CRYPTOCURRENCY

 Cryptocurrency

A cryptocurrency, crypto-currency, or crypto is a digital currency that functions as a medium of exchange via a computer network and is not reliant on any central authority, such as a government or bank, to support or maintain it.

How it works:

Cryptocurrencies are based on blockchain, a distributed public ledger that keeps track of all transactions that are updated and held by currency holders. Mining is a process that uses computer power to solve complex mathematical problems that generate cryptocurrency units.

Is it wise to invest in cryptocurrency?

Cryptocurrency can be a great investment with astronomically high returns overnight; however, there is a significant downside. Investors should consider whether their time horizon, risk tolerance, and liquidity needs match their investor profile.

How does cryptocurrency work in detail?

7 Crypto Investment Steps

Step 1: Identify and allocate the investment.

Step 2: Select a Cryptocurrency...

Step 3: Learn About Cryptocurrency...

Step 4: Select the Platform for Purchase.

Step 5: Safeguard your cryptocurrency.

Step 6: Protect your cryptocurrency wallet.

Step 7: Hold and sell to maximise profits.

Is cryptocurrency money?

Cryptocurrencies are digital assets that people use for online purchases and investments. You exchange real currency, such as dollars, for "coins" or "tokens" of a specific type of cryptocurrency.

Is cryptocurrency permissible?

In 2018, Sharia Review Bureau scholars in Bahrain stated that investments in cryptocurrencies such as ether (ETH) and bitcoin are permissible under Sharia law and thus halal.