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Cryptography is a method used to send secret and safe messages between people. It’s like having a special code that only the sender and receiver understand. This helps to keep digital transactions really secure and private by using a secret password.
How Does Cryptography Work?
The sender first changes the message using a special code so that no one else can understand it. Then, the receiver gets the message and changes it back to its original form, making it readable again. This way, only the intended person can understand the message.
Cryptography is used to make transactions safe and anonymous. You don’t need a bank or a middleman involved. Even if you don’t know the person you’re dealing with, you can still do your transactions safely.
Many cryptocurrencies like Bitcoin and Ethereum use special encryption systems. These systems allow users to make secure transactions without needing banks, intermediaries, or services like PayPal.
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Each user in the Bitcoin network has their own private network to make transactions. You can freely share your network password with others. However, the only way to access your money is through your private key.
Your private key is created using a complex algorithm that makes it impossible for others to find out from your public key. Since there is no middleman, Bitcoin transactions cannot be reversed. This is actually a good thing because it ensures the permanence of transactions.
One important thing to mention is the blockchain. Every transaction you make is recorded and can be easily tracked. This adds an extra layer of security and transparency to the whole process.
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