Crypto News: What is the Difference Between Private and Public Crypto Currency?

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Private Crypto: You should know that there are two types of cryptocurrencies. One of these is a private cryptocurrency and the other is a public cryptocurrency. If you do not know the difference between these two, then today we are telling you about it in detail.

Cryptocurrency: The craze of Cryptocurrency is increasing continuously all over the world. In India, the government is about to bring a law related to cryptocurrency and as soon as the news of it came, there has been a massacre in the crypto market for the last 2 days.

If you also want to understand cryptocurrencies seriously, then you should know that there are two types of cryptocurrencies. One of these is a private cryptocurrency and the other is a public cryptocurrency. If you do not know the difference between these two, then today we are telling you about it in detail.

Public Cryptocurrency

All such cryptocurrencies whose transactions are linked to each other are called public cryptocurrencies. In Public Cryptocurrency, it can be found out from which person this currency has passed. From bitcoin, ether or teller, all major cryptocurrencies are public cryptocurrencies.

Private Cryptocurrency

There are many cryptocurrencies whose transaction information is not made public; they are called private cryptocurrencies. Monero, Dash, and other crypto tokens also come under private cryptocurrencies. The privacy of the user remains in these private cryptocurrencies, their data remains safe. It is also called a private token.

Features of Private Coins

Private cryptocurrencies do not allow the user’s wallet balance and address to be revealed. Due to this characteristic, they can be used in illegal activities. Under the law that the government is bringing on cryptocurrency in India, private currency can be banned.

Private Crypto Technology

Private cryptocurrencies run on private blockchains. It becomes almost impossible to trace it. This is usually the definition of it as well. Gcash, Monero, Dash are some examples of private cryptocurrencies, while Bitcoin, Dogecoin, Ethereum are all public cryptocurrencies whose transactions can be traced.

Keep an eye on crypto abuse

Tracking cryptocurrency transactions is complex, and the government believes it can be misused on a large scale. Crypto can be used for hawala funding or terror funding, so it needs to be banned or regulated.

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