Thursday, December 7, 2017

All about bitcoins

What are Bitcoins?
BitCoins are a type of cryptocurrency.

Are Bitcoins legal?
This depends on the country. Many countries have declared Bitcoins as legal, however some countries have banned it completely. Some have chosen the middle path cautioning investors to be careful on trading in these currencies.

What is the meaning of mining Bitcoins?
It is the process by which transactions are verified using the blockchain. Anyone with suitable hardware and internet can mine bitcoins.

Can I mine bitcoins using my mobile?
Earlier it was easy to mine bitcoins using normal laptops. But now it has become very complex and requires ASIC machines to mine bitcoins. Definitely it is not possible using mobiles.

Is it economical to mine bitcoins?
Mining bitcoins is very complex and requires a lot of time and computing power. With the volatile value of bitcoins it cannot be said if it make economic sense or not.

Are there alternative Crytocurrencies?
There are many crytocurrencies that was introduced after Bitcoin. Some of them are Ethereum, LiteCoin, Bitcoin Cash, Ripple etc.

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