Is cryptocurrency legal in India?
There have been a shift towards a digital economy in the recent past. Cryptocurrencies are among those digital transitions. What is a Cryptocurrency? It is a digital currency which uses cryptography. What is Cryptography? It is a technique of protecting the information using codes so that only the intended user will be able to extract and understand the information. What is the technology that Cryptography uses? Cryptography uses blockchain technology. What is blockchain technology? It is a technology which uses a technique called digitally distributed ledger. A ledger is nothing but a record of any transaction. Normally one centrally controlled ledger is used to store the information of all transactions. But in blockchain, multiple decentralised ledgers are used to store the information, i.e. each information is stored at the same time at different places on different computers. What is the advantage of blockchain technology? Since a single piece of information i...