Abstract:

Bitcoin and other cryptocurrencies have become a popular topic in the financial sector. Cryptography is used for security in the creation of cryptocurrencies, which are digital, virtual, or online money. With both positive and bad effects, cryptocurrency has brought about unparalleled changes in the financial market. Despite being easy to make use of, cryptocurrency's concept can be a little perplexing. It is thought to be difficult because of how drastically it departs from the conventional currencies that we have used for generations. During the global financial crisis of 2008, Bitcoin was developed in order to function independently of central banks, governments, and financial institutions. Since then, a number of regulators have struggled with Bitcoin's structure and have worked to find ways to control it. As a effect, some countries outlawed or outright prohibited it, while others chose to stay ignorant and develop means of taxing and regulating it. This conceptual paper aims to explore the many facets of cryptocurrencies, including their history, varieties, uses, benefits and drawbacks, difficulties, and opportunities. The study's goal is to evaluate Bitcoin's legal status in India.

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