Cryptocurrency: A new sensation

The concept of cryptocurrency was coined in 1991. However, the first real implementation in 2008 was made by Nakamoto. The first question is, what is a cryptocurrency? It is a financial setting in which currency is transferred between two parties. Initially, problems such as the double fault method emerged, although the problem was later solved with concepts such as blockchain technology. The whole process is controlled by cryptographic algorithms. The set of public and private keys is transmitted 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 the blocks together form a chain of blocks. These blockchains are nothing but a financial book. The strength of this new system of currency transactions depends on the strength of the cryptographic algorithm. The implementation of algorithms such as DES has increased the secrecy of each financial transaction (blockchain). However, the concept has not yet been approved by many countries. The data of each block cannot be changed retroactively or without network consensus. The share of cryptocurrency is not that big at the moment, although it is expected to grow over time.

Some of the characteristics of cryptocurrency are:

• Decentralized

• Distributed

• Public book

The most important aspect of cryptocurrency is the above, but technology requires security for efficient use. Problems like double faults have occurred in the past, although the problem has now been resolved. The biggest advantage of cryptocurrency is its update function without touching the central server. So we don’t need to make any changes to the server. Also, a transaction can be done between any two network members or three or more.

Therefore, the different benefits you achieve through cryptocurrency are as follows:

• Safe

• Fast

• Reliable

• Precise

However, the technology has evolved even though it is not accepted by 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 of them uses a unique type of algorithm. You can learn all of them through cryptography. This is a huge topic and the application in the form of cryptocurrency is one of the greatest discoveries in the past decade. Usage could definitely increase fourfold in the coming years.

Digital currency is further used as part of suspicious settings such as illegal online businesses, for example, Silk Street. The first Silk Street was closed in October 2013, and two more forms have been used since then. In the year following the main closure of Silk Street, the number of unmistakable quenched markets increased from four to twelve, while the number of drug ads increased from 18,000 to 32,000.

Darknet markets show challenges to legality. Bitcoins and various types of digital money used as part of obscure markets are not obviously or legally ordered in all parts of the world. In the US, bitcoins are called “virtual resources”. This type of questionable arrangement puts weight on law enforcement offices around the world to adapt to the mobile exchange of drugs in dark markets