The price of the world's largest cryptocurrency Bitcoin has crossed $1 lakh for the first time. Today i.e. December 5, Bitcoin rose over 7% to hit a record high of $102,585 (Rs 86.91 lakh). Following Donald Trump's US election victory last month, Bitcoin has seen a steady rise.
Bitcoin price increased by 118% in 1 year The price of Bitcoin has seen a 118% increase in the last one year. It was $43,494 (Rs 36.85 lakh) a year ago i.e. on 6 December 2023, which has now reached $102,585 (Rs 86.91 lakh). According to experts, the price of Bitcoin may see an increase in the coming days as well.
Now 30% tax on cryptocurrency earnings In India, 30% tax is payable on cryptocurrency earnings. Apart from this, 1% TDS will also be levied on transactions using cryptocurrency. At the same time, a 30% tax has to be paid even if a person gifts cryptocurrency.
What are crypto currencies? Cryptocurrency is a method of online payment. It is used to pay for goods and services. Cryptocurrencies are network-based digital currencies. Any company or individual can issue it in token form. These tokens are only used to purchase goods and services of the issuing company.
It cannot be controlled like a single country's currency. Its entire operation is online, due to which it fluctuates.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
