You Must Know Which Luxury Cryptocurrency Is Legal In India !

Updated: Jan 3

Written By Gurnoor Kaur

Edited & Presented By Delhi Royale

Content

Overview | How It Works | Number OF Crypto | Elon Musk Influence | Popular Crypto | Ban In India | Luxury Pro Network Token

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What Cryptocurrency

1. What are Cryptocurrencies?

Crypto-Crypto-Crypto you must have heard about it either in the newspaper or big T.V. debates. Some people do promote crypto as it is something that will turn them rich overnight which is not so true. Let us know 'What cryptocurrencies are'. Crypto is a collection of binary data which is designed to work as a medium of exchange. Individual coin ownership records are stored in a ledger, which is a computerized database using strong cryptography to secure transaction records to control the creation of additional coins and to verify currency that is secured by cryptography which makes it nearly impossible to counterfeit or double spend. Cryptocurrency is now spreading its roots in the world as youth is majorly looking forward to investing in crypto.


How Many Cryptocurrency In World


2. One, two, or three! How many cryptos are on the world tree?

Yes, you may find it fascinating but there are almost 10,000 cryptocurrencies. Not all of them are as famous as Bitcoin or Dogecoin but still, they are counted. Most of these cryptos don't carry any following or trading volume. Many currencies have gained popularity and some wish to do so. List of some World's most famous cryptos have names such as Solana, Avalanche, USD coin, Chainlink, Polygon, Vechain, TRON, Z Cash, EOS, Tezos, NEO, Dash, Stacks, DogeCoin, Tether, Binance Coin, Polkadot (DOT), Bitcoin (BTC), Ethereum and list goes on and on and on.


How Crypto Works

3. Crypto's Wonder OF Work

We all come across a question 'How does crypto works? And the answer is here, Cryptocurrencies run on a distributed public ledger known as 'blockchain', a record of all transactions updated and held by currency holders. Mining and computers play an essential role in generating coins. Computer intelligence is needed to solve massive mathematical problems to complete the process. If anyone wants to buy crypto they can buy it from brokers and use your crypto wallets to keep them safe and spend them. Owners of crypto don't own something physical or tangible. But you got a key that allows you to move a record or a unit of measure from one person to another vacuuming the place of a third party.

Cryptocurrency To Invest

4. WHAT! Are All Cryptos Not The Same?

If you divide the whole house of Cryptocurrencies into rooms then you get 5 rooms in total. The first room will be knowns as 'Payment Currencies' as suggested by their literal meaning you can use these currencies to pay for goods and services, pay your bills, cash out from digital currencies to local fiat currencies like the Indian Rupee. Some examples of 'Payment Currencies' are BTC (Bitcoin) and LTC (Litecoin).

Another room of the house will be known as 'Blockchain Economies', these platforms allow holders to create their digital assets referred to as tokens, decentralized applications (Dapps), etc. Some famous names out there are Ethereum (ETH) and Tron (TRX).

The third one is tagged as 'Privacy Coin', these are in contrast to blockchains they are some digital assets created with a focus on privacy. In coins transactions, the sender and receiver know the number of coins transacted. Balance too can only be checked by the holder. Monero (XMR) and PIVX (PIVX) are two examples of 'Privacy Coins'.

The fourth type is 'Utility tokens'. These are tokens that are used for a blockchain-based product or service. Utility tokens are part of the 'Blockchain Economy'. GNT (Golem) and OmiseGo (OMG) are some Utility Tokens.

The last type is 'Stable Coins'. The name suggests 'stability' is the major factor of 'Stable Coins' because their rates are always constant because of a different method to maintain stable prices. Thus quality is not observed in other digital assets as they keel on fluctuating. USD Coin (USDC) and