What is cryptocurrency?
Cryptocurrency has become very popular in the past couple of years, so almost all influential businesspeople worldwide are talking about it. However, there is widespread confusion regarding what cryptocurrency actually is and why it has suddenly become so popular.
To put it in simple terms, it can be stated that a cryptocurrency is a digital form of currency that is made secure using cryptography. The use of cryptography prevents any duplication or forgery of the currency. The increase in the use of the internet and the lack of cybersecurity on conventional transactions have caused an increase in the popularity of cryptocurrency.
How does it work?
Cryptocurrency is considered a digital asset, and it is based upon a network. This particular network is spread and distributed over a large number of systems. It works on blockchain technology, and this structure makes the existence of cryptocurrency possible outside of any governmental oversight or authority. It is used for safe and secure payments from peer-to-peer, which is way faster and smoother than normal digital transactions.
Why Emcash now?
For a while, and still, Bitcoin is the most popular cryptocurrency in the world. As many as 900 other cryptocurrencies are operating all over the globe. However, cryptocurrency is regarded as illegal, and government authorities are trying to curb its use. This makes many people skeptical to use them.
That's where EmCash comes in. EmCash is a cryptocurrency that the Dubai government has initiated. Since cryptocurrencies can offer better security and faster transactions, the Dubai government has started EmCash to offer faster transactions between peers without sharing any personal information.
Pros of EmCash
The biggest pro of EmCash is that it can be easily used for normal expenditures like phone bills, school fees, and other payments. The intention behind EmCash is to create a safe and trustworthy blockchain network for cryptocurrency. This will take some time as permissions from several authorities and regulatory bodies are needed.
Bitcoin is still the most popular cryptocurrency globally, but as mentioned earlier, many governments are intending to put an end to it. In such a situation, EmCash is a cryptocurrency that has been started by the Dubai government, making it more reliable than Bitcoin. So if you were looking for an opportunity to invest a little in cryptocurrency, EmCash is the best choice. Initiation of a government-supported cryptocurrency can heavily impact the use of Bitcoins. As of now, you can perform transactions using EmCash in Dubai. Their goal is to structure the whole economy in the form of a blockchain network, so there is a very high potential for the growth of this cryptocurrency in the long run.