What is private cryptocurrency? Unocoin’s Sathvik Vishwanath explains

what is private cryptocurrency unocoins sathvik vishwanath explains

Sumary of What is private cryptocurrency? Unocoin’s Sathvik Vishwanath explains:

  • The government talks about prohibiting private cryptocurrencies with a few exceptions.
  • When we say private cryptocurrency, we can either say it is one of the two methods.
  • One is to say that anything that is not given out from the government or Reserve Bank of India will be a private cryptocurrency which means Bitcoins, Ether and everything else will become private currency.
  • But on the other hand, if the cryptocurrency is managed or governed by a specific set of developers or community, then it can be termed as private.
  • On one hand, there is so much of a push saying that blockchain is a good technology and it is supposed to be embraced by a country like India because it is very tech savvy and digital savvy and cannot work without some kind of token on top of it.
  • So that is what blockchain as a technology is bringing to the table.
  • Some people call it gamble but if you see how the returns have been, it does not look like gamble at all.
  • between 2005 and 2010, when the information and technology gave tremendous returns.

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