Change Bitcoin to cash

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.

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.

Despite his obvious passion, I thought that Fenton’s presentation wasn’t enough to dissipate all the mystery around the virtual currency. But the organizers were prepared for that; they had scheduled other speakers to provide different perspectives.

Fouad Jeryes, founder of Bitcoin Jordan, explained the currency through facts and figures. He relied on the Coin Desk Q1 2014 report, pointing out that both Wall Street and venture capitalists are taking an increasing interest in Bitcoin. The total VC investment in cryptocurrency startups has reached million USD, according to Jeryes. In addition, more merchants around the world, especially in North America and Europe, are adopting the digital currency. According to the report, their number has reached 60, 000, mostly online businesses.

Why Bitcoin matters in the Middle East

Speakers agreed on the importance of Bitcoin in changing the nature of financial transactions around the world and in the MENA region. While Juan Llanos focused on the importance of Bitcoin in his remarks, Ola Doudin, co-founder of Bitcoin Jordan, further stressed the potential for Bitcoin in the Middle East.