BY COINBASE

Bitcoin is still seen as the Wild West of currencies but with one Bitcoin today worth over $2,400 (almost Dh8,900), many are looking to transact in the new cryptocurrency. The Dubai government aims to move all its transactions to blockchain by 2020, so it is worth getting clued up now. Coinbase is the leading platform to buy and sell Bitcoin and says it has assisted $20 billion worth of digital currency exchanges. It is available in 32 countries, mostly Europe and North America, although Singapore is included; you must reside in one of these countries to buy, sell and create a local currency wallet connected to your bank account, debit or credit card. But even in the UAE you can send and receive funds using Coinbase or store Bitcoin securely.

What we liked

You can create recurring buys and sells of Bitcoin every week or month (dollar cost averaging) to slowly buy Bitcoin, purchasing more when the price is low and less when the price rises.

User comments

A Google Play user: “My go-to. Fees suck for instant purchases... However Coinbase has allowed me to purchase Bitcoin with near zero in fees when I plan ahead.”

Could be better

You need to take care to secure your wallet; Bitcoin.org recommends two-factor authentication, backing up and encrypting your wallet, keeping only small amounts of Bitcoin in your wallet and keeping an offline (cold storage) wallet that is not connected to the network. It also warns you to tell your family the locations and passwords of your Bitcoin, possibly as part of your will.

Competitors

Coin Jar (UK), Xapo, Mycelium, Bitcoin Wallet by Blockchain Luxembourg