Tech and Education

A cryptocurrency is a digital or virtual currency that is meant to be a medium of exchange. Some other features of cryptocurrency: There's a limit to how many units can exist Easily verify the transfer of funds Operating independent of a bank Allows new units to be added only after certain conditions are met What makes Cryptocurrencies special ? Little to no transaction costs 24/7 access to money No limits on purchase and withdrawals Freedom for anyone to use International transactions are faster What's the Cryptography ? Cryptography is a method of using encryption and decryption to secure communication in the presence of third parties with ill intent Cryptography usually requires a computational algorithm (like SHA256), a public key (that the users shares with everyone) and a private key (which acts like a digital signature of the user) A normal bitcoin transaction: Transaction details ➡ SHA256  ➡ Passed through a signature algorithm with the user's private key  ➡ Digital