Cryptocurrency: a new sensation

The concept of cryptocurrency originated in 1991. However, the first real implementation was made in 2008 by Nakamoto. The first question arises as to what cryptocurrency is. Currency is a financial setup that is transferred between the two sides. Initially, problems such as the double-error method arose, although the problem was later solved through concepts such as blockchain technology. The whole process is governed by cryptographic algorithms. The set of public and private keys is being transferred between the two parties. Details of each transaction are stored in each block and for each customer; a block chain completes the entire list of transactions. All the blocks together form a block chain. These blockchains are just a financial book. The power of this new currency transaction system depends on the power of the cryptographic algorithm. With the implementation of algorithms such as DES, the secrecy of every financial transaction (blockchain) has been strengthened. However, the concept is still not widely accepted in many countries. The data for each block cannot be changed in retrospect or without the consent of the network. The share of cryptocurrency is not so much today, but it is expected to increase over time.

Here are some features of cryptocurrency:

• Decentralized

• Distributed

• Public registration

The most important aspect of cryptocurrency is the above, but technology needs security to be effective. Problems like double faulting have happened in the past, but this problem is now fixed. The biggest advantage of cryptocurrency is the ability to upgrade without touching the central server. That way, we don’t have to make any changes to the server. A transaction can also be made between two or three or more members of the network.

So the many benefits you get from cryptocurrency are:

• Safe

• Fast

• Reliable

• Exact

However, technology has developed even though it is not supported in all countries. The biggest sensation in cryptocurrencies is bitcoin. They are being accepted in many countries. You can also find many more cryptocurrencies. Each of them uses only one type of algorithm. You can learn all of them through cryptography. It is a widely used topic and the application of cryptocurrency as a currency is one of the major advances of the last decade. Usage can certainly increase fourfold in the coming years.

Digital currency is also 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 other forms have been used since then. In the year following the closure of Silk Street, the number of unmistakable dark markets expanded from four to twelve, while the size of drug shipments expanded from 18,000 to 32,000.

Darknet markets show challenges in terms of legality. Bitcoin and the different types of digital money used as part of the dark market are not, of course, or legally ordered everywhere in the world. In the US, bitcoin is referred to as a “virtual resource”. This questionable arrangement gives weight to law enforcement offices around the world to accommodate mobile drug exchange in dark markets.