As we all know these days, Cryptocurrencies are all the hype. While a large number of individuals are investing in digital currency, governments are attempting to regulate it. There’s a lot of buzz about the Crypto industry, from EL Salvador making Bitcoin legal tender to Tesla exploring it as a payment option. As a result of it's growing popularity, an increasing number of individuals are learning the fundamentals of Cryptocurrencies. Understanding the difference between private and Public Cryptos is one such initial lesson.  The two most popular types of Blockchain are Public and Private Blockchains. They are widely utilized by many Cryptocurrency networks and individual businesses. Permissioned Blockchain, a third kind, has also gained interest. 

The Public vs. Private Blockchain argument has raged since the creation of Blockchain technology. Therefore, it's critical to understand the major differences between these two in a business setting. In general, firms seeking the right Blockchain type for their solutions look at Public and Private Blockchain examples. But how do you do it? So, if you can't tell the difference between the two and choose the wrong platform, your solution will fail. Unfortunately, however, many people today still mix them up.  

Also read: 5 Things You Should Know Before Crypto Trading

The proposed bill regarding Cryptocurrency is the hot issue currently in India, and it has Crypto enthusiasts on the edge of their seats. The law calls for a ban on "all private Cryptocurrencies" in India, thus barring their usage for transactions or investments within the nation. But don't worry: the measure is merely in the proposed stage right now. It will be submitted to parliament at the next Winter session, which begins later this month. Any more information about its significance and purpose will be revealed only at this presentation. However, some intriguing bits of terminology in the plan have perplexed the readers. The usage of the term "private Cryptocurrency" is the most crucial. As individuals try to figure out what this means, the Crypto-market has gone into freefall as a result of the accompanying excitement. This is due to the widespread belief that all Crypto are inherently private, as they are not authorized or controlled by any government -but if you give it a thought, to a large extent. 

Based on the privacy, market volatility, and other significant aspects, the following Crypto Blog provides a fast comparison between these two groupings of Cryptocurrencies. 

Private Cryptocurrency: 

Many Cryptocurrencies include transaction information kept private, known as private Cryptos. To hide this information, a private Cryptocurrency utilizes several encrypted techniques. Meaning, in a private Cryptocurrency network, wallet addresses will be masked or disguised, transaction data may be distorted, and so on. This gives users a degree of privacy that their "Public" counterparts don't have. Monero, Zcash, DASH, Horizen, and other well-known private Cryptos are used. 

Also Read: 5 Best Cryptos To Invest In 2022

Public Cryptocurrency: 

The term "Public Cryptocurrency" refers to all Cryptos whose transactions are linked. It is possible to determine from whom this currency has passed in Public Crypto. All major Cryptocurrencies, including Bitcoin, Ether, and Litecoin, are open to the Public. As you might expect, Public Cryptocurrencies are the polar opposite of private Cryptocurrencies. Transactions made via such networks may be tracked and connected to the wallet address and their value estimated. They offer means for people to remain anonymous, but only to the extent of not exposing their true identities. Tracing can still be used to change the wallet address associated with you. Thus, all privacy will be lost if your wallet address is discovered. In a technical sense, this is what "Public Cryptos" implies. Bitcoin, Ethereum, and Litecoin are just a few examples. 

Also read: 10 Promising Cryptocurrencies For Indian Investors

What makes them different?

As you know, purchasing private coins adds an extra degree of security and privacy by masking the buyer's real identity as well as their location and transaction history. On the other hand, Public coins give transaction transparency and enable investors to be tracked back to their original source on the Blockchain. Because of the visibility given by Public currency, organizations that deal with sensitive information, like commercial contracts or people's personal information, prefer to trade on a private Blockchain network rather than a Public Blockchain network. Another point of debate among Cryptos investors is whether prominent Cryptos like Bitcoin, Shiba Inu, DogeCoin, and Ether are classified as Private or Public. To mention a few well-known Cryptocurrencies Bitcoin, Dogecoin, Ethereum, and Shiba Inu, are all available to the Public since their transactions are transparent. Anyone with Blockchain access may see all of the transactions that have occurred on the Blockchain. Nonetheless, like other Cryptos, these coins provide investors who trade on the Blockchain a kind of anonymity. 

The Crypto Ban Law Bill also lays out a framework for creating digital money that is sanctioned and recognized by the Reserve Bank of India and is now in the works. If the legislature approves the proposal, India will soon join China as the second country to create a digital currency backed by the country's central bank. China introduced its own digital coin, the Digital Yuan after implementing Crypto-ban laws. In addition, the Central Bank of Uruguay, the Riksbank of Sweden, and the Bank of England are all looking at the possibility of creating their own self-administered digital currencies, and the process is currently underway in each of these institutions. The Reserve Bank of India has also requested that laws limiting Crypto usage in India be enacted. Furthermore, in 2018, the central bank established a strict prohibition on Cryptocurrency transactions, preventing banks, organizations, and individuals from dealing in Cryptocurrencies. 

Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.