Private Cryptocurrency list: What is private cryptocurrency? here's all you need to know

news that Indian government would introduce a new Bill in winter session of Parliament to restrict all private cryptocurrencies in India, with a few exceptions to vance underlying technology of cryptocurrency and its purposes, sent crypto markets into a spiral. All major cryptocurrencies have shown a downwards trend in last few hours suggesting a crash like situation. central government announced plan to ban private cryptocurrencies in India with agenda to build ir own version of cryptocurrency.

Centre is now in plans to build a conducive framework for creation of official digital currency to be issued by Reserve Bank of India. Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is planned to be introduced in parliament in forthcoming winter session. session beginning on November 29 will discuss bill, which would, in turn, ban private cryptocurrencies in country. With plans to ban tokens happening, it is perfect time for investors to learn more about private coins in market.

Private cryptocurrency tokens

Cryptocurrency has been on surge recently. While a large number of fresh crypto investors came into market in 2021, several coins like Ereum, Bitcoin and Shiba Inu took vantage of name y held. However, only so many sold based on its privacy factor. Although blockchain technology that coins like Bitcoin use is meant to be secure and anonymous, some coins are more private in terms of transactions. Here are some of major private coins which host several built-in privacy features and even keep users' identities and activities concealed.

Monero (XMR): Monero is a popular token primarily known for its ability to help anonymize users. Transactions in XMR are difficult to trace compared to several or tokens as y use ring signatures and stealth dresses it. se methods conceal identities of users providing a secure bubble for any form of transaction. XMR was tring at USD 240.68 as of 9:30 AM on November 24 according to CoinMarketCap.

Dash coin: Dash is yet anor cryptocurrency that offers anonymity to its users. Dash coin allows its trers to choose wher or not ir transactions are private using its PrivateSend feature. unique feature allows users to stay secure while using coins against certain countries' regulatory standards. private send feature charges a certain fee for each transaction. Dash was tring at USD 192.56 as of 9:30 AM on November 24 according to CoinMarketCap.

Zcash (ZEC): Zcash claims to be a more enhanced token than market leers Bitcoin itself. Underlining its enhanced security and privacy features, ZEC claims to be safest form of digital currency in world. Having implemented a cryptographic tool called Zero-Knowledge Proof and granting participants an option to shield transactions, ZEC rightfully is considered one of best private cryptocurrencies. Zero-Knowledge Proof obfuscates transaction amount as well as dress of trers. Zcash was tring at USD 256.42 as of 9:30 AM on November 24 according to CoinMarketCap.

Verge (XVG): Verge is yet anor private coin that hides user’s identity. However, XVG uses existing and tested technology of Onion Router (TOR) and Invisible Internet Project (I2P) inste of cryptographic techniques to protect users' identities. Verge h earlier caught eyes after a popular ult website started accepting payments in XVG. Verge was tring at USD 0.02464 as of 9:30 AM on November 24 according to CoinMarketCap.

Beam: This is a token focused heavily on security with core features that include complete control over user’s privacy. All transactions on Beam are claimed to be private by default. blockchain stores no dress or or private information.

More private cryptocurrencies

Grin

Horizen (ZEN)

ByteCoin (BCN)

Firo (FIRO)

Super Zero Protocol (SERO)

BTCX India

UCoin

Delta

While larger coins like Bitcoin have become easily traceable by authorities, private coins like ones mentioned above claim to keep data secure. All top private coins fend off numerous hacking attempts too. However, law enforcement agencies and regulators are more likely to investigate people with large transactions of such coins as keeping identity hidden while carrying out big transactions raise concern. In India, government will now look to ban se coins and establish digital money of RBI. move comes as investor money security and deceptive media promotions about investment potential and risks have long been seen as a source of concern.

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