Hey guys have you heard about private cryptocurrency? Are you wondering to know about these popular private crypto currencies? Many of you were asking what is private crypto currencyon KeneFi community. People are asking what is a private cryptocurrency is, how private crypto currency works, benefits of private cryptocurrency, how it is different from bitcoin etc.
Don’t worry guys, In this blog post I will share a full detailed guide on private cryptocurrency, how it works and how it is different from normal cryptocurrency like Bitcoin, Etherium etc, So to know more information about private crypto currencies you have to read this blog post completely.
What is Private Cryptocurrency?
Before knowing private cryptocurrency you should know what cryptocurrency is and how it works. According to Wikipedia a cryptocurrency, crypto or crypto-currency is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority like a government or bank to uphold or maintain. It is a decentralized system for verifying that the parties to transfer have the money they claim to have, eliminating the need for traditional intermediaries such as banks, when funds are being transferred between two entities.
Now I think you know what is a crypto currency and how works. Now we will know about private cryptocurrency. Normal cryptocurrencies like Bitcoin, Etherium etc are built on public blockchain and have own specific use cases. It is also near to impossible for transactions done on Bitcoin, Ethereum, Litecoin etc. The government are concerned about the anonymity of crypto currencies such as Bitcoin etc. But you can see how transactions are done, volumes etc of normal cryptocurrency as it is available publicly but you can’t trace who has done that transaction.
Now users are searching for new options to make sure their anonymity. There are many privacy-oriented crypto currencies, which have several inbuilt privacy features. The transaction history of these coins is not available publicly. And these private crypto currencies claim to offer enhanced security features which help to keep users’ identities and activities anonymous.
Also Read: How To Buy Cryptocurrency in India 2023
Popular Private Cryptocurrency List 2023
Below I am sharing a list of some popular private cryptocurrencies which offer enhanced security and anonymity to users. I have prepared a list of popular private cryptocurrencies from Coinmarketcap website. If you want to see a huge list of private cryptocurrencies then visit Coinmarketcap. They have listed these private crypto coins by market capitalization size of these coins. Below, you can see the private cryptocurrency list in India. These coins are listed by market capitalization with the largest first and then descending in order.
|Sl. no||Name||Symbol||Circulating Supply|
|5||Oasis Network||ROSE||5,725,718,533 ROSE|
|8||iExec RLC||RLC||80,999,785 RLC|
|10||Keep Network||KEEP||860,762,270 KEEP|
|12||Pirate Chain||ARRR||195,080,310 ARRR|
|14||Phala Network||PHA||453,425,971 PHA|
|16||Dusk Network||DUSK||413,364,409 DUSK|
|18||Haven Protocol||XHV||28,819,803 XHV|
This list of privacy tokens was updated on January 2, 2023. You can check the latest data on the Coinmarketcap website.
Private Cryptocurrency Threat
Governments were concerned about Cryptocurrencies like Bitcoin, Ethereum etc due to their anonymity and they were planning to regulate these tokens. The transaction history of these tokens is available publicly. But now users have switched to Private cryptocurrencies like Monero etc, Transaction history of privacy-oriented tokens is kept private and fraudsters are using these cryptos. Many terrorist organisations and fraudsters are using these private cryptocurrencies to execute illegal activities which are very concerning for us.
Many people believe that the next financial crisis will happen due to these cryptocurrencies and private cryptocurrencies are a threat to the economy.
Also Read: Best Cryptocurrencies To Invest in 2023
India To Ban Private Cryptocurrency
Last year in the 2022 country budget session India introduced a 30% tax for profit on cryptocurrency. But till January 2023 India has not recognised cryptocurrency as a legal tender and has not banned crypto tokens too. In December 2021 Indian finance minister has told that they are not in favour of private cryptocurrency. In the 2023 country financial budget session India may introduce a crypto bill or ban crypto from India.
Recently, India launched E-Rupee, which is a digital version of the Indian rupee that is different from cryptocurrency.
Is Bitcoin a private cryptocurrency or not?
No, Bitcoin is not a private cryptocurrency like Monero etc. Bitcoin is the oldest and most popular cryptocurrency and the Bitcoin token has the highest market capitalization in the crypto market. Bitcoin is a public cryptocurrency and its transaction history is available publicly you can check but you can’t trace the users who have done that transaction.
Which privacy crypto token has the highest market cap?
Monero is a private cryptocurrency which has the highest market capitalization of 2.64 billion USD as of January 2023. Monero is the top 22 cryptocurrency as per its market cap.
Which are the top 10 best private cryptocurrencies?
Monero, Zcash, Dash, Decred, Oasis network, Horizen, iExel RLC, Secret, Status and Pirate chain are the top 10 private cryptos. I have listed them as per their market cap. These privacy tokens provide enhanced security and anonymity.
How many private cryptocurrencies exist in 2023?
There are 95 private cryptocurrencies existing in the world till January 2023. In future, many other privacy crypto tokens will be created and some may be closed.
Should you invest in private cryptocurrency?
Investing in cryptocurrency is your personal choice. Crypto is very risky and it is like gambling, many whales always play pump & dump in the crypto market as it is not regulated. Privacy tokens are very risky as their transaction history is not visible publicly. I would recommend you stay away from these shortcuts to earn money.
Private cryptocurrency is banned in India or not?
Private cryptocurrency and crypto tokens are not banned in India till January 2023. But these cryptocurrencies are not legal too in India. There are no rules & regulations for cryptocurrency in India. In the 2023 country finance budget session India may introduce regulations for cryptocurrency or ban it.
How To purchase private cryptocurrency in India?
Private crypto tokens are listed on Indian crypto exchanges like CoinDCX and Coinswitch you can purchase from there.
Which are the untraceable cryptocurrency in 2023?
By their nature cryptos like Bitcoin, and Etherium is anonymous even though we don’t know who is the creator of Bitcoin. There are some privacy crypto tokens which are more secure and untraceable as their transaction history is not available publicly. Dash, Zcash and Monero are some popular private cryptocurrencies which are untraceable.
In this blog post, I have tried my best to share a list of popular private cryptocurrency list in 2023. I hope this was helpful for you to know about private cryptocurrency and its pros & cons. Kindly share it with others on your social media.
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