Demanding huge profits, what is this secret? How does it work?

The circulation of cryptocurrency is developing rapidly. People all over the world are obsessed with cryptocurrency. New coins and tokens with additional features are constantly being introduced, with new offers. Some see it as a new horizon for the digital economy, while others say it could wreak havoc on the core economic structure of any country. Although the future of cryptocurrency is volatile in this country, it must be acknowledged that many people are not yet fluent in cryptocurrency. Similarly, privacy coins have not been able to gain special acceptance in the society right now. As expected, people in remote areas are lagging behind in using this currency.

It is called the Privacy Coin because users can keep the transaction secret if they wish. These coins were introduced while maintaining all kinds of recognized privacy. The currency could be easily traded without any trace of how money was transferred through the network. Only the owner of this coin will get a detailed explanation of how, when and where this transaction was made.

Whether privacy is correct at all:

The information on the transaction of secret currency or privacy coins is protected through blockchain network. As such, transactions in these currencies are not monitored by the central bank. The two Internet users made the transaction directly without revealing their identities. This currency can be transacted by opening an internet account with an ID of 28 to 34 characters. Many believe that most privacy coins make a lot of money. Anonymous privacy coins are also in circulation around the world. At the same time its privacy is maintained in the final stage. If desired, the identity of the privacy coin user can be revealed, but also kept secret. Which depends entirely on the will of the owner of the privacy coin.

In this context Bitcoin, many people use Bitcoin. This currency blockchain is very easy to use. Its transaction records can only be viewed in a user’s public wallet. Addresses can also be seen there. In other words, the address of the Bitcoin user will also be in his specific wallet. More secure use of cryptocurrency and bitcoin is seen after the bank’s affiliation with KYC Aadhaar card, PAN card.

Cryptocurrency today is very attractive to some people, especially those who can take risks, without any kind of third party intervention other than buyer-seller. Anyone can use cryptocurrency in much the same way as ordinary currency without anonymity. Username, address, PAN-Aadhaar etc. information is not required to open Cryptocurrency Wallet. Cryptocurrency is ‘transferred’ from one person to another’s wallet, with no bank or financial institution in the middle. As a result, the person who is the full participant in the investment or transaction is himself. For the same reason, even if you are in danger, you have to deal with it again. To put it bluntly, there is almost no chance of any buyer protection department or government agency having the responsibility to deal with an unknown danger. Cryptocurrency can be created very quickly using blockchain technology. That’s the way it is. The next step is to collect some number of customers. They will buy these made digital coins. However, there will be a limited number of coins.

Suppose 1 lakh coins have been made. It has a starting price. 10 per coin. Then the total value will be 10 lakh rupees. Now we have to start the campaign in the third stage. Coins made can be traded if some sellers agree. Because by that time many more people had accepted the coin, as a result of publicity. The seller may think that the use of these coins will increase the scope of his business. The second reason is income from investment. That is why financial traders prefer to buy dollars rather than Afghan or Pakistani currencies. They either believe the dollar will appreciate more than other currencies. Here is the coin maker, and those who bought it in the beginning, their poyabaro. Because the number of coins is limited! But the demand is increasing. As a result, prices are rising. The one who gets the last coin thinks that the price will go up further. Therefore more customers will grow.

What is a privacy coin?

In 2021, the secrecy of these coins was discussed with the economic organizations of the country. The attraction of privacy coins is elsewhere. Its privacy practices are enviable. At one time the name of the owner of the money deposited in the Swiss bank could not be known. The name of the owner of the privacy coin is also kept secret today. And where there is privacy, it is difficult to keep track of taxes. The biggest fear is that it is almost impossible for anyone to know what is being traded with coins. One of the unavoidable consequences of so much privacy is the loss of coins. In fact, these coins are in the digital locker. Danger if someone forgets the password! It’s all over! Coins will be lost forever. Thus a lot of coins are lost. This is one of the reasons why the price of coins has gone up over time. Always remember, the number of these coins is but limited.

Why is this currency still not widely accepted?

Many now have doubts about the privacy of this currency. There are many questions about its legitimacy. Many people also think about the risks involved in using these currencies for financial fraud. Several countries, such as South Korea and Australia, have imposed restrictions on the trade. Japan also has direct sanctions. However, the circulation of this currency has been good in the United States. Most countries are tightening their KYC rules for these currencies under their existing anti-money laundering laws.

Another major reason for its limited use is the lack of ease of use. Users find it relatively technically challenging to transact between them, so many markets around the world are still not fluent in this currency.