The Indian government is ever so dwelling in its treatment of cryptocurrency. The finance minister Nirmala Sitharaman has declared in parliament, "In view of the concerns expressed by the RBI on the destabilizing effect of cryptocurrencies on the monetary and fiscal stability of a country, the RBI has recommended for framing of legislation on this sector. The RBI is of the view that cryptocurrencies should be prohibited." However, the government is seeking assistance from global organizations before coming to a final decision about this digital asset. Now it would be high time the crypto investors of India should start selling their coins because the ban begins. Here are the top 10 cryptocurrencies to sell before India imposes a complete ban.
The current valuation of Bitcoin is constantly moving, all day every day. It is a truly global asset. From a start of under one cent per coin, BTC has risen in price by thousands of percent to the numbers you see above. The prices of all cryptocurrencies are quite volatile, meaning that anyone's understanding of how much Bitcoin is will change by the minute. However, there are times when different countries and exchanges show different prices, and understanding how much Bitcoin value is will be a function of a person's location.
Ethereum aims to create a decentralized suite of financial products that anyone in the world can freely access, regardless of nationality, ethnicity, or faith. This aspect makes the implications for those in some countries more compelling because those without state infrastructure and state identifications can get access to bank accounts, loans, insurance, or a variety of other financial products. The applications on Ethereum are run on ether, its platform-specific cryptographic token. Ether (ETH) is like a vehicle for moving around on the Ethereum platform and is sought mostly by developers looking to develop and run applications inside Ethereum, or now, by investors looking to make purchases of other digital currencies using ether.
Litecoin is based on an open-source global payment network that is not controlled by any central authority and uses scrypt as a PoW, which can be decoded with the help of consumer-grade central processing units (CPUs). Although Litecoin is like Bitcoin in many ways, it has a faster block generation rate and thus offers a faster transaction confirmation time. Other than developers, there are a growing number of merchants that accept cryptocurrencies like Litecoin.
Cardano (ADA) is an "Ouroboros proof-of-stake" cryptocurrency that was created with a research-based approach by engineers, mathematicians, and cryptography experts. Cardano aims to be the world's financial operating system by establishing Defi products similar to Ethereum's as well as providing solutions for chain interoperability, voter fraud, and legal contract tracing, among other things.
Launched in 2021, the XRP Ledger (XRPL) is an open-source, permissionless, and decentralized technology. Benefits of the XRP Ledger include its low-cost ($0.0002 to transact), speed (settling transactions in 3-5 seconds), scalability (1,500 transactions per second), and inherently green attributes (carbon-neutral and energy-efficient). The XRP Ledger also features the first decentralized exchange (DEX) and custom tokenization capabilities built into the protocol. Since 2012, the XRP Ledger has been operating reliably, having closed 70 million ledgers.
Polkadot (DOT) is one of the unique PoS cryptocurrencies aimed at delivering interoperability among other blockchains. Polkadot's core component is its relay chain, which allows the interoperability of varying networks. It also allows for parachains or parallel blockchains with their own native tokens for specific-use cases.16
Bitcoin Cash BCH holds an important place in the history of altcoins because it is one of the earliest and most successful hard forks of the original Bitcoin. BCH began its life in August 2017 as a result of one of these splits. The debate that led to the creation of BCH had to do with the issue of scalability; the Bitcoin network has a limit on the size of blocks: 1 megabyte (MB). BCH increases the block size from 1MB to 8MBs, with the idea being that larger blocks can hold more transactions within them, and the transaction speed would therefore increase.18 It also makes other changes, including the removal of the Segregated Witness protocol that impacts block space.
Recent Solana price analysis indicates that the bulls have taken the driver's seat as prices of the crypto have surpassed the $45 mark. The live Solana price today is $45.75 USD with a 24-hour trading volume of $2,155,608,939 USD. The market is anticipated to continue its ascent as long as $41 serves as support. Nevertheless, the bears may claw their way back if prices fail to surpass the $42 resistance barrier.
Stellar (XLM) is an open blockchain network designed to provide enterprise solutions by connecting financial institutions for the purpose of large transactions. Huge transactions between banks and investment firms typically take several days, involve a number of intermediaries, and cost a good deal of money that can now be made nearly instantaneously with no intermediaries and cost little to nothing for those making the transaction. Though Stellar has positioned itself as an enterprise blockchain for institutional transactions, it is still an open blockchain that anyone can use.
Dogecoin (DOGE), seen by some as the original "meme coin," caused a stir in 2021 as the price of the coin skyrocketed. The coin, which uses an image of the Shiba Inu as its avatar, is accepted as a form of payment by some major companies, including the Dallas Mavericks, Kronos, and perhaps most notably SpaceX, an American aerospace manufacturer owned by Elon Musk.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.