What is cryptocurrency
Cryptocurrency is a form of decentralized digital currency, with no physical money in existence. It is not issued by a central body. Instead, it is generated by a process called mining.
Mining involves computer processors solving complex puzzles. Whenever a puzzle is successfully completed, a new block is added to the blockchain, and currency is generated to reward the miner.
Cryptocurrency is then stored either in online exchanges, digital wallets, or physical hardware. It can be sent between addresses either among individuals or organizations in the form of payment.
There are thousands of cryptocurrencies available to mine, buy, and trade. The most popular include Bitcoin, Ethereum, and Stellar.
What is the blockchain?
Let’s start with the basics – what is the blockchain? In very simple terms it is a system of recording information. Like a digital ledger.
Whenever a new event or transaction takes place a new block of data – usually containing transaction details and a date and time stamp – is added to the chain. Due to its public and algorithmic nature, it is incredibly difficult to alter, hack, or cheat.
Many Indian investors and new-age entrepreneurs are looking for diversified methods to develop their wealth, and the cryptocurrency business is growing in popularity around the world. In the upcoming years, the new digital money is likely to become more mainstream in commercial activities.
Therefore, it makes complete sense to set up a crypto business in Dubai.
With additional free zones permitting enterprises to engage in crypto trading, crypto asset management, bitcoin trading, and associated activities, the UAE has become more mainstream.
Companies can trade and administer their digital currencies with a cryptocurrency business