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What is cryptocurrency?

Asked 2018-04-23 18:17:12 by Vishnu Basnet

Answered by NewsBytes

A cryptocurrency is a digital currency that is created and stored electronically on a blockchain. It has no physical form and only exists electronically. Its supply is not determined by any central authority and the network is completely decentralized.

What are different types of cryptocurrencies other than bitcoin?

Asked 2018-04-23 18:15:53 by Sumedh Chaudhry

Answered by NewsBytes

Other than bitcoin other currencies are as follows- Litecoin, Ethereum (ETH), Zcash (ZEC), Dash, Ripple (XRP), Monero (XMR), Namecoin, etc.

What all can we do with cryptocurrencies.?

Asked 2018-04-23 18:15:31 by Rahul Bansal

Answered by NewsBytes

You can buy goods both online and offline using cryptocurrency. Also, there are a lot of merchants who accept cryptocurrency as a form of payment. Further, cryptocurrency can also be used for investment, cryptocurrency is considered to be a high-risk investment. You can read more about cryptocurrencies here.

What is blockchain?

Asked 2018-04-23 18:13:15 by Ratnakar Shukla

Answered by NewsBytes

A blockchain is a digital ledger or a list of records called blocks which are recorded chronologically and safely using cryptography. Blockchains are not controlled by any central authority and its networks are completely decentralized.

Which countries have outlawed Bitcoin?

Asked 2018-04-23 18:11:33 by pratishtha kumari

Answered by NewsBytes

Bitcoin has been outlawed only in Bangladesh, Ecuador, Bolivia, Kyrgyzstan, and Vietnam. China and Russia are also on the verge of banning cryptocurrencies.