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FinFloww

23 Nov, 14 tweets, 2 min read

India banning all private cryptocurrencies ? But are Bitcoin, Etherium, Solana etc private cryptos ?

Let's find out in a thread 🧵

There were news of the likelihood of government regulating the cryptocurrency, the bill on which was expected to come during the winter session of parliament.

From Ethereum to Bitcoin to Solana to Dash, the market is flooded with blockchain-based projects.

Although many of these coins compete with each other in various ways, they are not all identical.

Regarding privacy, they generally fall into two main categories: public and private.

Public coins offer a degree of anonymity but focus on other areas. Private coins place privacy first and foremost.

All blockchain-based cryptocurrencies offer some degree of anonymity for users.

Bitcoin falls under the category of public cryptocurrency, their transactions can be traced just like other public coins.

Indeed, the very nature of a public blockchain makes transactions traceable. All transactions that occur on an open blockchain can be viewed by any person that has access to the blockchain.

This helps the govt to regulate and track all the transactions happening on public blockchain and protect the national security of the country.

Some popular public cryptocurrencies and tokens include:-
1) Bitcoin
2) Litecoin
3) Ethereum
4) Ripple

Whereas private cryptocurrencies offers much better privacy and security.

This is what's haunting the govt and they are planning to ban such coins as their transactions are not easy to track.

Some popular private cryptos are:-
1) Monero
2) Particl
3) Dash
4) Zcash

The RBI is also expected to bring its own Central Bank Digital Currency (CBDC) and the Government has also indicated that it will not put restrictions on the technology as it can be used in many other areas.

Although coins which do not offer any utility to end users and do not have any substantial underlying tech backing it may also have to face the wrath.

So basically no more pump and dump of shit coins.

Govt knows that they cannot stay behind and they have to adopt this upcoming technology as India is now one of the biggest market for crypto currency and after china banned crypto we can become the market leader in this blockchain based technology.

@finfloww

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