Cryptocurrency: A New Sensation

The concept of cryptocurrency appeared in 1991. However, the first real implementation was made in 2008 by Nakamoto. The first question arises, what is a cryptocurrency. This is the financial structure in which the currency is transferred between the two parties. Initially, problems arose as a double error method, although the problem was later solved through concepts such as blockchain technology. The whole process is controlled by cryptographic algorithms. A set of public and private keys is transmitted between the two parties. The details of each transaction are stored for 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 booklet. The strength of this new currency operating system depends on the strength of the cryptographic algorithm. With the application of algorithms such as DES, the confidentiality of each financial transaction (blockchain) has been strengthened. 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 currently small, but it is expected to increase over time.

Some features of cryptocurrency are:

• Decentralized

• Distributed

• Public book

The most important feature of cryptocurrency is the above, but the technology requires security for effective use. Problems such as double errors have occurred in the past, although this problem has now been resolved. The biggest advantage of cryptocurrency is its ability to update without touching the central server. So we should not make any changes to the server. Also, the operation can be performed between any two or three or more members of the network.

So, the various advantages you get through cryptocurrency are:

• Safe

• Fast

• Reliable

• Accurate

However, the technology has developed, although not accepted by all countries. The biggest sensation in cryptocurrency is bitcoin. Accepted by many countries. Similarly, you can find more types of cryptocurrencies. Each of them uses its own type of algorithm. You can learn all of them through cryptography. This is a broad topic and the application in the form of cryptocurrency is one of the main achievements of the last decade. Use may increase fourfold in the coming years.

Digital currency is additionally used as part of questionable parameters such as online illegal business, 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 since the main closure of Silk Street, the number of dark markets has undoubtedly increased from a quarter to twelve, and the size of drug shipments has increased from 18,000 to 32,000.

Darknet markets are showing problems with legitimacy. Bitcoins and various types of digital money used as part of the dark markets are not ordered openly or legally anywhere in the world. In the United States, bitcoins are called “virtual resources.” Such dubious regulation puts pressure on law enforcement offices around the world to adapt to the shifting drug exchanges in dark markets.