Cryptocurrency and Bitcoin: What’s all the frenzy about?

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.

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