Cryptocurrency is the new technological gremlin haunting the world’s exchequers. Governments want to rein it in, but punters have made fortunes in its trade.

Bitcoin is seen as quasi currency, much to the consternation of regulators. It has been described as everything but real money and dismissed as dogcoin. Paul Ford, a geek writing for Bloomberg, sees a bubble in Bitcoin. “Bitcoin is at some level just a set of rules, defined by software, that has become one of the world’s weirdest games. Bitcoin will crash because of course it will. Bubbles burst.” Yet, it is the most popular.

Bitcoin was created in 2009 by a mysterious figure using the alias Satoshi Nakamoto. It doesn’t exist in a physical form, there is no central bank and a record of each transaction, using anonymised strings of numbers to identify it, is stored in blockchain.

An estimated Rs 10,000 crore was traded in India in December when Bitcoin peaked at $20,000 before crashing to under $6,000 a month later. It is now clawing back amid what is believed to be strong Korean demand.

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