Cryptocurrency is a phenomenon for a decade all over the world. Cryptocurrency uses blockchain technology with the aim to provide digital money in a secure way anonymously
Started with bitcoin, the best place to exchange your money with the digital currency, Currently, there are more than 900 cryptocurrencies available on the market.
There are around 3 million active virtual currency users to date and this number is increasing rapidly. Now taking this popularity into consideration Dubai government has started its own virtual currency wallet- EmCash.
EmCash
After the successful venture of emWallets, the Dubai government is using blockchain technology i.e emCash for digital currency transactions by maintaining anonymity. It provides peer to peer transaction facility without revealing the identity of the persons involved in the transaction.
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And definitely easy to transfer money without any delay. The best part of emCash is that it can be used for regular transactions like utility bill payments, school fees, and much more.
Even though emCash is successfully launched, the intention behind this is to build an economy on blockchain technology.
And this is definitely not easy as it involves the approval of individuals and authorities. Everyone is aware of bitcoin and how effectively it is running and even after having 900+ cryptocurrencies in the business, Bitcoin is still on top of the game all the time.
How does emCash work
emCash comes with emPay. It is a mobile wallet that can be used to make usual transactions like movies, bill payments, dining, school fees, groceries, leisure, etc.
If you want to make some nameless transactions without revealing your identity to anyone. So one can choose before making a transaction either emPay or emCash. The transactions will be completed within a short time in a secured way.
Emcash impacts on Bitcoin
emCash is a product of the Dubai government so this would attract most of them, as this is the first time a government has taken up such initiation.
So transactions in Dubai could be done using emCash rather than bitcoins. This can have a greater impact on bitcoin. We have to wait and watch, what effects emCash will have on bitcoin and what benefits we can get in emCash other than the anonymous transactions and regular payments.
Definitely, emPay and emCash are the next generations of cash. Mobile Wallets are taking over the attraction everywhere.
More than 40% of people are preferring mobile wallets over physical cash. From the era of using plastic cards for transactions, there would be a greater shift to digital cash.