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Bitcoin is talk of town these days. On one hand, Japan consider bitcoin as a legal tender, while on the other, JP Morgan Chase CEO James Dimon calls it little more than a “fraud”.
Investors or traders of Bitcoin faced chaotic situation after Shanghai-based BTCChina, a major Chinese bitcoin exchange, on Thursday said it would stop trading in the crypto-currency from September 30, citing tightening regulation, while smaller bitcoin exchanges ViaBTC, YoBTC and Yunbi on Friday announced .
Bitcoin is a cryptocurrency, or a digital currency, that uses rules of cryptography for regulation and generation of units of currency. Bitcoin falls under the scope of cryptocurrency and was the first and most valuable among them. It is commonly called a decentralised digital currency.
Bitcoin was invented by Satoshi Nakamoto in 2009.Hitesh Malviya, Bitcoin Expert, itsblockchain.com explains, Bitcoins are completely virtual coins designed to be ‘self-contained’ for their value, with no need for banks to move and store the money.
Once you own bitcoins, they possess value and trade just as if they were nuggets of gold in your pocket. You can use your bitcoins to purchase goods and services online, or you can tuck them away and hope that their value increases over the years. Bitcoins are traded from one personal 'w ..
Cryptography is associated with the process of converting ordinary plain text into unintelligible text and vice-versa. It is a method of storing and transmitting data in a particular form so that only those for whom it is intended can read and process it. Cryptography not only protects data from theft or alteration, but can also be used for user authentication.Earlier cryptography was effectively synonymous with encryption but nowadays cryptography is mainly based on mathematical theory and computer science practice.
Three types of cryptographic techniques used in general.
1. Symmetric-key cryptography
2. Hash functions.
3. Public-key cryptography
Symmetric-key Cryptography: Both the sender and receiver share a single key. The sender uses this key to encrypt plaintext and send the cipher text to the receiver. On the other side the receiver applies the same key to decrypt the message and recover the plain text.
Public-Key Cryptography: This is the most revolutionary concept in the last 300-400 years. In Public-Key Cryptography two related keys (public and private key) are used. Public key may be freely distributed, while its paired private key, remains a secret. The public key is used for encryption and for decryption private key is used.
Hash Functions: No key is used in this algorithm. A fixed-length hash value is computed as per the plain text that makes it impossible for the contents of the plain text to be recovered. Hash functions are also used by many operating systems to encrypt passwords.