The concept of digital cash using cryptography has been around for a while, with ideas dating back to the 1980s. However, the birth of cryptocurrency as we know it today is generally attributed to the creation of Bitcoin in 2009.

Bitcoin's Birth (2008-2009): Satoshi Nakamoto, a pseudonymous figure, published a whitepaper outlining Bitcoin in 2008. The following year, Bitcoin software was released, and the first block was mined, marking the launch of the first cryptocurrency.

While Bitcoin is the most well-known, many other cryptocurrencies have been created since then, along with the underlying technology, blockchain.

The origins of blockchain can be traced back to the early 1990s, though the technology gained significant recognition with the launch of Bitcoin in 2009. Here's a look at its development and real-world applications:

Evolution and Real-World Uses:

While the initial concepts existed, it wasn't until 2008 that Satoshi Nakamoto, the pseudonymous creator of Bitcoin, published a white paper detailing a decentralized digital cash system. This system relied on blockchain technology for a secure and transparent public ledger of transactions, marking a significant breakthrough.

Since then, blockchain has found applications in various sectors beyond cryptocurrency:

Supply Chain Management: Blockchain can track the movement of goods throughout the supply chain, ensuring transparency and accountability.

Voting Systems: It can potentially enhance the security and efficiency of voting processes by creating a tamper-proof record of votes.

Identity Management: Secure storage and sharing of personal information can be facilitated through blockchain.

Financial Services: DeFi, or Decentralized Finance, is a new financial system built on blockchain technology. It cuts out the middleman (banks) and allows users to interact directly with each other for things like borrowing, lending, and trading cryptocurrencies.

Think peer-to-peer finance on steroids.

DeFi offers benefits like transparency, accessibility, and potentially higher returns. However, it's also risky due to cryptocurrency volatility, security hacks, and unclear regulations.

Blockchains come in flavors! Here are the main types:

  • Public Blockchains: Open to everyone, transparent transactions (think Bitcoin, Ethereum).
  • Private Blockchains: Permissioned access, faster transactions, ideal for businesses (e.g., Hyperledger Fabric).
  • Consortium Blockchains: Multiple organizations govern the network, good for collaboration (e.g., R3 Corda).
  • Hybrid Blockchains: A mix of public and private features for flexibility.

The type of blockchain you choose depends on your needs for transparency, speed, security, and regulation.



Blockchain offers a variety of benefits that make it attractive for many applications. Here are some key advantages:


Security and Transparency:  Information stored on a blockchain is highly secure due to its cryptographic nature. Each block is linked to the previous one, creating an immutable chain that's almost impossible to tamper with. This fosters trust and transparency in transactions and record-keeping.

Decentralization: In blockchain, decentralization means shifting control from a central authority to a distributed network. This makes the system more secure, transparent, and resistant to manipulation. Traditional systems have a single point of failure, while decentralized networks can continue operating even if some nodes go down. Not all blockchains are equally decentralized, but it's a core concept that redefines trust and data management.

Efficiency: Because data is cryptographically secured and readily verifiable on a blockchain, processes can be streamlined. This can lead to faster transaction settlements and reduced operational costs.

Traceability:  Blockchain provides a clear audit trail for transactions and data. This allows for better tracking and management of assets or goods within a supply chain, for example.

Accuracy and immutability: Once data is recorded on a blockchain, it's very difficult to alter or delete it. This ensures the accuracy and integrity of information stored on the blockchain.

These benefits make blockchain a valuable tool for various industries seeking secure, transparent, and efficient data management solutions.


Cryptocurrency and Business: A Double-Edged Sword in a Booming Digital Landscape

The world of cryptocurrency is no longer relegated to the fringes of finance. Businesses of all sizes are starting to explore how this digital asset class can be integrated into their operations. While the potential benefits are undeniable, navigating this space requires a cautious and well-informed approach.

Unveiling the Benefits for Businesses:

  • Reaching New Customers: Cryptocurrency acts as a gateway to a global audience, particularly younger, tech-savvy demographics who are more likely to embrace digital payments. This can be a strategic advantage for businesses looking to expand their customer base beyond geographical limitations.
  • Faster and Cheaper Transactions: Compared to traditional payment methods, cryptocurrency transactions can be settled almost instantaneously and potentially at lower fees. This eliminates the need for intermediaries and streamlines the payment process for both businesses and customers.
  • Fundraising Innovation: Initial Coin Offerings (ICOs) offer a novel approach for startups and established businesses alike to raise capital. By issuing their own digital tokens (cryptocurrencies specific to a particular project), companies can attract a wider pool of investors and potentially unlock new funding opportunities. However, it's crucial to remember that ICOs are subject to varying regulations, and careful adherence is essential.
  • Enhanced Efficiency and Transparency: Blockchain technology, the underlying foundation of cryptocurrency, boasts immense potential for streamlining business processes. By creating a secure and transparent distributed ledger system, blockchain can revolutionize supply chain management, record-keeping, and data sharing within an organization. This can lead to improved traceability, reduced errors, and ultimately, greater operational efficiency.


Challenges and Considerations to Navigate:

  • Volatility's Vicious Grip: The notoriously volatile nature of cryptocurrency prices presents a significant challenge for businesses. Accepting cryptocurrency as payment introduces a layer of financial risk, as the value of the received coins can fluctuate dramatically. Businesses venturing into this territory need robust strategies to manage this volatility and mitigate potential losses.
  • The Regulatory Labyrinth: The legal and regulatory landscape surrounding cryptocurrency is still evolving in many countries. This creates uncertainty for businesses, making it difficult to plan for the long term. Staying updated on regulatory developments and ensuring compliance with existing regulations is paramount to avoid any legal or financial repercussions.
  • Security Concerns Lurk in the Shadows: The decentralized nature of cryptocurrency also makes it a target for cybercriminals. Businesses dealing with digital assets must prioritize robust cybersecurity measures to protect their crypto holdings and customer data from theft or fraud. Implementing secure storage solutions, multi-factor authentication, and regular security audits are essential steps to safeguard assets.
  • Limited Adoption, a Hurdle to Overcome: While cryptocurrency adoption is growing, it's still not a mainstream payment method. This means businesses that accept crypto may face limitations in terms of customer reach, especially for those targeting older demographics or regions with lower levels of crypto awareness.

Strategic Planning for a Crypto-Fuelled Future:

The future of cryptocurrency and its impact on businesses is yet to be fully written. However, one thing is certain: this technology has the potential to disrupt traditional financial systems and create groundbreaking opportunities for innovative companies. Here are some key steps to consider before venturing into the crypto space:

  • Conduct In-Depth Research: Don't be swept away by the hype. Businesses need to thoroughly understand the risks and rewards of cryptocurrency within the context of their specific industry and target audience.
  • Craft a Well-Defined Strategy: Clearly define how cryptocurrency will be used in your business model. Are you planning to accept it as payment? Raise capital through an ICO? Utilize blockchain technology for internal processes? Having a clear strategy will guide your decision-making and ensure alignment with your overall business goals.
  • Seek Professional Guidance: The complexities of cryptocurrency warrant consulting with financial and legal professionals. They can help businesses navigate the regulatory environment, manage financial risks, and develop a secure and compliant approach to integrating cryptocurrency into their operations.
  • Prioritize Security Measures: Protecting your digital assets and customer data is paramount. Invest in robust security solutions, educate your employees on best practices, and implement ongoing security checks to minimize the risk of cyberattacks.

In Conclusion:

Cryptocurrency presents a double-edged sword for businesses: a potential path to innovation and growth coupled with inherent risks and complexities. By carefully evaluating the opportunities and challenges, implementing a well-defined strategy, and prioritizing security, businesses can position themselves to leverage the potential benefits of cryptocurrency and navigate the uncertainties of this evolving digital landscape.

There are numerous type of cryptocurrencies in existence today, each with its own unique features, use and value. Here's a breakdown of the major types:

1. Payment Cryptocurrencies:

These are digital currencies designed to be primarily used as a medium of exchange for goods and services. Bitcoin (BTC) is the most prominent example, but there are others like Litecoin (LTC) and Dash (DASH) that aim to address Bitcoin's limitations like scalability and transaction speeds.

2. Utility Tokens:

These tokens represent access to a particular good or service on a blockchain platform. They are not necessarily designed to be used as a general currency but rather to unlock specific functionalities within a particular ecosystem. Examples include Ethereum (ETH), which fuels the Ethereum network, and BNB, the native token of the Binance cryptocurrency exchange.

3. Stablecoins:

These cryptocurrencies are designed to peg their value to a stable asset, such as the US dollar or gold. This aims to reduce the price volatility that plagues many other cryptocurrencies. Tether (USDT) and USD Coin (USDC) are two popular examples of stablecoins.

4. Central Bank Digital Currencies (CBDCs):

These are digital versions of traditional fiat currencies issued and controlled by central banks. They are still under development, but CBDCs have the potential to revolutionize how we interact with money.

Remember, this is not an exhaustive list, and new types of cryptocurrencies are emerging all the time.

Crypto Mining: The Engine of Blockchain Security

Crypto mining is the cornerstone of securing transactions on blockchain networks, the distributed ledgers that underpin cryptocurrencies. It's a computationally intensive process that involves solving complex cryptographic puzzles to validate transactions and add new blocks to the blockchain.

The Mining Process Explained:

  1. Transaction Pool: Transactions are bundled together into blocks awaiting validation.
  2. Miners Compete: Miners utilize specialized hardware (ASICs) to solve a mathematical problem for each block.
  3. Validation and Reward: The first miner to crack the code validates the block, adding it to the blockchain. They get a newly minted cryptocurrency and transaction fees.

The Importance of Mining:

  • Security: Mining strengthens the integrity of the blockchain by making it virtually impossible to tamper with transaction history.
  • Decentralization: Anyone with the necessary hardware can participate in mining, fostering a decentralized network that's not controlled by a single entity.

Challenges and Considerations:

  • Profitability: Profitability hinges on factors like mining difficulty, cryptocurrency value, and energy costs.
  • Environmental Impact: The energy consumption of mining raises sustainability concerns.
  • Regulation: Evolving regulations surrounding cryptocurrency can impact mining activities

Crypto Wallets and Exchanges in India

The Indian crypto landscape is evolving, and so are the options for crypto wallets and exchanges. Here's a breakdown specific to India:

Crypto Wallets:

  • Popular Options:
    • Coinbase Wallet: A globally recognized software wallet with user-friendly features.
    • MetaMask: Another popular software wallet, known for its integration with decentralized applications (dApps).
    • ZebPay Wallet: An established Indian software wallet with a focus on security and ease of use.
    • Ledger Nano S/X: Hardware wallets offering top-notch security for Indian users (though you might need to purchase them internationally).
  • Things to Consider:
    • Security: Always prioritize strong passwords and 2FA for any wallet you choose.
    • Regulation: While specific regulations are awaited, ensure your chosen wallet complies with existing Indian KYC/AML norms (Know Your Customer/Anti-Money Laundering).

Cryptocurrency Exchanges:

  • Reputable Platforms:
    • CoinSwitch Kuber: A user-friendly Indian exchange known for its beginner focus and low fees.
    • WazirX: Another popular Indian exchange offering a wide variety of cryptocurrencies and trading options.
    • ZebPay: A well-established exchange with a strong track record in India.
    • Binance (with limitations): While Binance itself might be restricted in India, Binance offers a peer-to- peer (P2P) platform enabling Indian users to trade crypto with each other using local currency. However, due to the evolving regulatory environment, proceed with caution if considering this route.
  • Important Considerations:
    • Verification: Ensure the exchange complies with KYC/AML regulations and requires user verification.
    • Fees: Compare transaction fees, trading fees, and deposit/withdrawal fees.
    • Supported Cryptocurrencies: Verify the exchange lists the cryptos you're interested in.

Additional Tips:

  • Stay Updated: The Indian crypto space is constantly evolving, so keep yourself updated on the latest regulations and developments.
  • Research is Key: Do your own research on any wallet or exchange before trusting them with your crypto holdings.

Remember: This information is for general guidance only. Carefully evaluate your needs and risk tolerance before making any crypto investments or using any platform.

Global Landscape of Cryptocurrency as Legal Tender and Medium of ExchangeThe legal treatment of cryptocurrency varies considerably across different jurisdictions. Here's a comprehensive overview:

  • Legal Tender:
    • A select few countries have officially recognized cryptocurrency as legal tender, granting it the same status as their national fiat currency. As of May 2024:
      • El Salvador: Pioneered this approach in 2021, making Bitcoin legal tender for all transactions.
      • Central African Republic: Followed suit in 2022, adopting Bitcoin as legal tender as well.
  • Medium of Exchange:
    • Many countries haven't established a definitive legal stance on cryptocurrency. While not recognized as legal tender, cryptocurrencies may be used in private transactions between consenting parties. However, merchant acceptance is far from ubiquitous, and regulations can be uncertain.
    • Examples include:
      • Japan: Recognizes Bitcoin as a legitimate payment method, though not legal tender.
      • Germany: Classifies Bitcoin as a private asset, similar to stocks or bonds.
  • Restricted or Banned:
    • A limited number of countries have taken a restrictive stance, prohibiting cryptocurrency transactions altogether.
    • An example: 
    • China: Implemented a ban on all cryptocurrency transactions in 2021.

Evolving Regulatory Landscape

The regulatory landscape surrounding cryptocurrency is in a state of flux on a global scale. Governments are actively considering the potential benefits and drawbacks of this new technology, and the legal framework is likely to continue developing in the coming years

Indian Crypto Landscape: Regulations, Future, and Blockchain

India's approach to cryptocurrency is currently in flux. Here's a breakdown of the current situation and its potential future:


  • No Specific Law: As of May 2024, India doesn't have a specific law governing cryptocurrencies.
  • RBI Stance: The Reserve Bank of India (RBI) doesn't recognize cryptocurrencies as legal tender and has previously cautioned against their use.
  • Taxation: However, the government has taken steps to regulate crypto transactions by imposing a 30% tax on gains from cryptocurrencies in the 2022 budget.
  • Proposed Bill: The Cryptocurrency and Regulation of Official Digital Currency Bill, introduced in 2021, proposed a framework for a central bank digital currency (CBDC) issued by the RBI. This bill also aimed to potentially ban private cryptocurrencies, though its current status remains uncertain.

Future of Crypto:

  • Uncertainty: The future of private cryptocurrencies in India remains unclear. The fate of the proposed bill and the government's stance will significantly influence the legal landscape.
  • Potential for Regulation: India is likely to adopt a more regulated approach to cryptocurrencies in the future, focusing on consumer protection, anti-money laundering (AML), and countering the financing of terrorism (CFT).

Future of Blockchain:

  • Positive Outlook: India shows a more positive outlook towards blockchain technology.
  • Government Initiatives: Government initiatives like the Telangana Web3 Sandbox highlight the potential of blockchain in various sectors like supply chain management and identity management.


  • Wait and Watch: The Indian crypto space is in a wait-and-watch phase. Investors and businesses should closely monitor regulatory developments before making significant commitments.
  • Blockchain Potential: Blockchain technology, however, holds promise for various applications across different industries in India.

Additional Notes:

  • The Supreme Court of India, in 2020, overturned a ban by the RBI on banks dealing with crypto businesses.
  • Despite the lack of clear regulations, India has a growing crypto market with significant user interest.

    Article written by Tamjeed Ahmed

legal Intern at Corpzo