What is Cryptocurrency?
Cryptocurrency is not a traditional ‘currency’ but is a virtual or digital representation of money’s worth and not something which is available in a tangible and physical form.
Cryptocurrency is a digital currency that can be exchanged online for goods and services, but uses an online ledger with strong cryptography to secure online transactions. Cryptocurrency work using a technology called Blockchain.
As per Oxford dictionary, “a cryptocurrency is defined as “A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Source Taxguru
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