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.

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