“Cryptocurrency”, indeed this term is quite familiar these days. If I make it simple for you then it is called digital money and transactions of such type of currency are quite safe. As cryptocurrency does not exist in physical form but is available digitally you can easily use it. Cryptocurrency is built on blockchain technology which only exists online and is stored on a digital wallet.
Let me elaborate it in detail to you, so that, you will get a clear picture of Cryptocurrency. As prior mentioned that it’s digital money and you can carry and use it anywhere digitally. It makes the payment mode easy and supposes if you are short of cash in hand then in such an emergency situation. This will be the only option left out in our hands in which transactions are indeed secure.
The currency got its name because while verifying transactions it uses encryption. As the currency is in encrypted form, it is highly secured which is its ultimate aim of it. Most of the transactions are recorded in the public ledger. Advanced coding is used in storing and transmitting the data between wallets and to public ledgers.
Bitcoin is the first cryptocurrency founded in the year 2009 with which we are very much familiar today. The trend of cryptocurrency is escalating because of several benefits associated with it.
How does it work?
Generally, Cryptocurrencies are created through a process called mining where with the help of computer power complicated mathematical equations are solved to generate coins.
Cryptocurrency or digital money’s transactions are recorded in a public ledger called the blockchain. All records are updated in this ledger and the bank has no interference with this as it is present virtually online.
Buying cryptocurrency is not that tough task. You can buy the currency from the brokers and then store and spend them by using the cryptographic wallet.
There are various advantages of using Cryptocurrency such as:-
- You don’t need to rely on banks to verify transactions
- You can send, and receive money anywhere you wish
- The mode of transaction is easy as well as safe
- Crypto Currency payments are highly secure
- Each transaction is recorded in a public ledger
- Cryptocurrency stored in crypto digital wallets
- No in-between parties’ involvement
- In case you are frequently doing the international transaction, it will make
your payment easy
What can you buy through cryptocurrency?
The world is in the advanced stage and whenever something new approaches people, they curiously wanted to know about it. People wanted to know the use and benefits of it, whether it is for their use or not.
Likewise, when Cryptocurrency was first introduced in 2009 and named Bitcoin, people have shown their interest in it. They eagerly wanted to understand or you can say learn the logic behind this new currency. At that time it was not that popular amongst people but as the days and years passed people understood its use of it. And now almost all are familiar with Cryptocurrencies.
In its initial stage it allows to buy from a coffee mug to a water bottle but as its usage of it increased and people learned to maintain the crypto wallet now and understood it in a better way they can buy anything that is associated with an ample amount of money.
You can buy: –
Tech Products – Yes, you can buy tech products online as there are some renowned Tech & E-commerce companies‘ websites dealing in cryptocurrency to make your buying easy and secure.
14 major companies accept crypto payment (BITCOIN)
- Microsoft
- Paypal
- Overstock
- Whole foods
- Etsy
- Starbucks
- New egg
- Home Depot
- Rakuten
- Twitch
- Cheap Air.com
- AMC Theatres
- AT & T
- Dish Network
Luxury Goods – Cryptocurrency can be used while purchasing luxury goods as retailers are giving it first priority for transactions. You can buy branded watches like Rolex and other high-end watches and get discounts or offers in return by paying through crypto.
Cars- Now you can buy via Cryptocurrency; there are various Car dealers accepting payment in Crypto. Not only you can buy but you can finance a car with crypto.
Here are the 10 car brands you can buy using crypto (BITCOIN)
- TESLA
- AUDI
- BMW
- MASARATI
- MERCEDES
- FERRARI
- VOLKSWAGAN
- LEXUS
- NISSAN
- HONDA
Home – Yes! You can buy your dream property by paying cryptocurrency. As home buying is a bulk purchase and the process takes a little longer period and the purchase amount is quite higher which can lead anyone to fraud or scam. In this case, if the payment mode is in crypto then one can be assured of their money. And now the real estate market also accepts crypto payment and you can see the best instance in Dubai Real Estate.
Advantages of Buying Residential Property with Crypto
As the world is in an updated phase and it offers myriads of facilities as well as opportunities. Through this, one can get the chance to stay up-to-date. The trend of Crypto is gaining huge popularity, this digital money carries a unique concept, and moreover gives assurance of safe and secure transactions.
There are various benefits associated with buying property in digital money such as: –
Cheaper transaction
Crypto payments allow cheaper transactions which is the biggest advantage of it while buying property. Especially, when you are dealing in an international transaction then it will be easier for a buyer. Because in an international transaction banks as well as the third party charges a lot of fees but when you do the crypto payment, it eliminates the third party in property dealing and brings the buyer and seller direct.
Moreover, the crypto payment mode is quite easy, safe & secure while international transactions. It helps to save a lot and the entire transaction can be done in 1% only.
Quick Payment
As cryptocurrency is digital money payments are easy. In the digital world, transactions are complete within a second. , when you transact through banks it will take a longer process or time. And if it is a big amount then sometimes it will take a lot of time.
But in the case of crypto, the payment is a few seconds away from its destination. For example, you’ve just paid for something in crypto; once the blockchain confirmed it after that the amount is transferred to the desired account.
Less Paper Work
This is another benefit of purchasing property through crypto payment because it takes less paperwork. In addition, less process & time will take in purchasing property easy and the deal will be smooth. The most important factor is the asset will be safe.
Usage of Dubai Cryptocurrency in Real Estate
As we all know that Dubai is gaining more popularity for serving an excellent standard of living in comparison to other countries. Besides this, the city offers a range of property options by reputed developers. Here you can get apartments, villas, townhouses, a penthouse, and duplexes.
Now home shopping is quite easy in Dubai after the introduction of Dubai cryptocurrency. Undoubtedly, this new crypto era makes the buying process easy, safe, and secure transactions. DAMAC Properties the United Arab Emirates-based prestigious developer will soon accept crypto payments the report says recently.
Being one of the first developers announced to facilitate the purchase of property via cryptocurrency. Moreover, DAMAC will accept Payments in bitcoin (BTC) and Ethereum (ETH) declared by the builder itself. The move aims to “accelerate the new economy for newer generations, and for the future of our industry,” said Ali Sajwani, who leads Damac’s digital transformation initiatives as the general manager of operations.
Cryptocurrency and Dubai Property
If you are thinking that, whether I can buy a property in Dubai by paying crypto then yes you can buy it. By using the bitcoin cryptocurrency home buyer can purchase a property of their choice but all developers are not accepting crypto payment. There are a few who are accepting crypto. For instance, DAMAC Properties the renowned developer in the Middle East region has started crypto payment recently.
Dubai Cryptocurrency will be the Cryptohub of the world soon
Very soon Dubai city in UAE is going to be the Crypto hub in the world as two more companies are going to shift their head office to Dubai. The Cryptocurrency exchange By bit announced that soon they will set up their head office from Singapore to Dubai. Similarly, Crypto.com has also announced to establish its regional offices in Dubai.
Well, these two companies are going to set the further crypto world in UAE and make Dubai & UAE the world’s prime center for the crypto market players globally Dubai Virtual assets law was introduced by the Dubai Ruler Sheikh Mohammad Bin Rashid lately. To encourage the crypto sector this law is created to attract crypto businesses and welcome new talent to this city.
Dubaicoin (DBIX)
Dubai has its own cryptocurrency, DubaiCoin (DBIX). Launched by UAE-based company Arabianchain Technology. This is the first public blockchain-based cryptocurrency in the Arabic world. Dubai is quite strict in following rules and regulations and the ultimate motto is to provide security in any form. And when it comes to crypto then surely Dubai will go one step ahead of other countries.
Here, the company informed that the circulation of this new digital currency will be controlled by both the city itself as well as authorized brokers.
Dubaicoin is somewhat different from other regular cryptocurrencies. For instance, mining is the prime cause that would make the coin volatile but according to Arabchain Dubai city is regulating its price and it is likely to qualify as a central bank digital currency.
In the year 2014 Dubai Cryptocurrency is initiated by the business bay Pizzeria, at that time the price was $ 0.17 and listed on different platforms. But due to some reasons, most have removed it including market-leading Coin Market Cap. Later on, crypto.com listed its price at $ 1.13, indicating a huge 1,114 percent increase with a supply of 4.26 million.
Dubai Cryptocurrency market capitalization hit almost $3trn in 2021 and Bitcoin reached an all-time high of more than $65,000, making crypto the best-performing asset class of the past ten years, according to the report.
ArabianChain offers GalaxyWallet where DubaiCoin (DBIX) can be collected, stored, and transact easily in the ecosystem. This platform provides complete transparency where they can post and verify all the transactions with the help of DBIX Scan.
Where to buy Dubaicoin?
You can’t directly purchase Dubaicoin as it is not available on any major exchanges but you can exchange it for Bitcoin or Binance coin at exchanges. So, if you are interested to buy Dubaicoin then it is available on Hit BTC and Cryptopia exchanges
(Note: No doubt, Dubaicoin is a fairly new currency, investors must have to research its legitimacy before investing in any brand new project.)
FAQs
What is Cryptocurrency?
It’s digital money, created by computers by solving critical mathematical calculations.
Where is Cryptocurrency stored?
Cryptocurrency is stored in a crypto digital wallet.
What can you buy by using cryptocurrency?
Anything you can buy by paying crypto. Many people are buying luxury stuff or the products associated with ample amounts such as cars, homes, tech products, etc via paying cryptocurrency.
What is the name of cryptocurrency in Dubai?
It is called DBIX (Dubaicoin) with a value of AED 4.17
Where can I get Dubaicoin?
Dubaicoin is available on Hit BTC and cryptopia exchanges.
Can I buy property by paying Crypto?
Yes, you can buy property by paying crypto, recently DAMAC Properties the renowned name in the Middle East region is accepting payment through crypto. Hence, you can opt for your dream home developed by DAMAC from Dubai Housing.
