Cryptocurrency: A New Sensation

The concept of cryptocurrency was created in 1991. However, the first real application was made in 2008 by Nakamoto. The first question arises, what is cryptocurrency. It is a financial institution where currency is transferred between two parties. Initially, problems arose such as the double error method, but the problem was later solved with concepts such as blockchain technology. The whole process is controlled by cryptographic algorithms. A series of public and private keys are transmitted between the two parties. The details of each transaction are stored in each block and for each customer; The blockchain is a complete list of transactions. All the blocks together form a block chain. These blockchains are nothing more than a financial book. The strength of this new currency operating system depends on the strength of the cryptographic algorithm. The application of algorithms such as DES has strengthened 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 backwards or without the consent of the network. The share of cryptocurrency is not large at the moment, although it will increase over time.

Some features of cryptocurrency are:

• Decentralized

• Distributed

• State book

The most important aspect of cryptocurrency is above, but the technology requires security for effective use. In the past, there were problems such as double error, although this problem is now solved. The biggest advantage of cryptocurrency is the ability to update without touching the central server. So we should not make any changes to the server. In addition, the operation can be performed between any two members of the network or three or more.

So, the various advantages you get with cryptocurrency are:

• Safe

• Fast

• Reliable

• Accurate

However, the technology has developed despite not being accepted by all countries. The biggest sensation in cryptocurrency is bitcoin. Accepted by many countries. Similarly, you can find more types of cryptocurrencies. Each uses a unique type of algorithm. You can learn them all with cryptography. This is a broad topic, and the application in the form of cryptocurrency is one of the greatest discoveries of the last decade. Its use can definitely quadruple in the coming years.

Digital currency is additionally used as part of questionable parameters such as illegal businesses, such as Silk Street. The first Silk Road was closed in October 2013, and two more forms have been used since then. A year after the Silk Road came to a standstill, the number of dark markets undoubtedly increased from a quarter to twelve, and the size of the drugstore expanded from 18,000 to 32,000.

Darknet markets are experiencing difficulties with legitimacy. Bitcoins and different digital currencies, which are used as part of weak markets, are not ordered openly and legally anywhere in the world. In the United States, bitcoins are called “virtual resources”. Such dubious regulation puts pressure on law enforcement agencies around the world to adapt to the dynamic drug exchange of dark markets.