The price of the world’s largest cryptocurrency Bitcoin has crossed $1 lakh for the first time. Today, on December 5, Bitcoin has risen by more than 7% to a record high of $102,585 (Rs 86.91 lakh). Bitcoin has been witnessing a continuous rise after Donald Trump’s US election victory last month.
118% Return in 1 year
In the last 1 year, the price of bitcoin has seen an increase of 118%. A year ago, on December 6, 2023, it was at $43,494 (Rs 36.85 lakh), which has now reached $102,585 (Rs 86.91 lakh). According to experts, the price of bitcoin may also see a rise in the coming days.
In India, 30% tax has to be paid on the income from cryptocurrency. Apart from this, 1% TDS will also be levied on transactions made using cryptocurrency. Similarly, 30% tax has to be paid even if cryptocurrency is gifted to someone.
Crypto Currency
Crypto currency is a method of online payment. It is used to pay for goods and services. Crypto currency is a network based digital currency. Any company or individual can issue it in the form of a token. These tokens are used only to purchase goods and services of the issuing company.
It cannot be controlled like the currency of any one country. Its entire operation is online, due to which it keeps fluctuating. The world’s first cryptocurrency, Bitcoin, was released as open source software in 2009. The group that created it is known as Satoshi Nakamoto.
