To escape from the 30% crypto taxation, Indian traders must get rid of these 10 cryptocurrencies
The 30% crypto tax declared by the Indian government is a nightmare for the Indian crypto traders as they are already facing a huge loss over this. Some of them are even considering to plea to the Supreme court for a change in terms. Now it seems like a good time for the Indian traders to think about selling their digital assets as such huge taxation may not be convenient for them. Here are the top 10 cryptocurrencies that they should immediately sell before it is too late.
The goal behind cryptocurrencies like Ethereum is 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.
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)
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.
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.
Binance Coin (BNB)
Binance Coin (BNB) is a utility cryptocurrency that operates as a payment method for the fees associated with trading on the Binance Exchange. It is the third-largest cryptocurrency by market capitalization.24 Those who use the token as a means of payment for the exchange can trade at a discount.
Tether (USDT) was one of the first and most popular of a group of so-called stablecoins—cryptocurrencies that aim to peg their market value to a currency or other external reference point to reduce volatility. Because most digital currencies, even major ones like Bitcoin, have experienced frequent periods of dramatic volatility, Tether and other stablecoins attempt to smooth out price fluctuations to attract users who may otherwise be cautious.
Monero has launched with a strong focus on decentralization and scalability, and it enables complete privacy by using a special technique called “ring signatures.” With this technique, a group of cryptographic signatures appears, including at least one real participant, but the real one cannot be isolated because they all appear valid. Because of these exceptional security mechanisms, Monero has developed something of an unsavory reputation—it has been linked to criminal operations around the world.
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