Cryptocurrency has been revolutionising the world since its
inception in 2009. Bitcoin is currently the most well-known form of
cryptocurrency and has a current market capitalisation of
approximately US$973.6 billion. Given its popularity and the
potential to disrupt many industries, including the legal industry,
it's important to be able to understand exactly what
cryptocurrency is, how it is treated in Australia and the
implications for business.
What is cryptocurrency?
Cryptocurrency, colloquially known as
'crypto', is a digital term used to
describe a digital currency platform where transactions are
verified and recorded using an encrypted technique known as
cryptography. In most cases, this is accomplished via a
decentralised system, although some are still controlled via a
centralised authority. This system, where transactions are verified
and records are maintained, is a digital ledger technology, with
the most common one being Blockchain.
