Profit Withdrawal Guide

Profit Withdrawal Guide

Learn how to withdraw your profits easily using the Viabtc Pool app with our step-by-step instructions.

What are cryptocurrencies?

Cryptocurrencies are digital assets that use cryptography to secure transactions and control the issuance of new units. These currencies are based on blockchain technology, a distributed, decentralized ledger that ensures transparency and security.

Characteristics of cryptocurrencies:

1- Decentralized: Not controlled by any government or financial institution.

2- Security and privacy: Relies on strong encryption to protect transactions.

3- Transaction speed: Funds can be sent anytime, anywhere at high speed.

4- Limited supply: Most currencies, such as Bitcoin, have a limited number of units, making them inflation-resistant.

• Bitcoin (BTC): The first and most popular digital currency, known as "digital gold."

• Ethereum (ETH): Provides smart contracts and decentralized applications.

• Ripple (XRP): Used for fast interbank money transfers.

• Litecoin (LTC): A faster and cheaper version of Bitcoin.

Examples of digital currencies:

How do cryptocurrencies work?

1. Mining or issuance: Some currencies are created through mining (such as Bitcoin), while others are pre-issued by developers.

2. Storage: They can be stored in digital wallets (wallets) either online or on physical devices.

3. Trading: They can be bought and sold on cryptocurrency exchanges such as Binance and Coinbase.

4. Use: They are used for payments, investments, and international money transfers without the need for banks.

Are cryptocurrencies legal?

The legal status varies by country; some allow them, some impose restrictions, while others ban them entirely.

Disclaimer: Our company is not responsible for any legal exposure or consequences you may face within your country of residence.

Are cryptocurrencies forbidden?

Some scholars believe that cryptocurrencies may be permissible if their use is governed by Islamic law. They base their arguments on:

1. The absence of a legal text prohibiting them: There is no definitive evidence prohibiting cryptocurrencies per se.

2. The possibility of their use in permissible transactions: such as buying and selling, provided they are free from uncertainty and gambling.

3. Their similarity to electronic money: Today, there are paper currencies that are not based on gold or silver, yet are still legally permissible.

If you intend to invest or trade in cryptocurrencies, it is best to consult a trusted Sharia authority in your country.

If the purpose is to use it in legitimate transactions, it may be permissible according to the view that permits it with conditions.

Avoid suspicious currencies and high speculation to avoid falling into usury or gharar.

What is cryptocurrency mining?

Cryptocurrency mining is the process of producing and generating digital currencies such as Bitcoin and Ethereum using powerful computers to solve complex mathematical equations. These equations are used to verify and document transactions on the blockchain, the digital ledger that manages cryptocurrencies.

How does cryptocurrency mining work?

1. Mathematical equations:

• The mining process relies on solving complex mathematical equations using computing power (hashrate). These equations help secure transactions and ensure their validity on the blockchain network.

2. Authentication and transaction verification:

• These equations are solved to authenticate transactions between users. This ensures that transactions are valid and cannot be modified or tampered with.

3. Adding blocks to the blockchain:

• Once the equation is solved, a new block is added to the blockchain. These blocks contain all transactions that occurred during a specific period.

4. Rewards:

• The reward received by the miner (who solved the equation) is in the form of new cryptocurrencies. For example, when mining Bitcoin, the miner is rewarded with Bitcoin.

Summary:

Cryptocurrency mining is a computational process aimed at securing the cryptocurrency network and generating rewards by verifying transactions and solving complex mathematical equations. It is performed using specialized computers and requires significant power and powerful hardware to succeed.