It’s not surprising then that cryptocurrency trading has become more popular than ever for people worldwide, including Dubai. Now traders can reap all the benefits of crypto without leaving their home country – something previously unheard of.
But what are cryptos? And which ones should I buy?
Cryptocurrencies are digital currencies created by computer systems and mined through complex algorithms. Because any government or bank doesn’t control them, there are no transaction fees, and international payments are instant. They’re also kept relatively anonymous, so users don’t have to worry about identity theft when making purchases.
However, there are many cryptos on the market, and it can be challenging to know which ones to buy. The best cryptos to day trade in Dubai is explained here to simplify things.
Bitcoin (BTC)
Bitcoin is easily the biggest crypto on the market and one of the oldest. It grew in popularity due to its use in Japan’s real-world economy and has since exploded worldwide. One of its main benefits is that it is effortless for consumers to buy into; they can set up an account online through various brokers such as Coinbase (see here ). Additionally, because Bitcoins aren’t linked to any single currency or government, they are incredibly secure. You can keep them on a USB drive and take them wherever you go – almost like cash.
Ethereum (ETH)
Ethereum is another popular cryptocurrency that has recently exploded onto the scene. While Bitcoin was designed to be used as an alternative currency, Ether is more of a utility coin that can be used to “run” specific applications on its network. It is called Ethereum; it’s sort of like Microsoft Windows but for running apps using blockchain technology rather than computer hardware.
Litecoin (LTC)
Litecoin is one of the most promising cryptos, offering faster transactions than Bitcoin and Ethereum at a similar cost. Litecoin works similarly to Bitcoin, and many believe it can overtake the king of cryptos in the future. It is currently one of the cheapest cryptos on the market, so anyone wanting to get involved with currency trading should put this one at the top of their list.
Ripple (XRP)
Ripple is a currency designed to make international payments, especially between banks or large investors. Because transactions are recorded on a public ledger, they can be traced easily through the system without any need for exchange rates or fees from financial institutions. It makes it particularly attractive to larger businesses that may want to expand into yet another country without worrying about costs for transferring currency abroad. Many financial institutions have adopted Ripple and are currently being tested in Japan. It’s been reported that Ripple is beginning to outpace Bitcoin for its ability to process transactions, making it a serious competitor.
Monero (XMR)
Monero is another promising cryptocurrency, offering a high level of anonymity when doing transactions online. It is especially admired by people who want to buy items from the dark web or avoid taxes. The currency has been used repeatedly to pay for illegal products on the black market, so bad guys think of it as ‘money good’. Of course, there are many legitimate reasons why someone would want their transaction history kept anonymous, so if you fall into this bracket – this one’s for you.
Dash (DASH)
Dash is one of the youngest crypto coins to make it onto the list but quickly rose in popularity. It’s designed to be used as an everyday currency, allowing people to make instant, private transactions at low costs. Anyone sending money over the network will not be charged fees or forced to wait for transaction approval as they would with their bank – making it great for anyone looking for cheap and fast transfers.
IOTA (MIOTA)
IOTA is another lesser-known cryptocurrency that allows users to send and receive payments instantly through their peer-to-peer network. This crypto isn’t as well known yet as Bitcoin or Litecoin because it is still in development. There are presently only a few crypto exchanges that allow users to trade it, and, as such, you can expect its value to be quite volatile until more global outlets get involved with the currency.