What We’ve Learned at Dubai Bitcoin Conference: Bitcoin is Fast Rising in the Emerging World

We had a great time at the Dubai Bitcoin Conference. The event took place at the Dubai International Financial Center (DIFC) on December 12-13 and had a great mix of international and regional attendees and speakers. The event, organized by Bruce Fenton, is the second Bitcoin event that took place in Dubai and the first to successfully create a platform for all Bitcoiners, internationally and regionally, to connect, network and explore partnership opportunities.

The two days featured great speakers such as Bitcoin entrepreneur & investor Erik Voorhees, David Johnston of DApps Fund, Greg Simon of Ribbit and Founder & CEO of Bitreserve, Halsey Minor. The event also had Garrett Cassidy from Circle, Ira Miller of Coinapult and Paul Snow of Factom presenting.

Whoever attended the two days of the conference can’t deny the strong presence of startups from emerging markets; India, Africa, Turkey and most importantly the Middle East. Day 1 had Sunny Ray of Unocoin talking about Bitcoin in India. Having the world’s largest inbound remittances flow, with the biggest share coming from Gulf Arab countries, Sunny highlighted that Bitcoin can play a big part in facilitating remittances into the country. Our very own Ola Doudin talked about the potential of Bitcoin in the Middle East and BitOasis multi-signature wallet. David El Achkar of Yellow gave an overview of the Middle East’s fast growing Bitcoin ecosystem, presenting all the latest meetup groups and startups filling the space. Charlene Chen of BitPesa showcased their work in Kenya and their expansion across Africa.

In recent years, Dubai has emerged as a leading global commercial hub with a business environment that attracts companies and individuals from different parts of the world. Its strategic location, that connects the east with the west, has enabled it to become a leading financial center where opportunities and talent meet. And this year’s Dubai Bitcoin Conference was a live example of that. Startups and investors from various countries have come to celebrate Bitcoin. But the biggest highlight of the conference surely was that Bitcoin is fast rising in the emerging world. We’re excited to be part of this movement, and we’re eagerly looking forward to 2015!

Big news! We’ve launched our private beta at the Dubai Bitcoin Conference. Request your early access to BitOasis here and get free $10 in bitcoins.

BitOasis: Using and Securing Bitcoin is Now Easier in the Middle East

If you’ve lived or spent some time in the Middle East, you’ll quickly notice that moving money cross-border or simply paying online isn’t that easy. Say you’re a freelancer from Beirut who’s doing work for a company in Dubai and it’s time to get paid. Oh wait, Paypal wouldn’t work. They’ll have to transfer that money to your bank account, but that’s costly. Now, say you don’t have a bank account. Doing freelance work remotely might not be such a good idea after all. Even if the internet allows it, you still can’t get paid easily for your work in many parts of the Middle East.

Getting paid online is only one of many challenges introduced by the lack of advanced and efficient financial and payment systems in the Middle East & North Africa (MENA). The region’s societies remain cash-based with low consumer trust, leading to low adoption of online payments. Creating new, robust, affordable, and easily accessible payment and money transfer tools can radically transform the lives of people and help boost the region’s markets, such as remittances and e-commerce, with the latter expected to grow to $15B in market size in 2015. The biggest opportunity remains in banking the region’s unbanked. About 80% of MENA’s adult population lacks access to any financial instruments. Imagine the economic growth and social well-being that can be achieved by integrating them into an inclusive financial system.

Bitcoin, a decentralised digital currency and open payment protocol, has the potential to reinvent the way we transact as individuals, companies, and institutions. It helps lay the groundwork for a stronger financial infrastructure that is suited for the digital world. With Bitcoin, anyone can have a bank account simply by having access to the internet without paying fees or doing complicated paperwork and signups.

At BitOasis, we believe we can transform the way people transact, send money, and pay online by making it easy and secure to use Bitcoin. Using our wallet, we enable users in the Middle East to make and receive bitcoin payments from all over the world instantly and at no cost. Security is a top priority and we are committed to adopting the most secure technology to ensure that funds are safe at all times. Through applying 2-of-3 multi-signature technology and advanced fraud prevention, you can now store and spend your bitcoin digital assets more securely and confidently than before.

This is how it works:

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Our 3-key distributed architecture provides the most advanced Bitcoin technology available today to protect your bitcoin from theft. Your wallet has three keys that are independently generated and securely stored by three geographically diverse parties: BitOasis, CryptoCorp and Empowered Law LLP. No one party has access to 2 of the 3 keys at any time, so funds are not controlled by any of the parties acting alone.

When you log onto BitOasis and try to spend your bitcoins, BitOasis signs with the first key and forwards your transaction to CryptoCorp which in turn performs the necessary security checks and counter-signs with the second key. In the case of suspicious activity, CryptoCorp will immediately call you to confirm the outgoing transaction before signing it.

Our solution is different from other multi-signature wallets in the way the third key, known as the Recovery key, is secured. This key allows users to recover their bitcoins in case BitOasis or CryptoCorp become unavailable. Most multi-signature wallets today require you to print and store your Recovery key, make backups, and keep them at multiple physical locations. At BitOasis, we move the responsibility of protecting and safekeeping the Recovery key from our users to an independent party that specializes in doing such tasks. Empowered Law LLP, an independent legal attorney, is responsible for managing the safeguarding of our users’ Recovery keys. In the case of any service compromise or termination by BitOasis or CryptoCorp, Empowered Law LLP will act on behalf of our customers to recover and return all bitcoin funds to their owners.

Sign up to stay updated and have early access to our platform. If you have any questions, shoot us an email at [email protected], or follow us on Twitter @BitOasis