Most people associate the United Arab Emirates, in particular Dubai, with advanced technologies that are being implemented earlier than anywhere else. This is not spontaneous, because the country’s economy is thriving, and it can be seen with the naked eye. As for the cryptocurrency field, the UAE also does not fall behind and introduces its own solutions in this industry. In this article we’ll talk about such a cryptocurrency as DubaiCoin, find out its purpose, analyze its characteristics, advantages and disadvantages. So, let’s discuss everything step-by-step.
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- What is Dubaicoin?
- The main characteristics of Dubaicoin
- Advantages and disadvantages of Dubaicoin
- How profitable is Dubaicoin mining?
Dubaicoin is part of the large-scale technology base of ArabianChain, the goal of which is to create a single Arab platform, where it will be possible to create and run decentralized applications. This coin was launched two years ago. As it is clear from the title, it is meant exclusively for the Arab world. The main purpose of Dubaicoin is the popularization of cryptocurrency for residents of the region.
The coin was created in 2016, but there was no cryptocurrency boom in the Arab world at that time. The thing is that Muslims take religion very seriously and do not start using something new without its approval. This permission was received only in the first quarter of 2018. It was then officially announced that the cryptocurrencies in general meet the “Sharia law”, and any Muslim believer can use them without hindrance.
This event occured during the correction of the market, so there were no big infusions of the Arab world to the industry. But as soon as the market makes its turn, Muslims will be active investors, since now they are not hindered by anything.
So, let’s look at the main features of this Arabian cryptocurrency:
- token – DBIX;
- price – $3.26;
- rating in Coinmarketcap – 502;
- reward for a block – 6 DBIX.
Previously, the coin had another sticker (DBIC), but after a while it stopped being supported. It can still be exchanged for DBIX, but the rate of the old sticker falls every day. At the moment, it is not included in the global rating of the Coinmarketcap. Its further development is not planned. The more effective Dubaicoin DBIX replaced it completely.
Like any other coin, this cryptocurrency has its own strengths and weaknesses.
- the emission of coins is pretty small (about 2.2 million pieces);
- it is focused exclusively on one region, which historically did not lead to the success of any cryptocurrency (although the UAE region is unique, let’s see what happens).
The main advantage is the block generation time, which is only 1 minute. This allows for faster transactions (for example, Bitcoin’s transaction takes 10 minutes). Recently, the coin has been in good demand, which promises it a potentially good future.
By and large, the process of mining DBIX coins does not have its own specific features. Of course, you need a “native” software and a supported wallet. Most of the miners who work in this network choose the dbix.pool.sexy pool.
The Dubaicoin miners are video cards, since the complexity of the network is not yet very great. However, considering that the coin is not a platform solution, it is unlikely that its rate will skyrocket in the nearest future, so treating Dubaicoin as the main coin for mining is not entirely logical from the point of view of money and risk management.
Dubaicoin is a regional solution for the Arab market. It was created back in 2016 in order to locally popularize cryptocurrencies, but due to their religiousness, the Muslims did not hurry to use new currencies. In 2018 it was announced officially that cryptocurrency did not contradict the “Sharia law”.
Recently, the demand for this coin has increased, but you should not count on any drastic price changes. It is characterized by high transaction speed and good adaptation to the local market. It’s hard to say what will happen in the future, but we will follow all the developments closely.
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