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The “crypto” within the word “cryptocurrency” means “secret” in Greek - which provides a clue in regards to what the concept of cryptography is about.
Cryptography may be the study and exercise of delivering secure, encrypted messages or data between several parties.
The sender “encrypts” the content, which obscures its happy to a 3rd party, and also the receiver “decrypts” the content, which makes it legible how to sell bitcoin.Cryptocurrencies use cryptography to permit transactions to become anonymous, secure, and “trustless,” and that means you don’t have to know anything about someone to securely make transactions together - and its not necessary bank, credit-card issuer, government, or other 3rd party in the centre.
And cryptography isn’t just essential for digital money - our computer and also the systems it’s mounted on are encrypting and decrypting data constantly, of all the Search you are making to each email you signal.Cryptocurrencies are entirely according to cryptographic ideas.
Bitcoin was introduced by a pseudonymous person (or group) going named Satoshi Nakamoto, who suggested the concept by means of a whitepaper published to some cryptography forum in '09.The thorniest issue that Nakamoto solved was something known as the double-spend problem.
Because Bitcoin is simply code, what’s to prevent an individual from making and spending multiple copies of the money?
