Why Is Cryptography Important For Cryptocurrency?

What Is Cryptography?

Cryptographic Methods

Cryptography using symmetric encryption

Cryptography using asymmetric encryption

Hashing

Encryption of Public Keys

Takeaways

  • The core foundation of cryptocurrency security is cryptography.
  • Cryptography is known as the science of encoding and decoding signals so that only the recipient can comprehend what is being sent.
  • Cryptography protects participants and transactions in the context of cryptocurrencies.
  • Your public key is the only piece of information someone needs to send you Bitcoin, so you may freely share it with anyone.
  • Your private key is used to produce your public key through a process known as “hashing,” which entails running a string of data through an algorithm.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store