[krɪptəʊ-ˈkʌrənsi]
Cryptocurrency is a decentralised digital currency that aims to run on mathematical equations rather than a traditional centralised entity.
Cryptocurrency is a digital currency that operates on a decentralised ledger technology called the blockchain. It aims to be decentralised in order to stop manipulation. There are hundreds of different Cryptocurrencies but the most popular one is Bitcoin.
Some people believe that Cryptocurrencies have the potential to become a global currency and remove restrictions around exchanging foreign currencies. However, most Cryptocurrencies are very volatile in price and are not largely understood by the general public.
Some Cryptocurrencies are distributed through a process called Crypto Mining. This may mean you need to pay Income Tax and National Insurance contributions on the value of this Cryptocurrency. However, it may be possible expense the costs of Crypto Mining if it is your business.
Capital Gains Tax may need to be paid if you sell your Cryptocurrency for a profit greater than your Capital Gains Tax Allowance. It may also be possible to Carry Forward a loss if you make a loss from selling the Cryptocurrency.
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