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- What is a ‘Cryptocurrency’ A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation. BREAKING DOWN ‘Cryptocurrency’ The anonymous nature of cryptocurrency transactions makes them well-suited for a host of nefarious activities, such as money laundering and tax evasion. The first cryptocurrency to capture the public imagination was Bitcoin, which was launched in 2009 by an individual or group known under the pseudonym Satoshi Nakamoto. As of September 2015, there were over 14.6 million bitcoins in circulation with a total market value of $3.4 billion. Bitcoin’s success has spawned a number of competing cryptocurrencies, such as Litecoin, Namecoin and PPCoin. Right off the bat, we have to see how Australian duty law groups digital forms of money/crypto-tokens/crypto-resources; whatever you need to call them. They don’t fall into the meaning of remote money. They’re dealt with as a computerized product. Somewhat like advanced gold, computerized silver, computerized copper, if there was a wonder such as this. A financial specialist is by and large somebody who purchases and offers digital forms of money on a sporadic premise with the goal of expanding their riches in the medium to long haul from value thankfulness in the fundamental cryptographic money