The concept of cryptocurrency was created in 1991. However, the first real implementation was done in 2008 by Nakamoto. The first question arises, what is cryptocurrency. Currency is a financial setup that is transferred between two parties. Initially, problems such as the double-error method arose, although the problem was later solved by concepts such as blockchain technology. The entire 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 forms a complete list of transactions. All the blocks together make up the block chain. These blockchains are nothing more than a financial ledger. The power of this new currency transaction system depends on the power of the cryptographic algorithm. With the implementation of algorithms like DES, the secrecy (block chain) of every financial transaction has been strengthened. However, the concept has not yet been adopted by many countries. The data in each block cannot be changed retroactively or without network consensus. The share of cryptocurrency is not that much today, but it is expected to increase over time.
Some of the characteristics of cryptocurrency are:
• Decentralized
• Distributed
• Public record
The most important aspect of cryptocurrency is the above, but the technology needs security for effective use. Issues such as double error have occurred in the past, although this issue has now been resolved. The biggest advantage of cryptocurrency is the feature of updating without touching the central server. That way, we don’t have to make any changes to the server. Also, the transaction can be done between two or three or more members of the network.
So, the various benefits you get through cryptocurrency include:
• Safe
• Fast
• Reliable
• Accurate
However, the technology has developed, although not all countries support it. 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 a unique type of algorithm. All these, you can learn through cryptography. It is a broad topic and its application in the form of cryptocurrency is one of the major advances of the last decade. The use can increase fourfold in the coming years, no doubt.
Digital currency is also used as part of dubious settings such as illegal online businesses, such as Silk Street. The first Silk Street was closed in October 2013 and since then two other forms have been used. In the year following the closing of Silk Street, the number of dark markets in unmistakables expanded from four to twelve, while the size of drug shipments expanded from 18,000 to 32,000.
Darknet markets present legal challenges. Bitcoins and different types of digital money used as part of dark markets are not known or legally mandated everywhere in the world. In the US, bitcoins are referred to as “virtual assets”. This dubious arrangement gives weight to law enforcement offices around the world to accommodate the mobile exchange of black market drugs.