Virtual currency is getting popular across the globe & picking up in the Indian market as well. Cryptocurrencies like Bitcoin, Dogecoin, Ethereum, etc have resulted in a digital revolution & is increasingly used as a medium of exchange for online goods and services. Few companies like Microsoft, Tesla, Apple, etc have also started accepting it as a consideration against sale.

What is crypto currency?

Crypto currency is considered as a quasicurrency in digital forms and often termed as Digital Money. It is nothing more than a digital file which is created using the same methods as cryptography (i.e., the science of encrypting information).  It is believed to have a ‘decentralized control’ i.e., it is not controlled by one person or Government. The data suggests that there are more than 5000 traded crypto currencies across the globe. There are normally three ways by which the transaction in cryptocurrency is undertaken:

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