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The History of Bitcoin, the First Cryptocurrency
Bitcoin (BTC) was the first cryptocurrency ever created back in 2009, and it remains the most popular and valuable digital currency in the world today. Bitcoin is a blockchain-based decentralized digital currency powered by a network of users who verify and record transactions without relying on a central authority or intermediary.
Bitcoin is an alternative to fiat currencies, such as the U.S. dollar, that are controlled by governments and central banks. Transactions are verified via a process known as a proof-of-work consensus mechanism. Bitcoin miners compete to verify transactions by solving complex mathematical functions using powerful computers.
ethereum
Ethereum is a technology for building apps and organizations, holding assets, transacting and communicating without being controlled by a central authority. There is no need to hand over all your personal details to use Ethereum – you keep control of your own data and what is being shared. Ethereum has its own cryptocurrency, Ether, which is used to pay for certain activities on the Ethereum network.
History How to view india government look cryptocurrency till now
In India, crypto’s journey is considered to have started around 2013. While it did not have support from the Reserve Bank of India (RBI)—the central bank had given a clear cut warning that, “virtual currencies are not a legal tender in India” —in April 2018, the finance ministry appointed a committee to draft a Bill regarding cryptocurrencies. The ministry stated that is “was not in the favour of a ban”. In 2019, a draft Bill was issued under which holding, mining, selling, issuing, transferring or use of cryptocurrency was made punishable with a fine or imprisonment of up to 10 years, or both. However, in March 2020, the Supreme Court removed the ban on cryptocurrencies. In 2021, Finance Minister Nirmala Sitharaman stated in Rajya Sabha that the government has not taken any concrete step towards banning cryptocurrencies advertisements in India but through RBI and Sebi (Securities and Exchange Board of India), it will spread awareness about cryptocurrencies. In the Union Budget 2022-23, the government categorically mentioned that the transfer of any virtual currency/cryptocurrency asset will be liable to 30 per cent tax. Many investors welcomed the announcement as, according to them, the declaration in itself was the first step in recognising cryptocurrencies as a legitimate asset.
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Disclaimer: Cryptocurrencies are a high risk investment and may not be suitable for all members of the public and all types of investor. You should not purchase cryptocurrency unless you understand the extent of your exposure to potential loss. We are only providing information for educational purpose only and no financial advice. One should know and study properly before investing into cryptocurrencies
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