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Decoded: What is a cryptocurrency and how does a blockchain work?

It's a virtual currency. Every crypto-coin is a unique code, like the serial number on a banknote

Topics
cryptocurrency | Bitcoin | cryptocurrencies

Devangshu Datta  |  New Delhi 

bitcoin, cryptocurrency, digital
Transactions are verified via an electronic ledger called the blockchain

The and Regulation of Official Digital Currency Bill, 2021 is likely to be tabled in Parliament soon. While details of the Bill are not yet known, various voices from within the government have talked about imposing a blanket ban on or experimenting with them or allowing them in only limited and closely monitored scenarios. But what is this “currency” that’s making the world go round? To know, let’s get back to basics.

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First Published: Sat, March 20 2021. 06:10 IST
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