A renewed interest around cryptocurrencies is making a comeback among those who are looking for means to grow their money quickly. However, questions around how one should go about it if they are interested to pursue it, and what needs to be kept in mind when doing so, resurfaces as well. However, before knowing how one could venture into the world of cryptocurrencies, it’s vital to understand the science behind this decade-old currency, in order to gain much-needed clarity for those looking to invest their hard-earned money for the first time.
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Read the full story here: https://bit.ly/2MvFTeW
Subscribe to Gulf News on YouTube and watch more of our videos: https://www.youtube.com/user/GulfNewsTV
See more videos at https://gulfnews.com/videos
Read more Gulf News stories here: https://bit.ly/2HLJ2km
#Bitcoin #Cryptocurrency #UAEnews
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NewsTranscript
00:00When we buy or sell things, the payment is usually processed by banks or a credit card
00:06company.
00:07But the problems with this process is that the companies often take a cut of the transactions
00:12and we have to trust these companies to protect our data from hackers.
00:16To solve these problems, a unique currency was introduced that guarantees security by
00:21being based on the science of cryptography, a math-based way of protecting information.
00:27This type of currency is called a cryptocurrency and only exists in computer networks.
00:32Since its electronic inception a little more than a decade ago, cryptocurrency has grown
00:36from a largely unnoticed non-regulated e-currency to being recognized worldwide for its discretion
00:43and accessibility.
00:44There are about 3,000 cryptocurrencies being traded with a total market value of 812 billion
00:51And the reality is, the top 10 cryptocurrencies represent roughly 85% of the total market
00:58value.
00:59Bitcoin, considered the most liquid cryptocurrency, involves accessing a cryptocurrency exchange
01:05that allows UAE residents to open accounts and trade using them.