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Cryptocurrency Enigma by mayklef(m): 8:43pm On Apr 27, 2022
Cryptocurrency
Cryptocurrencies have different characteristics with respect to the currency we normally associate with. Two main differences are decentralization and, as the name suggests, cryptography. When a currency is decentralized, it is not controlled by one entity. Bitcoins, for example, are released as a byproduct when a batch of transactions are verified. Verification occurs with the computing power of certain users on the network. This, and other features, creates a currency that is shared among its users and is one reason why Bitcoin has many passionate followers.

These features make cryptocurrencies harder to be accepted by a government as control is out of their hands. As seen in the news with trail-blazing Bitcoin, these cryptocurrencies must follow strict regulation to be accepted. While this may be a sticking point for governments, it has proved to be a popular feature for consumers.

Another aspect of cryptocurrencies is the built-in implementation of cryptography in their design. For Bitcoin, this manifests in the form of public-key cryptography also known as asymmetric encryption. Asymmetric encryption employs a private and public key, allowing the creation of a digital “signature” that can be used to authorize transactions.

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