3 ways Bitcoin can change how the Arab region uses money

Arabnation04 May 2014 / Wamda – Over the course of two days last month, self-described social media utilization agency The Online Project (TOP) held Cointalks Dubai, an event to discuss the prospect for digital currencies in the region.

It aimed to “educate people, raise awareness, and maybe build a Bitcoin ecosystem in Dubai,” says Feras Hilal, one of the organizers.

The two day event began with talks from two renowned experts on Bitcoin, Juan Llanos, member of the Bitcoin Foundation’s Committee on Regulatory Affairs, and Bruce Fenton, board member of the Bitcoin Association, who introduced the possibilities of Bitcoin and its applications for the world and in the MENA region more specifically, as well as the latest regulatory and legal developments. The first day of the event, held at Dubai’s Capital Club, was geared towards finance and legal professionals.

The event’s second day at the Impact Business Hub was geared towards a more general crowd: Bitcoin enthusiasts, technology professionals, entrepreneurs, and marketing and financial professionals.

Before tackling the potential for digital currency in the Middle East, it was important to clear up the many misconceptions surrounding Bitcoin. In a Q&A presentation, Bruce Fenton described Bitcoin as a new and innovative system of finance that relies on codes and computer technology while eliminating third parties. He also said that because it is based on math and open source code, Bitcoin is like a ‘ledger’, or a financial accounts book that anyone can read. He responded to questions of security by asserting that only people and companies who held Bitcoins had ever been hacked; Bitcoin as a currency had never been successfully hacked….. Read more


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