What is cryptocurrency?

A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services but uses online Blocks(ledger) with strong cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward. The most popular cryptocurrency, Bitcoin, has had volatile price moves this year, reaching nearly $65,000 in April before losing nearly half its value in May.

What is cryptocurrency?
A cryptocurrency is a digital or virtual currency and it is a form of payment that can be exchanged online for goods and services. is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on Blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

How many cryptocurrencies are there?
More than 10,000 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on May 27, 2021, was more than $1.7 trillion — down from the April high of $2.2 trillion, according to CoinMarketCap. The total value of all bitcoins, the most popular digital currency, was pegged at about $735 billion — down from the April high of $1.2 trillion. Bitcoin is the worlds most valuable bitcoin right now. Financial media eagerly covers each new dramatic high and stomach-churning decline, making Bitcoin an inescapable part of the landscape.

Is cryptocurrency Safe?
The blockchain technology backing cryptocurrency is inherently secure, thanks to the decentralized — and public — nature of distributed ledger technology and the encryption process every transaction undergoes.
But that doesn’t mean it’s completely secure in the same way most people consider the U.S. dollar or other established currencies to be secure. Since cryptocurrency isn’t backed by any governmental authority, it doesn’t have the same protections as many standard currencies throughout the world.

Should you buy cryptocurrency?
Cryptocurrency is an incredibly speculative and volatile buy, Understand cryptocurrencies first. Do not invest more than 2-3 percent of your overall corpus in them. You can also wait for the market to stabilize and the government to come out with its proposed regulation.
Stock trading of established companies is generally less risky than investing in cryptocurrencies such as Bitcoin.

Dubai’s own cryptocurrency DubaiCoin jumps 1000% in 24 hours
DubaiCoin was launched by United Arab Emirates (UAE) based company Arabianchain Technology. It claims to be the first public blockchain-based cryptocurrency in the Arabic world jumping on the bandwagon, Dubai has launched its own cryptocurrency — DubaiCoin (DBIX). Based on a public blockchain, the crypto is trading on a select number of exchanges. Public blockchain will allow people to generate their own DubaiCoin by mining them. The price of crypto rose by 1,000 per cent over the last 24 hours. According to Crypto.com, DubaiCoin was trading at around $0.17 but picked up to $1.13 on May 27.
However, the Government of Dubai clarified that the digital coin has not been approved by any official authority.