How has Bitcoin Affected the Fashion Industry of Dubai?
Dubai is known for its luxury shopping, and the city has an impressive collection of luxurious brands. But recently, another exciting trend became popular among the native residents: they started buying bitcoins. Here you can check your brief Bitcoin android wallets guide.
7 Ways how bitcoin benefits the Dubai fashion sector:
- Bitcoin attracts the younger Dubai residents:
Most of the merchants in Dubai accept bitcoin as a payment method, and they offer discounts when paying with BTC.
This duality is very popular among the millennials that are living in Dubai. For example, around 50% of all customers at The Toy Shop – one local retailer – pay with bitcoins.
- Merchants start accepting bitcoin:
Other Dubai fashion stores started to accept cryptocurrencies because of the popularity among their younger customers, resulting in a very positive impact on the growing cryptocurrency community in the city.
The Toy Store is certainly not an exception since it started to accept bitcoin as a payment method and even offers discounts for customers that pay with BTC.
- Bitcoin increases the number of customers:
Many people in Dubai buy and sell bitcoins and other cryptocurrencies. As a result, cryptocurrency enthusiasts have an excellent opportunity to use their coins to purchase some luxury items, which will increase their popularity among their peers.
In addition, a few fashion stores in the city accept other cryptocurrencies, including Dubai Coin and Ethereum.
- Bitcoin helps in government regulation:
Bitcoins provide great opportunities to attract the younger generation – the residents of Dubai who are well educated and have high-income levels. However, this is not all since bitcoins also help bring more harmony into the growing fashion industry of Dubai.
In addition, the government can regulate cryptocurrency transactions, which also positively impacts the locals.
- Bitcoin helps residents have business ideas:
Being one of the major financial centers, Dubai is always open to new projects, especially when it comes to upcoming blockchain-related businesses.
For example, Satoshi Citadel Industries has already opened its office in the city, which certainly had a positive impact on the cryptocurrency community of Dubai.
- Bitcoin helps to provide cheaper services:
Many freelancers are working with cryptocurrencies that are willing to offer their professional skills for lower rates than individuals accepting regular fiat money. All you need is to use one of the many cryptocurrency freelancing platforms. Click the bitcoin era for more info.
- Bitcoin helps to increase the number of merchants:
The growing number of local businesses willing to accept bitcoin as a payment method opens up great opportunities for tourists planning to visit Dubai, especially if they are paying with bitcoins. In addition, a few restaurants in Dubai also accept other cryptocurrencies, including Dogecoin, Bitcoin Cash, and Ethereum.
Bitcoin is a secure digital currency that allows individuals worldwide to make payments online without an intermediary banking institution.
3 Negatives of bitcoin that affects the fashion industry of Dubai:
- Bitcoin transactions are irreversible:
Since there is no central authority to reverse a transaction, sending bitcoins might become complicated if you mistake during the transfer process. As for merchants accepting bitcoins, they should always wait until at least one confirmation before releasing the product to the customer.
- Bitcoin transactions are not anonymous:
Bitcoin is often associated with “anonymous currency,” although this statement is false. All bitcoin users are given a public key, which acts as their account number. Each transaction involving this particular account will be recorded in a ledger called blockchain, making it possible for any user to track the IP address of another user. This is not good for privacy since anyone can track all bitcoin transactions using only one account number.
- There are no credit cards accepted:
Even if many online stores accept bitcoins, very few merchants still accept payments in credit cards or PayPal. Moreover, since most of Dubai’s businesses are big shopping malls, you will not purchase anything using bitcoins.
However, most of these stores accept UAE dirhams, which is still hard to get in cryptocurrency.
Conclusion
As has been already mentioned, Dubai is considered one of the most progressive cities in the world right now. This is because the city’s authorities are very open to new technologies and blockchain innovation, making them ready to adopt new ideas from local businesses.
This is excellent news for all bitcoin owners who might consider using their cryptocurrency to pay for various services.
