Cryptocurrencies, and Bitcoin in particular, have made headlines worldwide, but there is a lack of understanding of what they are. Dubai recently held the AIBC Summit to bridge this knowledge gap.
“The issue of empowerment is the key. If we want to one day see the encryption community, blockchain being embraced by the masses, says Iman Pulis, founder and CEO of sigma group & AIBC Summit, said.
Simply put, cryptocurrencies are virtual as opposed to the euro or dollar we can hold, they are usually not linked to a bank or government and allow users to spend money anonymously through a series of complex transactions using blockchain technology. Globally, some businesses accept cryptocurrencies as payments, but general market acceptance is still limited, something Dubai wants to change. One of the first steps was to start the DMCC encryption centre.
DMCC Freezone CEO Ahmad Hamza said the centre wants to provide a range of services to companies and crypto and blockchain platforms to help them not only create, but also thrive and succeed. “We believe in blockchain, we believe in crypto and we provide regulations in cooperation with the Securities and Commodities Authority “.
Events such as the AIBC Summit bring together key people and brands from artificial intelligence to the blockchain. The main guest was the co-inventor of the blockchain, on which Bitcoin research was based. In 1991, long before bitcoin, Dr. Scott Stornetta and Stuart Haber became co-inventors of the first blockchain. “It’s a way of guaranteeing that the record that does everything and anyone can trust cannot be altered,” said Dr. Stornetta.
Critics say cryptocurrencies are volatile and pose a risk to investors who are not protected by regulators. Dr. Scott Stornetta, co-inventor of blockchain, said there was some scepticism as it was in the early days of the internet: “There were a lot of things that were actually fake. However, over time we have developed a secure foundation that allows us to create much more value. ”
The cryptocurrency market has also been sensitive to excessive volatility, with social media comments from public figures such as Elon Musk raising questions about the market that could affect investors. Brock Pierce President, Bitcoin Foundation & co-founder of Tether & Mastercoin urges people to research and formulate their own opinion on cryptocurrencies. “The best way is to understand what it is so that you can make an informed decision for yourself. And then with that knowledge, you will be able to make decisions about whether, if you know, if you agree that it is, you know, it will be a big part of the future, I clearly have that view. ”
While some banks, financial services companies and governments embrace encryption, others stay away. But for those who invest in them, they see digital currencies and how they could work in the future.