Cryptocurrency, where no central bank prints notes andanyone can mine the currency using powerful computers, are either the next bestthing or yet another mania.
The top cryptocurrenciesin the world are Bitcoin, Ethereum, Tether, Binance Coin, and Cardano.
However, the plethora of the cryptocurrencies in circulationdid not have any from the Arab world. This changed yesterday when Dubailaunched its and the Arab world’s first cryptocurrency – aptly named DubaiCoin.
DubaiCoin, like all other cryptocurrencies, is based on apublic blockchain and opened for the first time at $0.17.
Since, DubaiCoin is based on a public blockchain, thusanyone including can mine the coins and earn money in this way.
The priceat the time of writing of DubaiCoin is $1.13 and this a whopping 1,114% profitin about 24 hours.
The Media Office of Dubai refuted any claims in the mediathat this currency will be the official currency of Dubai, claiming that Dubaidoes not currently have any official cryptocurrency.
DubaiCoin is launched by a company based in the United ArabEmirates (UAE) Arabianchain Technology claimed that this is the firstcryptocurrency of the Arab world.
The company claims that this currency will be able to payfor “a range of goods and services both in-store and online, with the clearintention for the coin to be used in place of traditional bank-backedcurrencies. Circulation of the new digital currency will be controlled by boththe city itself and authorized brokers.”
The UAE is known to be a safe haven for crypto investors.
Investors in the cryprocurrency DubaiCoin are confused aboutthe claim that the city of Dubai will regulate the price of the cryptocurrency.
DubaiCoin is new and other than the name Dubai in its name,the currency has very little going for it when compared to the pioneer Bitcoin.
Public participation measured via market capitalisation isthe most in BitCoin and thus it is recommended that if someone wants to investin cryptocurrency then they stick to something popular like Bitcoin.
Then again, investments in financial markets are risky andoften times in case of complex products like foreign exchange, more than theoriginal investment can be lost.
If someone wants to invest in a fungible and fixed-supply storeof value, then they may invest in gold.
The reader is cautioned to a similar Ponzi scheme in therecent time OneCoin and reminded that any information on this page is not anyinvestment advice and is for education purposes only.