A crypto currency is a digital currency based on cryptography. Cryptography is the process of hiding information to communicate securely and comes from the Greek meaning hidden writing.
Examples of cryptography in history are the ciphers used by Caesar to communicate and the Enigma machine. One of the usual expressions used to explain it is the “communicating securely ins an insecure environment”.
Modern cryptography has got extremely complex and is a fundamental part of the internet. Whenever we go on a website we are using cryptography and whenever we send an email we are using cryptography. The technology has been developed and has existed for some time but it took the genius of Satoshi Nakomoto to bring them together – just like a car bringing wheels and Carnot engines together.
Bitcoin was created by taking a number of advances from across the field of cryptography and computer science and combining them – proof of work and a a variety of other techniques.
One of the most important bits of Bitcoin comes from a part of cryptography to do with elliptic curves and digital signatures.
Cryptocurrencies are digital asset and decentralized currency. It works through the secured blockchain technology. It applies encryption method to manage the creation of financial units and to ensure the transfer of funds (using Public key and Private key only). There is low fee for transaction. There is no intermediate person for transaction.
A cryptocurrency is a form or type of digital money that is designed to be anonymous in many cases and which is strictly secure. It can also be referred to as a currency that is related to the internet and uses cryptography, a process of converting legitimate information into the UN-hacked or UN-crackable code, in order to track transfers and purchases.