The term “cryptography” was derived from the ancient Greek word “Kryptos graphein” meaning hidden and to write, dates back to the 1900 BC around the Egyptian tomb.
As the name itself suggests. “Crypto” means concealed, hence cryptography is the process by which information and data are secured and can be accessed only by the proposed user. It requires mathematical and computational practices in order to transmit messages to the user itself. With the rise in the crypto era, investors fear their investment and thus cryptography becomes fundamental.
Being one of the safest and most reliable forms of protecting data, this form of technology is utilized extensively in bank transactions, regulating the production of the latest currency units, e-commerce payments, computer passwords, and in the identification of virtual assets.
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Cryptography eliminates the risk of a third-party system, theft, or scam while making digital payments. Also used for authentication, Cryptography ensures maximum guaranteed security to its user, irrespective of its relatedness with supreme authority.
THE ROLE OF CRYPTOGRAPHY IN CRYPTOCURRENCY
In recent times, we have seen a substantial rise in the world of cryptocurrencies such as Bitcoin and Altcoins, still, with a buoyant nature, cryptocurrency relies highly on the cryptographic mechanism in order to preserve its authentication, use, and security.
Cryptocurrency Bitcoin utilizes different ways of cryptography. One of which is assigned for developing the public-private key pairs and another one for the “mining” process.
THE PUBLIC-PRIVATE KEY CRYPTOGRAPHY
Bitcoin provides its user both public and private keys each with a different work operation. Encrypted and secure, the public key is the only data form that can be sent to others in order to place a transaction, however, a private key is used in order to access the funds or transaction. These keys are around 30 letters/numbers long. The private key needs to be highly confidential or else if shared or lost can lead to serious theft and investment loss. This key is used by its only recipient in order to access the money received or sent.
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As the crypto era rises, the key cryptography process is expanding and has proven to be a revolutionary structure for digital payments without the risk of theft, with the right knowledge.
VULNERABILITIES ONE CAN FACE
One of the biggest cons that occurs with public-private key cryptography is – users lose their private keys or reveal them to a third party. This allows the party to access your funds and banks and can steal all your bitcoins. No readjustment is provided if one loses their private key and may lead to serious damage to your digital wallet.
The only protection one should consider is not to reveal their private key information to anyone, regardless of the relation. One should also consider using social media securely. Why social media? For example, if one keeps notes of their confidential passwords written on a piece of paper in their working space or room, there is a chance of it getting revealed in a photo one clicks and uploads to social media platforms.
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CRYPTOGRAPHY AND THE FUTURE
We have seen a primary rise in all forms of cryptocurrencies in the past year. The immediate ones such as Bitcoin, Ethereum, and others are at their finest profit value and strength. Analyzing the recent trend and status of cryptography, the technology is doing extremely well with no changes at the moment. However, over time it might be possible to substitute the private-public key cryptography with a new and more secure form that will allow more people to invest in cryptocurrencies. Especially now that trading apps are emerging one by one and some offer 1K daily profit, click here to learn more. This rise may lead to rapid growth and 100% user trust, strengthening the crypto era.
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SUMMARY
Crypto has risen above the roof and will continue to do so in the near future, however, because of its fluctuating value, investors still fear the investment. Cryptography has led to a considerable rise in bitcoin users, allowing people to understand the importance and significance of public-private key cryptography and the need for a guaranteed transaction security system. It is needed to send, receive, and store digital funds safely.