How did DubaiCoin record growth of over 1000 percent?
Is a cryptocurrency on the horizon that will take precedence?
Photo Credits: dblight | GETTY IMAGES
Bitcoin, as the most widespread cryptocurrency, has experienced a significant drop in its value over the past month. As possible causes of the fall in the value of Bitcoin, we mentioned the decisions of the Chinese authorities to limit the mining of cryptocurrencies.
In addition, China has introduced regulations that prevent speculative actions with cryptocurrencies. In that way, China took steps that the United States had previously implemented, and in that way, the two leading economic powers showed a clear attitude towards the functioning of cryptocurrencies.
However, let us remind ourselves that there are numerous cryptocurrencies, apart from Bitcoin, which do not share this fate. One of the cryptocurrencies that is recording dizzying growth is DubaiCoin (DBIX). DubaiCoin was launched by the United Arab Emirates (UAE) and is based on technology developed by Arabianchain Technology. Like most others, this cryptocurrency is based on blockchain technology and is widespread in the Arab world.
It should be borne in mind that the Arab world bases its wealth on oil resources that bring abundant income to the countries of the region. Despite the efforts of the world community to replace fossil fuels with renewable energy sources, fossil fuels continue to be a key driver of the world economy. Unfortunately, climate change is caused by the massive use of fossil fuels, which leads to the greenhouse effect and consequently to global warming. For the mentioned reasons, there is a danger for the survival of humanity, that is, for the organized life of human society in the form as we know it today.
The fact is that the region of the Middle East, rich in oil, represents a significant economic force in today's world. The issuance of the cryptocurrency DubaiCoin is certainly not to be neglected because it is about the significant economic potential of the countries that support this currency. What is fascinating is that DubaiCoin recorded a dizzying growth at the same time as Bitcoin recorded a significant decline in value.
In the last few days, DBIX has increased its value from $ 0.09 to $ 1.13 per coin, an increase of over 1,000 percent! Although the growth of the mentioned cryptocurrency is almost unbelievable, it is necessary to mention the statement of the government of Dubai, in which it clarified that the digital coin was not approved by any official body.
Despite rumors that the DubaiCoin phishing campaign was designed to steal personal information, Arabianchain Technology claims it is misinformation and that DBIX will soon be able to be used to pay for a whole range of products in the Arab world. In addition, based on available information, it is not excluded that DubaiCoin will be promoted as the official currency of the central bank.
Note that a number of countries are considering issuing their digital currencies, so perhaps DubaiCoin is an introduction to broadcasting the official cryptocurrency of the United Arab Emirates. Anyway, we'll find out soon enough.
By: Olivia J. - Gossip Whispers