Whats the difference between cryptocurrencies

Typically, coins are used for governance, transactional fees and other related use cases. Experts say that they are the infrastructure and the backbone of the Blockchain. Tokens can represent a myriad of real-world use cases, including gaming, Stablecoins, NFTs, and other fees.

That said, crypto coins have higher intrinsic value as they form the foundation of the Blockchain. Related stories. The digital wallets that people started using, particularly over the pandemic, can hold both digital currency and cryptocurrency but they are really not interchangeable. All online transactions involve digital currency, once you withdraw that money from the bank or from an ATM, that digital currency gets transformed into liquid cash.

Cryptocurrencies, or digital coins, is a store of value that is secured by encryption. These digital coins are all privately owned and created using advanced blockchain tech and have not yet been regularised in most countries. Now, digital currencies do not need encryption, but all users need to secure their digital wallets and banking apps with strong passwords and biometric authentication wherever possible to minimise chances of hacking and theft.

The same applies to debit and credit cards which are key to these digital currency transactions. Cryptocurrencies are protected by strong encryption and to be able to trade in crypto, users need to have a bank account with money in it and this digital currency can be exchanged via an online exchange to get cryptocurrency of the corresponding value. When it comes to regulation, digital currencies are backed by a central authority, in India, which is going to be the RBI, which regulates both liquid cash and digital currency transactions.

In the case of cryptocurrencies, it is a decentralised system and is not regulated by a central authority. However, all crypto transactions are recorded in a decentralised ledger that is available for all. On the stability front, digital currencies are stable and easier to manage when it comes to transactions because they are widely accepted in the global market.

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