The exchange rate of Bitcoin is EGP 74,000 compared to $4,400 in August 2017, according to the website BitPay. The Bitcoin ecosystem in Egypt is currently small, with only a handful of traders listed on the website LocalBitcoins. However, Bitcoin Egypt, a startup for the cryptocurrency is launching in Egypt. Its founder Rami Khalil said, "there are a few hundred people actively using and trading in Bitcoin on a daily basis in Egypt on online forums." Bitcoin is a decentralised digital currency used by all kinds of people on every continent and is a form of digital cash that can be sent or received through the internet. Unlike traditional payments, Bitcoins are sent from one person to another without going through banks or other middlemen. Bitcoins are controlled solely by indiviuals, making it virtually impossible to prevent a person from sending or receiving the digital currency. Bitcoin can be bought and sold from online exchanges using US dollars, euros, and other currencies. It can also be purchased using a credit card linked to a bank account via an online exchange. Bitcoin makes it easy to transfer money quickly to anywhere in the world and can also be used to make purchases on a variety of online retailers. Moreover, Bitcoin Games is a provably fair gaming site. Nevertheless, there also options to purchase gift cards with Bitcoin for hundreds of restaurants and stores worldwide. Bitcoins can be stored on a smartphone, computer, or other mobile device using software called a ‘Bitcoin wallet'. With a Bitcoin wallet, a person can spend or receive the cryptocurrency with ease on a digital device.
