The concept of cryptocurrency was coined in 1991. However, the first real implementation was done in 2008 by Nakamoto. The first question arises, what is cryptocurrency? It is a financial setup in which currency is transferred between the two parties. Problems such as the double error method arose at first, although the problem was later solved through concepts such as blockchain technology. The entire process is governed through cryptographic algorithms. A set of public and private keys is transferred between the two parties. The detail of each transaction is stored in each block and for each client, a chain of blocks forms the complete list of transactions. All the blocks together make up the blockchain. These blockchains are nothing more than the financial ledger. The power of this new monetary transaction system depends on the power of the cryptographic algorithm. With the implementation of algorithms such as DES, the secrecy of each financial transaction (block chain) has been strengthened. However, the concept has not yet been approved by many countries. The data of each block cannot be altered retroactively or without the consensus of the network. The share of cryptocurrencies is not that great currently, although it is expected to increase over time.
Some of the characteristics of cryptocurrencies are:
• Decentralized
• Distributed
• Public ledger
The most important aspect of cryptocurrency is the above, but the technology requires security for effective use. Issues like double error have occurred in the past, although that issue is now resolved. The biggest advantage of the cryptocurrency is its update function without touching the central server. So we don’t need to make any changes to the server. Furthermore, the transaction can be carried out between two members of the network or three or more.
Therefore, several advantages that you get through cryptocurrency are as follows:
• Sure
• Fast
• Reliable
• Accurate
However, the technology has developed although it is not being accepted by all countries. The biggest sensation in cryptocurrency is bitcoin. It is being accepted by many countries. Similarly, you can find many more types of cryptocurrencies. Each of them uses a unique type of algorithms. All of them, you can learn through cryptography. It is a broad subject and the application in the form of crypto currency is one of the major developments of the last decade. Usage could increase fourfold in the next few years for sure.
The digital currency is also used as part of questionable environments such as illicit online businesses such as Silk Street. The first Silk Street was closed in October 2013, and two more ways have been used from that point on. In the year after Silk Street’s underlying closure, the number of light dark markets increased from four to twelve, while the number of drug listings increased from 18,000 to 32,000.
Darknet markets present challenges related to legality. Bitcoins and other types of digital money used as part of dark markets are not obviously or legally requested in all parts of the world. In the US, bitcoins are called “virtual resources.” This kind of questionable arrangement puts pressure on law enforcement offices around the world to adapt to the on-the-go drug exchange of dark markets.