SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON

[tunctioncloud]

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.

[sportis]

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.

[Zicadis]

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?

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.

[richardsNY]

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.

[The_prodigy]

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.

[randuwani]

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.

[QuestionAuthority]

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.

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:

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.

[surzy]

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

[Ayiranorea]

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.

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:

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.

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.

[S4pta]

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

[The_prodigy]

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?

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.

[iamTom123]

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.

[Wipro]

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

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.

[btc_angela]

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.

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.

[A.H.Rassel]

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

[Netnox]

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.

[DoublerHunter]

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.

[Kprawn]

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.  They would benefit a lot, when they send large amounts of money... fees will

be much lower for these transactions. 

[buwaytress]

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.  They would benefit a lot, when they send large amounts of money... fees will

be much lower for these transactions. 

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.

[jc89]

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?

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.