A cryptocurrency is a decentralized, digital store of value and medium of exchange. The word crypto in cryptocurrencies refers to the cryptography process that is required for the creation of digital currencies and their transactions. It is virtual money that takes the form of coins or tokens. The key difference between cryptocurrency and fiat currencies is that they are decentralized and not controlled and regulated by any central authority, unlike fiat currencies.The most popular among cryptocurrencies is Bitcoin which was created by Satoshi Nakamoto; it was invented in 2008 and released as open-source software in 2009. The first transaction took place between Nakamoto and an adaptor of Bitcoin in 2009. Many currencies have arrived after Bitcoin and Bitcoin has become the standard for other currencies. The currencies modeled after Bitcoin are collectively called altcoins. The other important cryptocurrencies are:\u00b7 Ethereum.\u00b7 Litecoin.\u00b7 Cardano.\u00b7 Polkadot.\u00b7 Bitcoin Cash.\u00b7 Stellar.\u00b7 Chainlink.\u00b7 Binance Coin.\u00b7 Tether.\u00b7 Monero.The cryptocurrency relies on encrypted, distributed ledgers called blockchain technology to record and verify all the transactions.Photo courtesy Coindesk.There has been an almost tenfold rise in the price of bitcoin since the last year. People have made money in bitcoin like no other asset class. The US Internal Revenue Service(IRS) feels left out of the action and wants to collect revenues as it was missing an important source of revenue. It has initiated operation hidden treasure to bring out unreported hidden income and is stepping up its enforcement capabilities with a new program dedicated to cryptocurrency tax compliance.According to the Director of the Office of Fraud Enforcement, Damon Rowe, with the \u201cOperation Hidden Treasure,\u201d the IRS will search for unreported crypto-related income. It is a joint operation between the IRS civil office of fraud enforcement and its criminal investigating unit that will train agents to look at blockchains to root\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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