Cryptocurrency: a new sensation


The concept of cryptocurrency was invented in 1991. However, the first real implementation was made in 2008 by Nakamoto. The first question is what is a cryptocurrency. It is a financial facility in which currency is transferred between two parties. Initially, problems such as the double-error method arose, but then the problem was solved using concepts such as blockchain technology. The whole process is controlled by cryptographic algorithms. A set of public and private keys is passed between the two parties. Details of each transaction are stored in each block and for each client; the chain of blocks forms a complete list of transactions. All blocks together form a chain of blocks. These blockchains are nothing more than a financial book. The power of this new system of currency transactions depends on the power of the cryptographic algorithm. With the introduction of algorithms such as DES, the secrecy of each financial transaction (chain of blocks) has been strengthened. However, so far this concept has not been approved by many countries. The data of each block cannot be changed retrospectively or without network consensus. Currently, the share of cryptocurrency is not so great, but over time, growth is expected.

Some of the features of cryptocurrency:

• Decentralized

• Distributed

• Public book

The most important aspect of cryptocurrency is the above, but the technology requires security for effective use. Problems like double bug have occurred in the past, but now the problem is solved. The biggest advantage of cryptocurrency is the feature of updating without touching the central server. So we don’t need to make any changes to the server. Alternatively, a transaction can be made between any two network members or three or more.

So, the various benefits you get with cryptocurrency:

• Safe

• Fast

• Reliable

• Accurate

However, the technology has evolved, although not accepted in all countries. The biggest sensation in cryptocurrency is bitcoin. It is accepted by many countries. Similarly you can find many more types of cryptocurrencies. Each uses a unique type of algorithm. All of them you can learn through cryptography. This is a broad topic, and the use of cryptocurrency is one of the major breakthroughs of the last decade. Usage could quadruple in the coming years.

Digital currency is additionally used as part of questionable settings as an illegal online business, such as Silk Street. The first Silk Street was closed in October 2013, and two more forms have been used since then. In the year after the closure of Silk Street, the number of obvious dim markets increased from four to twelve, while the number of drugs placed increased from 18,000 to 32,000.

Darknet markets demonstrate legitimacy issues. Bitcoins and various types of digital money used as part of dim markets are not explicitly or legally ordered in all parts of the world. In the US, bitcoins are called “virtual resources”. Such a dubious arrangement gives weight to law firms around the world to adapt to the mobile exchange of drugs in dim markets