:08 PM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

Having high trading volume, there is no doubt that bitcoin will become popular in the middle east sooner or later. Though the amount was not yet that big, this indicates that Saudi Arabia is beginning to fully accept the bitcoin technology, and it will take only a matter of time for its fame to burst throughout the middle east.

Having these type of news is so promising. We can clearly see how bitcoin's popularity had become in the past years. It would seem that we hear news about bitcoin left and right mostly every week. I think that it will not take too long for bitcoin to become famous worldwide.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Homunculah on April 19, 2017, 04:01:32 PM

Quote from: Denker on April 19, 2017, 03:48:28 PM

hope so, saudi have invested large enough in china, saudi moderate enough economic problems, we hope that saudi could be one bitcoin bridge to the Arab world

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: yosakahina on April 19, 2017, 04:19:15 PM

saudi is the gateway to the Arab world and has ambitions of being strong enough to strengthen their economies. bitcoin is the right choice for it. we all hope saudi officially legalize bitcoin

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: bartolo on April 19, 2017, 04:26:45 PM

The countries on that area are investing and researching on blockchain technology, they are aware that oil won´t last forever and they are looking for a site in the forefront of new technologies, as an example the Dubai smart city project. Therefore, an increase in the popularity of bitcoin in the area would not be surprising.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: European Central Bank on April 19, 2017, 04:30:26 PM

maybe bitcoin's future there is gonna depend on how the religious cranks view it.

https://cointelegraph.com/news/is-bitcoin-halal-how-cryptocurrency-conforms-with-islam-and-sharia

it's easy to forget their view of money and whether it's halal or not.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: QuestionAuthority on April 19, 2017, 04:43:29 PM

Too bad they're buying on LBC. That means they're not moving the price.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: aTriz on April 19, 2017, 04:46:29 PM

Quote from: shamzblueworld on April 19, 2017, 11:38:04 AM

With the governments as there are now and the conditions, bitcoin will definitely be quite popular in middle east. And subcontinental Asia too.

I think that would be a big advantage for countries that are not so developed yet, to implement bitcoin as a another way to make a payments.
It is a great opportunity, because even if the percent of population using bitcoin is really small, that still may give great returns, also thanks to the taxes.

But all of us need to admit, that paying taxes is something that many people dont do over where, they try to avoid it, because it is fairly easy with cryptocurrencies, however that is still against the law.
You should always consider paying taxes, as a help to your country, and a help for the nation. After all, some of this money go to health service, and to help the poor part of society.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: tosmartak on April 19, 2017, 04:59:18 PM

Well, from the way things are presently in the middle east, it is obvious the popularity of cryptocurrency is increasing by the day even though, in the interim, the the current legal status of bitcoin in the UAE is still blurry. Early in January 2017, the UAE Central Bank published the “Regulatory Framework For Stored Values and Electronic Payment Systems which focused on facilitating robust adoption of digital payments across the UAE in a secure manner,” but thesame regulation contains a statement “D.7.3. Provisions for Virtual Currencies – All Virtual Currencies (and any transactions thereof) are prohibited”, which is a little bit causing concern among the cryptocurrency community in the UAE.
Nevertheless, I see a great future for cryptocurrency in the UAE.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: peter0425 on April 19, 2017, 06:43:49 PM

Quote from: Homunculah on April 19, 2017, 04:01:32 PM

Quote from: Denker on April 19, 2017, 03:48:28 PM

hope so, saudi have invested large enough in china, saudi moderate enough economic problems, we hope that saudi could be one bitcoin bridge to the Arab world

They have so much wealth that they don't know where to invest their money. Yeah, let see how it goes, if those rich prince or sheikh decided to invest in bitcoin then good for the bitcoin ecosystem. Otherwise, bitcoin is already doing fine as of the moment but if Middle East want's to join the fun, the better for us.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: European Central Bank on April 19, 2017, 06:45:47 PM

Quote from: peter0425 on April 19, 2017, 06:43:49 PM

but i wonder what proportion of saudis have real money. you got the governing class of course who are crazy rich. i kind of get the impression everyone else is sitting around doing nothing being given oil money, but maybe not a great deal of it.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: QuestionAuthority on April 19, 2017, 06:54:32 PM

Quote from: European Central Bank on April 19, 2017, 06:45:47 PM

Quote from: peter0425 on April 19, 2017, 06:43:49 PM

Correct

A recent article in Saudi Gazette, an English-language daily out of Riyadh

Quote

The details of the question, however, hold most of the answers. The vast majority of Saudi Arabia's GDP comes from oil, which is owned by the state. The state doles out a wide variety of subsidies to its citizens. The oil sector is responsible for 90% of GDP and 93% of employment. This takes relatively few people to operate. A result of this is very high unemployment, officially put at around 11% -- unofficially, around 30%, not including women.

There is very little manufacturing in the country, though considerably more assembly of foreign-made parts.

Highly skilled labor is available cheaply from other countries. This depresses employment opportunities as well as initiative. Entrepreneurship is certainly possible, but takes very large capital investment due to the high prices of doing business in the country, as well as the social costs of failure.

Over the past 50 years, young Saudis seem to have forgotten the importance of manual labor. As a result, they look down on it, preferring management-type jobs. This is changing, but as with all things in Saudi Arabia, change comes slowly. Similarly, service jobs are looked down upon. This is changing, however, with more Saudis willing to take certain types of service jobs -- hotel front desk, airline desks, restaurant staff, etc. Even when willing to take these jobs, though, society tends to frown upon them.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: OROBTC on April 19, 2017, 07:24:06 PM

...

I am always happy to see increased Bitcoin adoption from new places. While I do not think that the Middle East will be a region of very high BTC use, I think that we should look at the long game: slow and steady growth in Bitcoin will mean greater gains for those of us in Bitcoin now.

Idle wealth in the Middle East (Saudi Arabia) might also mean that more people of means will experiment with BTC as they will have time and money to invest.

So, every little bit (new users) helps.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: ImHash on April 19, 2017, 07:52:54 PM

All they have is because of the holy cities of Muslims, when it's prayer time everyone leaves their shops open and go to the mosque anyone having the audacity to steal anything will lose one hand no question asked :D
I gotta tell you that those rich sheikhs pay for young and beautiful girls overtly.

Lets not giving them too much credit though as they might feel funny in their bellies and fund terrorism if they find it more convenient and discrete.

All they have is by the grace of God otherwise it's just desert.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: QuestionAuthority on April 19, 2017, 07:54:31 PM

Quote from: ImHash on April 19, 2017, 07:52:54 PM

I'm very proud of you. You didn't call them ragheads even once.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: JanpriX on April 19, 2017, 08:08:37 PM

It surprised me that the countries in the Middle East are now adopting and starting to use Bitcoin. We all know that people there are super rich because of their "monopoly" in oil and this will bring positive uptrend for BTC in the future. I don't know the reason behind this increased trading of BTC in these countries but it is always good that many people are starting to get involved with cryptocurrencies.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Nagadota on April 19, 2017, 08:16:21 PM

Quote from: European Central Bank on April 19, 2017, 06:45:47 PM

Quote from: peter0425 on April 19, 2017, 06:43:49 PM

Importantly, this is LocalBitcoins trading volume. The main reason for using LocalBitcoins is for anonymity and avoiding government influence, so I would assume that people trading on LocalBitcoins are afraid of a hostile government. Since it's mainly the government who has money or the elite which would have influence, I doubt it's mostly rich people who are using LocalBitcoins. I would see it as a more grass roots movement.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: staceyoh on April 19, 2017, 10:05:04 PM

Of course I agree that bitcoin will become
popular in middle east, people will see the
benefits of it.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: European Central Bank on April 19, 2017, 10:35:20 PM

Quote from: Nagadota on April 19, 2017, 08:16:21 PM

or just as likely there ain't no exchange there. even if there was, sometimes it's too much of a pain in the ass to get verified.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Junko on April 19, 2017, 11:05:48 PM

I would agree that bitcoin will become more popular in the Middle East. Hard to disagree really. As long governments in that region don't feel threatened by it and don't try to ban it or anything.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Weatherby on April 19, 2017, 11:07:14 PM

If Arabs starts using bitcoin i am sure that the price of bitcoin will rise because the billions they hold are massive and they are the real investors because they are filthy rich because of the oil and once they learn and know about bitcoin i am pretty sure you will be seeing huge volumes from rich Arab countries.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Wapinter on April 19, 2017, 11:28:08 PM

Most of the middle east countries are rich due to oil production and if people from there adopt bitcoin, it will surely help bitcoin gain more popularity and price hike too.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: CyberKuro on April 19, 2017, 11:37:00 PM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

This might be bigger expand for bitcoin community as we know how rich people in Dubai and UAE if they start to learn and adopt bitcoin.
If other countries were adopted bitcoin since early 2010-2012 and already regulated their exchanges, UAE may do the same thing, they are smart investors of course as : "Earlier this month, the Dubai government signed a MoU with a blockchain technology firm to implement a citywide blockchain payments system that will encompass 38 government-partnering entities, financial institutions and departments. The emirate’s blockchain agenda is led by its ‘Dubai Blockchain Strategy’ initiative. Launched last year, the endeavor began with the significant announcement to transfer and maintain all government records on a blockchain by the year 2020. Dubai’s government has also partnered IBM to explore a blockchain trade finance platform to strengthen its position as a major trading hub in the world. Let's see how it is going in the next month/year.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: xuan87 on April 19, 2017, 11:41:38 PM

It is no wonder to see the Saudi trade so many bitcoin, because when someone realize the potential of bitcoin, they will see bitcoin as a good investment and also give easier way to do transaction, no wonder it can become favourite currency to do transaction, I think bitcoin will become very popular in Middle east and Asia, we can see the growth rate for bitcoin user for this continent is very good

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: freebutcaged on April 20, 2017, 12:08:47 AM

Yeah yeah yeah they're rich and such and they have oil and much they also have some of the biggest dicks in the world but you think they were sleep or something these past years and now starting to see the benefits of Bitcoin? what benefits? you can't send money in less than 10 minutes without paying a high fee considering what Bitcoin was promising which was low fees and they're not idiots to enter and invest in something that is already in hands of a few people instead they will go and launch their own blockchain to have the pulse of the supply market in their hands.

I have also heard arab chicks are yummy and take it all in.:) 8) :-* :-*

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: JENREM on April 20, 2017, 12:14:53 AM

Quote from: xuan87 on April 19, 2017, 11:41:38 PM

great news! this will add up to the growing community that supports bitcoin.
and i agree with you @xuan87, if all of them only see the potential of bitcoin then they will have a great option to invest there money.
if there will be more information drive not only in middle east but also in man parts of the world i know many people will be interested in bitcoin.

regards.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Janation on April 20, 2017, 12:24:17 AM

Quote from: Wapinter on April 19, 2017, 11:28:08 PM

Most of the middle east countries are rich due to oil production and if people from there adopt bitcoin, it will surely help bitcoin gain more popularity and price hike too.

I know right? theybare the most popular oil producer in the world making them very rich. If the middle east accept bitcoin in their trade with the other countries, I think bitcoin will be more popular making it a good virtual currency to trade with other countries.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: equator on April 20, 2017, 12:42:54 AM

Quote from: Janation on April 20, 2017, 12:24:17 AM

Quote from: Wapinter on April 19, 2017, 11:28:08 PM

Most of the middle east countries are rich due to oil production and if people from there adopt bitcoin, it will surely help bitcoin gain more popularity and price hike too.

I dont think that US will allow the Middle east country to use Bitcoin for trading in Oil trades as this will only give loss for US dollars as almost every deal on foreign trading in all country are happening in dollars which is why the USD dollar rates are always high and US currency is enjoying all benefits. So the Middle East country will most use the bitcoin for their all illegal activities as using bitcoin for this transaction will give more benefit as they cannot be tracked who is using for what

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Farcoin12 on April 20, 2017, 12:44:01 AM

Well that is really great to see. The Arabs are already so rich with their oil, I guess they want to continue increasing their fortune. Always nice to see new countries adapting to bitcoin.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Doms on April 20, 2017, 01:19:48 AM

I think we can expect the same or even better growth in neighboring countries and even in other parts of Asia, most especially East Asia, where Japan and China are leading the way. Even Southeast Asian countries are starting to warm up on bitcoin with more local exchanges popping up, which was unheard of three or five years ago.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: mutiarabaswedan on April 20, 2017, 02:10:16 AM

Quote from: Doms on April 20, 2017, 01:19:48 AM

True its growth in east and southeast asia is very rapid and big. I myself lived in southeast asia already know bitcoin long enough and my friends also many who already understand with bitcoin

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: kintuull on April 20, 2017, 02:53:11 AM

Saudi is looking to improve its sluggish economy due to lower oil prices, maybe bitcoin could be a consideration for saudi to improve the economy and not depend on oil

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: AjithBtc on April 20, 2017, 02:56:56 AM

This might be an good news that the Arabs have started using bitcoin as investment and for different needs. They are wealthy people who have the ability to invest huge. Also these people lack in knowledge but they with the wealth make use of others for their requirement. So soon several blockchain projects too can be found in Saudi. Already few East Asia Countries are using blockchain specifically Dubai is leading.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: CraigWrightBTC on April 20, 2017, 04:42:44 AM

That is good Saudi bitcoin trading on localbitcoin maybe it will makes price of bitcoin to the moon
but i am doubt about that because bitcoin's price on localbitcoin is always to the moon (expensive)
the peoples on Saudi will makes bitcoin's price to the moon, if they have market of bitcoin on their country.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Kemarit on April 20, 2017, 05:20:39 AM

Quote from: Doms on April 20, 2017, 01:19:48 AM

Yeah. The Philippines, which recently put up regulations on bitcoin, Indonesia, HongKong and Singapore which is in South East Asian region are already prepared for bitcoin undertaking. I'm not surprise that Saudi Arabia joined the scene. Dubai has already embraced Blockchain technology, executing executing all of its transactions on a blockchain by 2020. Even Bitcoin wallet and block explorer resource Blockchain has focused its expansion efforts with investment in the Middle Eastern region as well.

Although $100,000 is minimal, but I think this is significant and we can used it to gauge how Saudi bitcoin trading will be in the future. We might also see an increase of members from Saudi Arabia here in bct, which is also a good sign that more and more users are into bitcoin from there.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Kakmakr on April 20, 2017, 05:49:46 AM

The question is, why are trading volume increasing via LocalBitcoins and not on Bitcoin exchanges. Someone are trying to move money and wealth and doing this outside of the regulated environment. It might be some workers from the West that are sending money home to avoid the expensive remittance services.

How strict is the capital controls of these Arab nations?

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Mumbeeptind1963 on April 20, 2017, 03:42:24 PM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

Maybe yes, everyone has a privilege to use bitcoin whenever they need it and whatever they want it. Bitcoin is for everybofy, it is for those individuals that want to earn more for their needs.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: c789 on April 20, 2017, 03:55:21 PM

Yes, BTC volume will increase. Bitcoin is perfect for transactions where the details of the transaction need to be public. For private transactions, Monero is the best choice. Both will see rising volumes.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: hardtime on April 21, 2017, 04:04:27 PM

Quote from: QuestionAuthority on April 19, 2017, 04:43:29 PM

Too bad they're buying on LBC. That means they're not moving the price.

Right here guys, this isn't going to be helping the whole hodl movement as the price is just going to stay around where it is. I also think the exploding of prices on here is coming from the government not regulating Bitcoin yet as they haven't seen it as much of a threat to their Fiat economy, so at some point this will all die down because of government intervention.

Quote from: JanpriX on April 19, 2017, 08:08:37 PM

The superrich are going to follow whatever is best for them, I doubt they're getting involved in Cryptos.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Sadlife on April 21, 2017, 04:40:30 PM

So that's why bitcoin price is increasing. This is good
I hope this decentralized trading platform doesn't get compromise with their local government by interfering with the trades or banning btc
This could be a wake up call for india and realize that bitcoin not risky as an investment.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: geopolisch on April 21, 2017, 05:07:37 PM

Quote from: aTriz on April 19, 2017, 04:46:29 PM

Quote from: shamzblueworld on April 19, 2017, 11:38:04 AM

With the governments as there are now and the conditions, bitcoin will definitely be quite popular in middle east. And subcontinental Asia too.

It is no surprise to see some of the countries that I don’t say not developed but rather still behind in some fields especially when it comes to international economy since using bitcoin helps them develop and improve their quality of life, since their local currency is lower compared to the dollar some of them earning 10$ covers a lot for them.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: btcdevil on April 21, 2017, 07:03:58 PM

Quote from: geopolisch on April 21, 2017, 05:07:37 PM

Quote from: aTriz on April 19, 2017, 04:46:29 PM

Quote from: shamzblueworld on April 19, 2017, 11:38:04 AM

With the governments as there are now and the conditions, bitcoin will definitely be quite popular in middle east. And subcontinental Asia too.

Ya it is true that this type of country whose fiat currency price is lower then bitcoin so when they are earning bitcoin and converting to their fiat currency they are earning very good , if i am not wrong better then their day job payment. So this country will soon accept bitcoin and its technology to improve their financial position

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: ekoice on April 21, 2017, 07:21:20 PM

Quote from: Golftech on April 19, 2017, 12:31:26 PM

Quote from: Xester on April 19, 2017, 11:40:43 AM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

Yes,middle east is already filled with oil rich people and if they start adopting bitcoins,then bitcoin price would go more.More over,if the workers in middle east know about bitcoins,then surely they will benefit much by sending their hard earned money through bitcoins thereby saving higher exchange fees.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Haladay on April 21, 2017, 09:59:12 PM

It's already very popular in there, I think. Because some people try to hide some money from that semi kingdom type despot governments.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: gondes21 on April 22, 2017, 01:18:51 AM

wow, if btc still soaring for the next 50 years. They will be still wealthy without the oil.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: giveen on April 22, 2017, 01:21:42 AM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

There is a slight chance for bitcoin becoming popular in middle east but in the future only. If you see currently bitcoin trade does occur in dubai also but the buyers are mostly the same people. Bitcoin is expanding in middle east but process is slow for now.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: mimini0147 on April 22, 2017, 01:24:58 AM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

Definitely.

I think that P2P trading activity is going to always be an indicator of the actual user engagement.

Because most of the volume that comes from bitcoin exchanges like Bitfinex or Bitstamp are made by speculators instead of real users. So it doesn't really count if you think about it, as they trade back and forth.

But P2P trading means that people are actually buying and selling, for their personal purposes generally.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: ekoice on April 23, 2017, 11:12:44 AM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

Thats a great news from the middle east.Already,there are more oil rich people in middle east.If they start adopting bitcoins,then bitcoin's price would rise more.If the workers in saudi arabia know about bitcoin,it would me much helpful for them to send their earnings to their countries.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: JENREM on April 23, 2017, 12:03:17 PM

Quote from: gondes21 on April 22, 2017, 01:18:51 AM

wow, if btc still soaring for the next 50 years. They will be still wealthy without the oil.

quite right @gondes21. but even if the price of bitcoin will rockets for the next 50 years, i dont think that they will stay wealthy just by depending in bitcoin. for me oil is still one of the best way to stay with a good economy. as we know oil is more stable. but i dont reject your opinion too because we dont know what wil happen in the upcoming years.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: tunctioncloud on April 23, 2017, 12:05:38 PM

This is right. Yesterday I did a little visit of LocalBitcoins and there was many Saudi men buying or selling bitcoins, whether for USD, EUR, GBP or SAR.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: sportis on April 25, 2017, 08:35:05 PM

I could never imagine that the price of bitcoin would be rise when there an increase demand for bitcoins through localbitcoins in Saudi Arabia. Perhaps in the future we also see an increase in the volume of transactions in the well known exchanges. Maybe some of them convert a part of their savings in fiat to bitcoin.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Zicadis on April 25, 2017, 08:53:57 PM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

If that $100k worth of bitcoin is traded from different users then it's a milestone worth celebrating

and we should expect the number to raise soon and spread to other parts of the middle east as it gets popular.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: richardsNY on April 25, 2017, 08:58:11 PM

Quote from: sportis on April 25, 2017, 08:35:05 PM

I could never imagine that the price of bitcoin would be rise when there an increase demand for bitcoins through localbitcoins in Saudi Arabia. Perhaps in the future we also see an increase in the volume of transactions in the well known exchanges. Maybe some of them convert a part of their savings in fiat to bitcoin.

I think the opposite is going to become reality. Exchanges are more and more subject to all kinds of ridiculous policies that will force people to verify themselves thoroughly. People aren't interested in handing over their personal information to an entity from which they don't know how they will store/use it. In order to avoid these privacy destructive verification steps, people are slowly switching to peer 2 peer alternatives such as LocalBitcoins, and rightfully so.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: The_prodigy on April 25, 2017, 09:11:23 PM

My cousin ask me to help him about his problem regarding bitcoin and he wants me to teach me but it is hard for him to teach he doesn't know what bitcoin is. He only know about bitcoin price it is expensive there and he wants to start his new career with bitcoin i told him that start with this forum and learn more about alternative coins. Exchange are getting more the demand are being high.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: randuwani on April 25, 2017, 10:50:36 PM

if those rich sulthan or sheikh decided to invest in bitcoin then good for the bitcoin ecosystem. Otherwise, bitcoin is already doing fine as of the moment but if Middle East want's to join the fun, the better for us. i kind of get the impression everyone else is sitting around doing nothing being given oil money, but maybe not a great deal of it.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: QuestionAuthority on April 26, 2017, 12:23:37 AM

Quote from: randuwani on April 25, 2017, 10:50:36 PM

Why would a rich Saudi oil sheikh want to use bitcoin? They own a country for christs sake. Are they going to use bitcoin to overthrow themselves and the banks they own. ROFL

Here's the Saudi Bitcoiners:

Quote

A few kilometres from the blinged-out shopping malls of Saudi Arabia's capital, Souad al-Shamir lives in a concrete house on a trash-strewn alley. She has no job, no money, five children under 14 and an unemployed husband who is laid up with chronic heart problems.

"We are at the bottom," she said, sobbing hard behind a black veil that left only her eyes visible. "My kids are crying and I can't provide for them."

Millions of Saudis struggle on the fringes of one of the world's most powerful economies, where jobs and welfare programmes have failed to keep pace with a population that has soared from 6 million in 1970 to 28 million today.

https://timedotcom.files.wordpress.com/2015/01/saudi009-1.jpg?quality=75&strip=color&w=1012

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: surzy on April 26, 2017, 01:53:55 AM

I do not know if this is good news or bad if bitcoin is used in the Middle East, we know that prolonged problems and for centuries continue to plague the Middle East, war and poverty always occur in arabic land. I hope bitcoin is used to help poor people who are starving due to the protracted war

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Ayiranorea on April 26, 2017, 01:57:53 AM

Quote from: QuestionAuthority on April 26, 2017, 12:23:37 AM

Quote from: randuwani on April 25, 2017, 10:50:36 PM

Quote

https://timedotcom.files.wordpress.com/2015/01/saudi009-1.jpg?quality=75&strip=color&w=1012

The picture clearly portrays the bitcoin user of Saudi Arabia. So maybe someone who are in such situation might be using bitcoin. Most of the sheiks were with good wealth from the oil as well they don't have tax issues. Possibly a less user group might have come to bitcoin to learn and make investment.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: S4pta on June 19, 2017, 04:02:11 PM

I've read an article about the development of bitcoin in arab saudy .. and according to the article bitcoin developments month after month more and more bitcoin enthusiasts ... because according to the arab community saudy tranding bitcoin is simpler and has a good future . .. thank you

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: The_prodigy on June 19, 2017, 04:08:25 PM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

Yes i agree. Its not when saudi might accept bitcoin too, or it will legalize bitcoin. There are some countries in the middle east that is good and has a great laws and rules like in dubai , oman etc. I think it is good thay the middle east started to know bitcoin. The globalization of bitcoin has now been started. Bitcoin will be known in all countries someday soon.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: iamTom123 on June 19, 2017, 04:13:53 PM

Quote from: shamzblueworld on April 19, 2017, 11:38:04 AM

With the governments as there are now and the conditions, bitcoin will definitely be quite popular in middle east. And subcontinental Asia too.

Money will always flow to where there is more money to be made and this is part of our human nature. Middle East is a region where capital is not a big problem and there are many shrewd entrepreneurs that can easily recognize the potential of Bitcoin to make them more money.

I am expecting that soon we can see a big boom of cryptocurrency in Middle East. Soon many of them would see that Bitcoin can be more valuable than oil and gold. Plus there is a great possibility that the blockchain technology can be adopted/applied by the flourishing gas/oil industry in the Middle East.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Wipro on June 19, 2017, 04:14:32 PM

Quote from: S4pta on June 19, 2017, 04:02:11 PM

I learned about bitcoin when I was working in one middle east country only. There are huge number of arab and pakistanis been involved in bitcoin community. You can find the traders in localbitcoins like mexbt, wakil and many more from the arab community. You may noticed the thread in service discussion about dirhamcoin ico. Dubai companies are implementing bitcoin as a payment option many places.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: btc_angela on June 19, 2017, 04:37:13 PM

Quote from: iamTom123 on June 19, 2017, 04:13:53 PM

Quote from: shamzblueworld on April 19, 2017, 11:38:04 AM

With the governments as there are now and the conditions, bitcoin will definitely be quite popular in middle east. And subcontinental Asia too.

I guess we have to wait and see if Saudi Arabia or Middle East for that matter will find bitcoin as safe bet for storing their wealth. If they find bitcoiin more suitable than Gold then its a win for us. Dubai is leading the pack with regards to blockchain technology in the Middle East so chances are bitcoin/blockchain will boom there.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: A.H.Rassel on June 20, 2017, 09:53:38 AM

It is no big surprise to see the Saudi exchange such a variety of bitcoin, on the grounds that when somebody understand the capability of bitcoin, they will see bitcoin as a decent venture and furthermore give less demanding approach to do exchange, no big surprise it can end up noticeably most loved cash to do exchange, I think bitcoin will turn out to be exceptionally well known in Middle east and Asia, we can see the development rate for bitcoin client for this mainland is great

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Netnox on June 20, 2017, 09:58:28 AM

If I remember correctly, Saudi Arabia (and a few other GCC nations) has imposed embargoes on Qatar. It is not possible to move the money from Saudi to Qatar, or vice versa. I doubt whether the increased volumes in the Saudi Localbitcoins is due to Qataris moving their funds from Saudi Arabia, back to Qatar.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: DoublerHunter on June 20, 2017, 02:27:58 PM

Saudi is one of the wealthiest country and i think most of the people there are into business and making money so i think if this kind of progress will continue like trading bitcoin from saudi will become a great help for bitcoin in decreasing the supply and increasing the demand that can boost the price to the moon which is most of us are waiting for.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Kprawn on June 20, 2017, 03:03:22 PM

Quote from: gentlemand on April 19, 2017, 12:39:28 PM

When LBC volumes explode in a new country the first thing I normally do is check whether MMM has started up there.

Me too but I think this time it is a bit different. The Saudi's are diversifying for years now and are not just reliant on Oil anymore. Just look at

what they did with tourism in some of these bigger cities. Oil is still the driving factor behind most of the money being pumped into their

economy, but they realized early that they cannot rely on that as the sole driving factor in their economy. We can expect much more from them,

once regulations has been finalized regarding Crypto Currencies. ;D They would benefit a lot, when they send large amounts of money... fees will

be much lower for these transactions. ;)

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: buwaytress on June 20, 2017, 03:11:14 PM

Quote from: Kprawn on June 20, 2017, 03:03:22 PM

Say what you will about rich oligarchs but yes, the Saudis were one of the earliest to diversify and have been quite smart about doing that too. Gtom attempting to build the largest humanitarian hubs to their quick latching on to so-called disruptive tech (Uber, blockchain), they've got a lot of Sovereign Wealth Funds diversified.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: jc89 on June 20, 2017, 04:15:57 PM

Quote from: mynhpark on April 19, 2017, 11:30:47 AM

With this attitude of acceptance, Saudi will definitely lead the Middle Eastern countries into engaging in Bitcoin. Neighboring countries sometimes copy one another (economical strategies and alike) because of a foreseeable great benefit. So if Saudi began engaging in Bitcoin and earned wonderful benefits from it, there will be no doubts about its neighbor countries to also engage in Bitcoin.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: Ayiranorea on June 20, 2017, 04:32:01 PM

I don't think Saudi makes a big trading on bitcoin, because the users in those countries were quite low as well in the past I have searchedfind finding traders in the East Asia Countries, but what I found is very small as well their trading volumes were not that high as traders from other nations.

Title: Re: SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON
Post by: radjie on June 20, 2017, 05:51:53 PM

Quote from: surzy on April 26, 2017, 01:53:55 AM

Yes hopefully that can be done by a country in the middle east that is saudi arabia with bitcoin the country can overcome the poor people who are there so bitcoin is used for positive things.
But as we know the Arab country is one of the richest countries mainly from the results of natural resources that produce the largest oil, Perhaps with the bitcoin of the Arab country could reduce the poverty still felt by the people.