The long-term outlook on cryptocurrencies, a type of electronic money available only in digital form, has gotten clearer with Bitcoins remaining the largest one available to investors. It looks like, in fact, that digital currencies are going to be a big part of our future bringing in more and more everyday users, traders and investors that believe it a legitimate asset with a number of great advantages.
Many governments are even getting onboard. Gulf News Market reports that US-based NCR Corporation has teamed up with the UAE’s cryptocurrency exchange CoinHub to discuss options with a few banks in the Gulf to start a Bitcoin ATM that will allow users to insert cash in exchange for Bitcoin (and a paper receipt) although there is still no timeframe as of yet.
With Bitcoin and cryptocurrency going mainstream, it is a great time now to start your own business to manage cryptocurrencies and what is better than opening then setup a cryptocurrency company in Dubai FTZs!
Why create your own market in bitcoins, or other digital currencies?
- Is a legal tender. One can easily exchange their local currency to bitcoins, buy or sell the coinage with cash, or trade directly via online banking.
- No single entity or government has control over the currency; therefore they cannot be confiscated.
- It ensures privacy and anonymity.
- All transaction data is transparent and can be seen on the blockchain, which is a distributed database that stores all the transactions on the network.
- Is widely used and accepted currency. Many big companies accept coinage payments for goods and services.
- Even banks do sell coins to clients.
- It’s a method of transmitting money and can improve the speed, convenience and transparency of commerce. This makes cryptocurrencies very desirable.
Ways to optimize and scale your startup of a new crypto coin include:
- It cannot be overemphasized that the location for leasing a facility to kick start the business will be key to its success. Setting up in the Dubai International Financial Centre (DIFC), for example, has its own physical, legal and regulatory infrastructure in a tax-friendly regime that provides a secure and efficient platform for such a business to reach into and out of the emerging markets of the region.
- For obvious reasons, establish an online platform that is user friendly while ensuring the digital payment system or portal is secured to guard against fraud and criminality for the people on the cyber space who are interested in the currency. The blockchain technology provides a cryptographic, time-stamped trail. As a result, the risks are minimized and fraud is avoided because it is impossible to corrupt the blocks which are linked and secured using cryptography. And you don’t need to worry about privacy as no entity will share your identity or whereabouts or the details of the transactions made.