Are you considering investing in cryptocurrency but are concerned that it may be too technical for you? We’ll clear up some of your misconceptions in this article. It is not difficult to invest in cryptocurrencies while living in the Middle East.
If you’re looking into crypto investing, you’re probably already familiar with the terms cryptocurrency, bitcoin, and blockchain. To put it another way, Bitcoin is a digital money that is decentralised. It eliminates intermediaries, ensures transparency, and stores transaction data on the blockchain ledger indefinitely. Blockchain is the technical component that allows crypto to be decentralised.
Bitcoin was the first cryptocurrency to achieve widespread acceptance. It was not the first cryptocurrency, but it was the first to achieve such widespread acceptance that it is often referred to as the “Father of Cryptocurrencies.” Bitcoin inspired several communities and individuals, like Vitalik Buterin, the founder of Ethereum, who eventually became leaders in cryptocurrency and block chain innovation.
Crypto, like many other places throughout the world, was a novel notion in the Middle East. The Middle East is attempting to make a move, particularly the UAE, which is a leader in attempting new things in technology and industry. Businesses and investments in the UAE can also benefit from tax breaks. As a result, it is one of the most sought-after investment destinations. In addition, the UAE is improving its infrastructure for digital assets by establishing a regulating organisation.
How can you start your investment journey?
It’s actually rather straightforward. You may begin investing in the UAE or the Middle East by using a local cryptocurrency exchange. Because it is preferable to use a local cryptocurrency exchange than a large international cryptocurrency exchange because small cryptocurrency exchanges have superior payment infrastructure.
After joining any local crypto exchange, you may begin investing in cryptocurrencies listed on that exchange, but first, let me discuss a few popular coin/token categories.
- DEFI coins: It’s a reference to decentralised financial management. Their primary goal is to decentralise the financial system, as opposed to the existing financial system, which is dominated by banks and governments. As a result, these companies are concentrating their efforts on blockchain innovation in order to improve the efficiency of their transactions and to create a better infrastructure for landing and borrowing money. Cardano’s primary cryptocurrency is ADA, and it’s one of the greatest DeFi blockchains out there. As a result, you may buy Cardano in the United Arab Emirates. Because it could be your finest DeFi investment in the UAE.
- Meme and Joke Coins: These are the most well-known coins, however they are not suited for investment. You’ve probably heard of Doge and Shiba, which were designed as a joke or meme but are now well-known coins. These currencies are built on a different blockchain, such as Shiba, which is based on the Ethereum Blockchain.
- Gaming Coins: These cryptocurrencies are employed in the gaming industry, such as Axies affinity, which is a cryptocurrency that is used in an online video game. They have a play to earn model, which means that if you win their game, you will receive another cryptocurrency, SLP. These cryptocurrencies are also based on another blockchain, such as Axis affinity, which is based on the Ethereum network.
- Utility token: These tokens may be used in a variety of ways in a certain ecosystem. Because Filecoin is a utility token, it is not regarded as a suitable long-term investment because it follows the eco system’s flow. As a result, you can think about them for a short time rather than a lengthy time.
So investing in crypto has become a lot simpler than before, especially since the UAE government has taken a significant interest in crypto companies. The Middle East, particularly the United Arab Emirates and Saudi Arabia, is one of the world’s most politically stable regions. As a result, investment in these areas not only yields large returns, but also returns that are consistent. As a result, it could be the ideal solution for you. You may also invest in any type of coin because they are listed on every Middle Eastern cryptocurrency market.