Thread by @iAvimanyu

Most #cryptocurrency exchange owners and #newschannels in #India seem to be pretty much clueless about what the exact definition of a private cryptocurrency is.

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This confusion and chaos has been driven by the recent #hysteria about the government apparently confused whether to do a #cryptoban or #regulatecrypto.

All those news articles that sprung up about the #fakeban, initially were based upon this generic understanding that all #cryptocurrencies are private in nature.

The term #crypto means #encrypted and based on the idea of #cryptography. It establishes a level of secrecy among transacting users.

#Nasdaq has differentiated between private and public cryptocurrencies 4 years back.

However, the explanation for each of them seems to be difficult to understand for all.

Simply said, private cryptocurrency is defined as a cryptocurrency which is very privacy friendly and very difficult to trace in terms of transaction information. An example for a private crypto coin is Monero.

Lookup #privatekeys.

On the other hand, public cryptocurrency is defined as a cryptocurrency which is very public and transparent, making it traceable in terms of transaction information. An example for a public crypto coin is Bitcoin.

Lookup #publickeys.

#Privacy is directly proportional to #Anonymity.

Therefore, judging by the degree of anonymity, private coins rank much higher on that regard than public coins.

On November 2021 (last week), Bitcoin implemented an update called #Taproot that greatly revolutionizes transparency in terms of the transaction aspect.

Be it a private or public coin, this update should be embraced by all kinds of #Blockchain developers, as it very intelligently manages to handle both KYC and non-KYC users.

References:

Know Your Coins: Public vs. Private Cryptocurrencies nasdaq.com/articles/know-…

Explain Like I’m Not a Developer: Taproot Privacy
braiins.com/blog/explain-l…

#CryptoInvestment #Cryptos #CryptoTwitter

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