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cryptocurrency

Cryptocurrencies are digital tokens — not coin or cash — but digital money which allow people to make payments directly to each other through an online system set-up to allow peer-to-peer transactions without needing a bank. Cryptocurrency payments exist purely as digital entries into an online database that describes specific transactions. Cryptocurrency is stored in a digital wallet. Cryptos came into existence after the 2008 financial market crisis when a need was felt to democratise how currencies are held, exchanged and regulated. That year a person under the anonymous name Satoshi Nakamoto invented Bitcoin. Cryptos today also include Ethereum, Tether, Cardano, and Dogecoin, among others. Cryptos are more democratic in nature – you can use them in any part of the world, but as much as you want and use them anywhere. There is a network of people and their computers which maintains a ledger and any transaction must be validated by all those present in that network. The ledger then gets updated to reflect the transaction. This technology is called blockchain. Cryptos also express values in units similar to traditional currency and some people also consider Bitcoin comparable to gold as they are finite in number and supply and need to be mined. Mining is the process by which new cryptos enter circulation and is also a critical component of the maintenance and development of the blockchain ledger. More

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  • Asked how he’ll repay FTX customers, Sam Bankman-Fried said… Dec 10, 2022 02:15 PM IST

    Asked how he’ll repay FTX customers, Sam Bankman-Fried said…

    Fallen crypto Wunderkind Sam Bankman-Fried said he wants to do right by people affected by FTX's overnight collapse. He is accused of misappropriating their funds.

  • Top Cryptocurrency Prices Today December 10: Major cryptos in red; Ether down 2%, Polkadot top laggard Dec 10, 2022 08:55 AM IST

    Top Cryptocurrency Prices Today December 10: Major cryptos in red; Ether down 2%, Polkadot top laggard

    Bitcoin hovered around Rs 14.40 lakh and its dominance is currently 38.61 percent — an increase of 0.06 percent over the day

  • Risk making wrong norms for crypto without more data: RBI Deputy Governor Rabi Sankar Dec 09, 2022 08:04 PM IST

    Risk making wrong norms for crypto without more data: RBI Deputy Governor Rabi Sankar

    Rabi Sankar also said regulators, globally, should be more forthright when dealing with new concepts. According to the central banker, the "crypto craze" may not have become so big if regulators had not provided an implicit approval of sorts by saying they need to be regulated

  • Inside the frantic texts exchanged by crypto executives as FTX collapsed Dec 09, 2022 06:18 PM IST

    Inside the frantic texts exchanged by crypto executives as FTX collapsed

    FTX and its sister hedge fund, Alameda Research, had just collapsed after a run on deposits exposed an $8 billion hole in the exchange’s accounts. The implosion unleashed a crypto crisis, as firms with ties to FTX teetered on the brink of bankruptcy.

  • Crypto News Live: CREBACO CEO & Founder Sidharth Sogani decodes the outlook for India's cryptoverse Dec 09, 2022 04:40 PM IST

    Crypto News Live: CREBACO CEO & Founder Sidharth Sogani decodes the outlook for India's cryptoverse

    Taxes on profits from crypto, lack of clarity on regulations & probes against a number of crypto exchanges in India - no wonder, India is facing a 'crypto winter'. Trading volumes in the country have been down 95% YoY, and investments in crypto start-ups have declined by 75% this year. But, is there a silver lining? CREBACO CEO & Founder Sidharth Sogani decodes the outlook for India's cryptoverse - watch!

  • Rahul Pagidipati returns as CEO of ZebPay after Avinash Shekhar steps down Dec 08, 2022 02:34 PM IST

    Rahul Pagidipati returns as CEO of ZebPay after Avinash Shekhar steps down

    Shekhar will embark on his entrepreneurial journey with the launch of his own venture in the Web3 space.

  • Budget expectations | Crypto sector hopes for revision in tax rates, parity with other assets, regulations Dec 08, 2022 06:39 AM IST

    Budget expectations | Crypto sector hopes for revision in tax rates, parity with other assets, regulations

    While the government introduced crypto taxation in the last budget, it did not address the legality of such assets, a long-standing demand of the sector.

  • ECB seeks urgent regulation after multiple crypto bubbles burst Dec 07, 2022 08:38 PM IST

    ECB seeks urgent regulation after multiple crypto bubbles burst

    Crypto investors suffered a series of blows this year from the collapse of the FTX exchange, to the crash of stablecoin TerraUSD and the decline of Bitcoin.

  • India cenbank says digital currency transactions to stay largely anonymous Dec 07, 2022 03:33 PM IST

    India cenbank says digital currency transactions to stay largely anonymous

    The RBI has begun experiments on both the wholesale and retail versions of e-rupee using blockchain distributed-ledger technology, as an alternative to cash.

  • Indian-origin investor, 27, says he lost $2 million in FTX crash Dec 07, 2022 02:52 PM IST

    Indian-origin investor, 27, says he lost $2 million in FTX crash

    “SBF is rubbing it in on us,” Evan Luthra told the New York Post.

  • Top cryptocurrency news on December 7: a16z promotes ex-CFTC commissioner to head of crypto policy, UK set to announce crypto regulations, Paraguay votes down crypto regulatory bill and more Dec 07, 2022 08:01 AM IST

    Top cryptocurrency news on December 7: a16z promotes ex-CFTC commissioner to head of crypto policy, UK set to announce crypto regulations, Paraguay votes down crypto regulatory bill and more

    A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.

  • Top cryptocurrency news on December 6: Major crypto firms announce job cuts, KuCoin hires auditor for proof of reserves report, Genesis owes debtors $1.8 billion, and more Dec 06, 2022 08:48 AM IST

    Top cryptocurrency news on December 6: Major crypto firms announce job cuts, KuCoin hires auditor for proof of reserves report, Genesis owes debtors $1.8 billion, and more

    A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day

  • Top Cryptocurrency Prices Today December 6: Bitcoin, other major cryptos flatline Dec 06, 2022 07:36 AM IST

    Top Cryptocurrency Prices Today December 6: Bitcoin, other major cryptos flatline

    The total volume in DeFi is currently $2.84 billion, which is 7.06 per cent of the total crypto market 24-hour volume.

  • Fintech Circle terminates $9 billion deal with Bob Diamond-backed SPAC Dec 05, 2022 08:22 PM IST

    Fintech Circle terminates $9 billion deal with Bob Diamond-backed SPAC

    Cryptocurrency operator Circle Internet Financial said on Monday it has decided to end a $9 billion deal with blank-check firm Concord Acquisition Corp, nearly ten months after an earlier agreement was amended.

  • Top cryptocurrency news on December 5: DeFi protocols suffer a $20 million hack, Coinbase & Apple at loggerheads and more Dec 05, 2022 08:24 AM IST

    Top cryptocurrency news on December 5: DeFi protocols suffer a $20 million hack, Coinbase & Apple at loggerheads and more

    A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.

  • Suspect in hack attack on Transform Group CEO gets 18 months in prison Dec 04, 2022 03:28 PM IST

    Suspect in hack attack on Transform Group CEO gets 18 months in prison

    Nicholas Trugila, 25, is the main accused in the hacking of the phone of Transform Group CEO Michael Terpin

  • Crypto crashes, but the awards go on Dec 03, 2022 04:41 PM IST

    Crypto crashes, but the awards go on

    It was not the ideal time for a celebration of the cryptocurrency industry. But the hall was booked, the guests had arrived, and so the show went on.

  • Top Cryptocurrency Prices Today December 3: Cryptocurrencies trading largely in green, Dogecoin gains strong Dec 03, 2022 09:03 AM IST

    Top Cryptocurrency Prices Today December 3: Cryptocurrencies trading largely in green, Dogecoin gains strong

    Bitcoin’s dominance is currently 38.12%, a decrease of 0.08% over the day.

  • Binance pauses Ankr withdrawals after possible token hack Dec 02, 2022 02:35 PM IST

    Binance pauses Ankr withdrawals after possible token hack

    CEO Changpeng Zhao also said the exchange had frozen about $3 million that hackers moved to the Binance's centralized exchange.

  • Harsh Goenka’s post on Bengaluru tea seller who accepts crypto payments Dec 02, 2022 02:06 PM IST

    Harsh Goenka’s post on Bengaluru tea seller who accepts crypto payments

    Industrialist Harsh Goenka shared a picture of the tea stall that accepts payments in cryptocurrency, calling it “The new India.”

  • Live: How 'Crypto Winter' Is Impacting Exchanges | CoinDCX CEO Sumit Gupta Exclusive Dec 02, 2022 01:52 PM IST

    Live: How 'Crypto Winter' Is Impacting Exchanges | CoinDCX CEO Sumit Gupta Exclusive

    2022 is been a bad, bad year for crypto - truly a 'crypto winter'. The collapse of FTX, in particular, shook the faith of investors. Have Indian crypto exchanges been impacted by the fall of FTX - and how are exchanges trying to rebuild the faith of crypto enthusiasts and keep them invested? CoinDCX CEO & Co-founder Sumit Gupta speaks exclusively to Moneycontrol - watch!

  • FTX ex-CEO Bankman-Fried says he did not know of improper use of customer funds: Report Dec 01, 2022 06:58 PM IST

    FTX ex-CEO Bankman-Fried says he did not know of improper use of customer funds: Report

    Asked if he knew whether funds were being funneled to Alamed, FTX’s former chief executive officer told ABC: "I did not know that there is any improper use of customer funds.”

  • TP ICAP obtains crypto exchange license in the UK Dec 01, 2022 03:46 PM IST

    TP ICAP obtains crypto exchange license in the UK

    TP-ICAP company added the crypto exchange platform, which is for institutional investors only.

  • 'I screwed up,' says Sam Bankman-Fried.  Top 10 quotes from first public appearance since FTX collapse Dec 01, 2022 02:09 PM IST

    'I screwed up,' says Sam Bankman-Fried. Top 10 quotes from first public appearance since FTX collapse

    FTX founder Sam Bankman-Fried lost his billionaire status overnight as his personal wealth plummeted nearly 94 per cent to $991.5 million.

  • Government, RBI caution on cryptocurrencies has served India well Dec 01, 2022 10:42 AM IST

    Government, RBI caution on cryptocurrencies has served India well

    While the exact number of cryptocurrency investors and the scale of investments in India is not clear, in all likelihood the Indian investor community has not faced the brunt of crypto meltdown as have the investors in other countries