00:00When we buy or sell things, the payment is usually processed by banks or a credit card
00:06company.
00:07But the problems with this process is that the companies often take a cut of the transactions
00:12and we have to trust these companies to protect our data from hackers.
00:16To solve these problems, a unique currency was introduced that guarantees security by
00:21being based on the science of cryptography, a math-based way of protecting information.
00:27This type of currency is called a cryptocurrency and only exists in computer networks.
00:32Since its electronic inception a little more than a decade ago, cryptocurrency has grown
00:36from a largely unnoticed non-regulated e-currency to being recognized worldwide for its discretion
00:43and accessibility.
00:44There are about 3,000 cryptocurrencies being traded with a total market value of 812 billion
00:51And the reality is, the top 10 cryptocurrencies represent roughly 85% of the total market
00:58value.
00:59Bitcoin, considered the most liquid cryptocurrency, involves accessing a cryptocurrency exchange
01:05that allows UAE residents to open accounts and trade using them.
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