THE BITCOIN BREAKDOWN
FROM TECH HEADS, FINANCE WHIZZES, AND EARLY ADOPTERS TO THE DAILY MASSES, THIS DISRUPTIVE DIGITAL PHENOMENON HAS CLINCHED GLOBAL ATTENTION AND HIT BIG IN THE UAE TOO. LET’S TALK ALL THINGS BITCOIN AND LOOK INTO THE CRYPTOCURRENCY’S RELEVANCE FOR THE REGIO
In 2013, when a forum member made a typo in a post to announce — in all caps — that he was “hodling,” he had no idea that the term would go viral. And so, ‘hodl’ was born (meaning to hold on to rather than sell), along with many other phrases and urban slang that have since surfaced, thanks to the digital trend that is Bitcoin. Today, there’s more to ‘a bit,’ ‘a wallet,’ a ‘key’ or ‘mining’ than there was a decade ago, and we’ve seamlessly added to our vernacular terms such as ‘crypto’ and ‘blockchain.’
The first ever decentralised currency and the best-known cryptocurrency currently in use, Bitcoin has inevitably brought change to how we perceive — and perhaps, make — investments. It has been described as an enigma, a craze, a new-age financial fad, and even been compared to the 17th-century ‘tulip mania’ economic crisis. It has put prudent investors in a dilemma, yet made unassuming teenagers millionaires overnight.
Although Bitcoin has been around since the year 2007, the virtual currency soared in global popularity only in the past few years — bringing about widespread excitement and chaos. From pop culture references in TV shows and musical odes on YouTube to secret mining facilities and businessmen screeching its praise in conferences, Bitcoin has created an eccentric culture, speckled with quirky incidents, rollercoaster highs and lows, and volatile behaviours — on the exchange and in its proponents.
Even if you are on the fence about it or think it’s a scam, it’s quite likely that Bitcoin is here to stay for a while. In fact, UAE residents are big on it and many here are keen to buy and sell the cryptocurrency.
Over the past several months, there has been a lot of information going around, and many businesses are involved in shaping the discourse around its use. Government agencies, meanwhile, are in talks about regulating it. And, from a larger perspective, there is a growing awareness of how blockchain technology can transform almost every industry — from fintech to music.
Perhaps you’ve read all this and are still wondering, “what really is Bitcoin?” Maybe you want to know why some are so into it while others are extremely wary. Or, you’d like to know how to get started as an investor. Here’s your public key — go ahead and cash in on all this Bitcoin information and more.
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