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Tuesday, December 7, 2021

What’s all the frenzy about Bitcoin?

When we buy or sell things, the payment is usually processed by banks or a credit card company.  But the problems with this process is that the companies often take a cut  of the transactions and we have to trust these companies to protect our data from hackers.  To solve these problems, a unique currency was introduced that guarantees security by being based  on the science of cryptography – a math-based way of protecting information. This type  of currency is called a cryptocurrency and only exists in computer networks. Since its electronic inception a little more than a decade ago, cryptocurrency has grown  from a largely-unnoticed non-regulated e-currency to being recognized worldwide for its discretion  and accessibility. There are about 3,000 cryptocurrencies being traded with a total market  value of Dh812 billion and the reality is the top 10 cryptocurrencies represent roughly 85 per cent  of the total market value.

Bitcoin, considered the most liquid cryptocurrency, involves accessing  a cryptocurrency exchange that allows UAE residents to open accounts and trade using them..

Read More: Why does Bitcoin have Value?

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