News cryptocurrency become legal in India!

After almost two years of struggle, the Indian the crypto community finally won the battle against the Reserve Bank of India (RBI) in the Supreme court of India.

Recently on Wednesday, the Supreme Court of India passed the judgment striking down the central bank’s April 2018 circular which banned regulated financial institutions from providing services to crypto businesses. Hence, the RBI banking ban on the crypto industry has now been lifted.

The lifting of the ban is certainly a piece of good news for those who wanted to invest in bitcoin and other cryptocurrencies in India, as earlier, there were no government support and regulations but now since the government will be in regulation there will be growth in the Indian cryptocurrency market and increase investment.

Some facts relating to Bitcoin:

History of bitcoin?

Introduced by Satoshi Nakamoto who named it Bitcoin meaning A Peer-to-Peer Electronic Cash System.

What is bitcoin mining?

Bitcoin mining is the processing of transactions using the hardware and software power that is done in the digital currency system, in which the records of current Bitcoin transactions, known as blocks, are added to the record of past transactions that were done already, known as the blockchain.

Bitcoin mining

How do people earn by bitcoin?

A Bitcoin is known by a digitally signed record of all its transactions, that is made starting with its creation. The block is an encrypted hash that contains the detail of proof of work, created in a compute-intensive process. Bitcoin and other blockchain miners use software that uses their computer hardware processing capacity to solve transaction-related algorithms. In return, they are given a certain number of Bitcoins per block of work done. The blockchain also prevents the attempts to spend the same Bitcoin more than one time -- otherwise, the digital currency could be counterfeited by copy and paste.

How do people get bitcoin?

At this time you can get bitcoin either by purchasing bitcoin and selling them when the price is high to earn a profit.

Secondly, you can do mining for bitcoin all you require is high power CPU and high power graphic cards and then selling the bitcoins for profit. There are several tools in the market that help you to do free bitcoin mining on you desktop using your hardware resources.

Bitcoin mining setup

Is mining on a laptop, desktop, or mobile profitable?

No, it not profitable to earn from mining on a laptop, desktop, or mobile because they have low processing and it takes a lot of time to mine a considerable amount of bitcoin because their mining speed is very slow.

How people make mining on a laptop, desktop, or mobile profitable?

Mining on the laptop, desktop, or mobile profitable by forming a mining network which means mining together with many friends hence combined or pool speed is very high.

Let see what impact this lifting of the ban on cryptocurrencies causes on its future. Will it increase investment in India or not that the biggest question to be answered. What do you think about this lifting ban write in comments?