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If you are being bombarded with news about bitcoin, but don't have a clue what it is, you are not alone. The Reserve Bank of India and the Finance Ministry have warned investors against bitcoin and other cryptocurrencies, as has the Securities Exchanges Commission in the US, which has also sounded an alarm on initial coin offerings (ICOs). India's Income-Tax Department is probing bitcoin exchanges to gather information about their transactions and ET reported on Saturday the department is in the process of determining at what rate they should be taxed under the goods and services tax regime. Bitcoin prices have risen over 1,700%, or 18-fold, this year, compared with an increase of 28% and 26% in the Nasdaq Composite Index and the BSE Sensex, respectively. They are hovering around $17,700 per bitcoin (BTC) in the US and Rs 11.4 lakh in India. ET Magazine tells you all you need to know about bitcoin, ICOs and the brouhaha over them:
