Bitcoin presents a peer-to-peer system to arrange payments with the help of using the unit of the identical name to register transactions. To provide the system functioning and safety, they use cryptographic methods. However, all users at any time may learn any information concerning transactions between system addresses. In Saudi Arabia cryptocurrency became available for the banks in 2019. Now bitcoin is one of the most popular cryptocurrencies there. In this article we will tell you how to purchase bitcoin in Saudi Arabia.
In order to buy bitcoin, it is not necessary to register on the Itez website. In a handy calculator, you can quickly calculate the cost of BTC based on the amount you plan to use for payment. The smallest purchase amount in dollar terms is 30 USD. By the way, the same applies to the euro - the starting purchase threshold starts at €30. Well, in our instructions, as promised, we will go through all the stages of purchase BTC for dollars step by step.
After converting the currency to BTC, you will see the final result in the "You Get" field and on the "Buy" button. Click the button and enter your email address in the following window.
Confirm your email with a 6-digit code sent to the previously indicated e-mail and click the "Verify" button.
Specify the purchase amount in the Itez dialog box. Copy the recipient address - your bitcoin wallet - from the “Accept” section.
Important: you should not manually copy the bitcoin wallet address. The blockchain system does not give any information about bitcoin addresses problems, and if an error occurs during manual entry, all the buyer's funds may be lost.
For example, this is how the copy address button looks like in the Exodus wallet:
After copying the bitcoin wallet address, paste it into the dialog box.
Check your data — it is important to make sure that the address is entered correctly.
After pushing the “Card details” button, enter the required card information: card number and expiration date, the cardholder name and CVC-code — three numbers on the back of the card.
Push the “Pay” button and enter the one-time bank code in the following window. As soon as the transaction receives 6 confirmations in the blockchain network, your bitcoin wallet balance will be top-up.
Important: the transaction will wait for confirmations for time. After six network confirmations, bitcoin will be on your e-wallet; when buying with Itez it will take for about 15 minutes. This is a very good speed for the Bitcoin network since transactions in the most popular blockchain network are somewhat slower than in other networks due to its properties and high load.
In Saudi Arabia people may buy Bitcoin (BTC) with all Saudi Arabian bank cards. Alawwal Bank is the first bank opened in the country. The list of other most well-known banks includes Arab National Bank (ANB), Al Rajhi Bank and Alinma Bank.
People in Saudi Arabia have an opportunity to use real debit and credit cards of Mastercard and Skrill payment systems. They can also purchase virtual cards worked out by special services.
Decentralization is an integral part of BTC. If a user has a private key and a seed phrase, his electronic money, certainly, will be in full safety. It can be explained by the fact that other clients have no chance to use your bitcoin. To learn about all wallets just visit bitcoin.org