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ARTICLE · 06 JUNE 2022

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Dhir & Dhir Associates
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With digitization sweeping the world and almost every aspect of our life becoming largely attached with, and in some cases dependent on, technology, it is no surprise that currency has also transmuted into what we know today as cryptocurrency.

IndiaTechnology
Purusharth Singh
Purusharth Singh
Humera Niyazi
Humera Niyazi
Nikhil Gupta
Nikhil Gupta
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With digitization sweeping the world and almost every aspect of our life becoming largely attached with, and in some cases dependent on, technology, it is no surprise that currency has also transmuted into what we know today as cryptocurrency. While the genesis of cryptocurrency can be traced back to a little more than a decade ago, it is now that cryptocurrencies have finally manifested their potential and taken the world by storm.

Cryptocurrencies can be broadly divided into two categories, the first being coins, and the second one being tokens. Even though both are unequivocally dependent on the blockchain technology to exist, their methods of operation differ. While coins require an independent blockchain to function, tokens have no such specific requirement and can exist on another blockchain's technology. For instance, Ethereum is a coin which functions only on the Ethereum blockchain. If an individual is paid in Ethereum, this transaction will be recorded

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