What Cryptocurrency is used in Dubai

A funny angle to why the time of orient was referred to as “The Dark Ages” could mean that mankind lived in a state of oblivion at some point; I mean, I could be wrong, if not for anything, we know for sure the sunlight and moonlight were loyal enough to shine each day. 

Well, geographers in their quest to understanding the shape of the earth had tossed from the identification that it was flat, and then round, before their conclusion that it is spherical.  

My point? In an eagerly, continuously evolving world, the worst thing that could hamper growth is being left behind to previous knowledge. 

In West Africa for instance, we have experienced our currency evolve from the much-celebrated manilla to cowries, coins, and then notes. Who would have thought that a legal tender could go pro on us so rapidly and deliver to us a digital currency as crypto? Indeed, the beautiful ones are yet to be born. 

Some years back, it was considered by some group of experts in the UAE [United Arab Emirates] to create a blockchain currency to serve as a Sharia complaint crypto-coin, by name emCash which was not as celebrated as other digital currencies. 

In this article, we shall be reviewing the Cryptocurrencies considered for use in Dubai and the possible reasons. 

According to our seasoned Wikipedia, a cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange in which individual coin ownership records are stored in a ledger existing in the form of a computerized database using strong cryptography to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership. Cryptocurrency does not exist in physical form (like paper money) and is not generally produced by a central body.

Upon many levels of research, a name keeps showing up more than the usual, and it is no other than the Dubai Coin [DBIX] which suddenly garnered thoughts and talks after May when it was said that it was the verified coin for Dubai and thus grew up to a whopping 1,000% within 24 hours. while this is an amazing piece of news, it has further spurred a reason to conduct extensive research and this has led to a myriad of insecurities and doubts amongst prospective buyers/traders especially when it was alleged to be a scam, therefore putting a caveat to its credibility. 

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While the Central Bank of the UAE is yet to issue a statement verifying any of the cryptocurrencies as a legal tender, Dubai has recorded the emergence in series of cryptocurrencies and exchange that permits users to buy or sell their coin as they dem fit. 

Some of the renowned exchanges in Dubai are Binance and BitOasis, which are platforms where the initiation of purchase or sale of cryptocurrencies are initiated with the best of ease. Having an exchange in Dubai further suggests that the good people of Dubai must have accepted and have been using the virtual currency at some point. 

Examples of the most celebrated cryptocurrencies are Ethereum, Bitcoin, Dogecoin, Ripple, XRP, Stellar to mention a few. 

According to Investopedia, bitcoins are saved in a wallet—a digital wallet—just as we keep cash or cards in a real wallet. The digital wallet might be hardware-based or web-based. The wallet can also be stored on a mobile device, a computer desktop, or by printing the private keys and addresses used for access on paper.

The next question would probably be, how safe is the wallet? Well, in all honesty, this would be of the owner’s volition. The worst thing that could befall a wallet owner is to have had his/her private keys stolen while the coins are still in the wallet. 

In conclusion, while there is no validation by the authority of the UAE on their stance to the virtual currencies as crypto, we are aware that there are exchange centers sited in Dubai to aid crypto transactions. 

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