Crypto

"Crypto" is the widely used shorthand for cryptocurrency, a revolutionary form of digital or virtual currency that employs cryptography for security. Unlike traditional currencies (fiat money) issued and controlled by central banks and governments, crypto operates on decentralized networks, most famously underpinned by blockchain technology. This decentralized nature means there's no single authority overseeing transactions or issuing new units. Instead, transactions are recorded on a public, immutable ledger (the blockchain) that is maintained and verified by a distributed network of computers. This provides transparency, security, and resistance to censorship. The first and most well-known cryptocurrency is Bitcoin, launched in 2009. Since then, thousands of other cryptocurrencies, often called "altcoins" (e.g., Ethereum, Solana, BNB, Dogecoin), have emerged, each with unique features and use cases, from facilitating smart contracts to powering decentralized applications (dApps) and NFTs. In India, crypto is legal to buy, sell, and hold, but it is not recognized as legal tender. Profits from trading are subject to a 30% tax on gains, and a 1% TDS on transactions above certain thresholds, as of mid-2025. Despite these taxes and ongoing regulatory discussions, India is a significant crypto market with a large user base, including active communities and service providers in cities like Surat, demonstrating its growing acceptance as an investment and technological innovation.