Digital Forensics
What is Cryptocurrency? | Bitcoin(฿), Ethereum (Ξ), Dogecoin (Ɖ) Explained Simply

What is Cryptocurrency? | Bitcoin(฿), Ethereum (Ξ), Dogecoin (Ɖ) Explained Simply

Any digital or virtual currency known for the medium of exchange is a cryptocurrency. A Cryptocurrency wherein each coin ownership record is stored in a ledger existing in a computerized database using strong cryptography to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership.

It is a method of encryption and decrytion for securing any information/communication exchanged within 2 parties also in the presence of a third one with ill intent. The prefix “Crypto” means “hidden” or “vault,” and the suffix “graphy” stands for “writing.”

Cryptography by Forensic Yard
Cryptography usually requires a computational Algorithm like SHA256, a public key that the user shares with everyone and a private key that acts as a digital signature of the user.

Who Regulates and Control the Cryptocurrency?

The cryptocurrency doesn’t exist in any kind of physical form such as paper currency or coin, which Central Authority is issuing. Thus it is not issued by a central authority and typically uses a decentralized System.

Decentralized Systems verify and maintain the records of digital currency transactions secured by the cryptography method, making it extremely difficult for anyone to counterfeit it.

However, cryptocurrency trading is being monitored by SEC (Securities and Exchange Commission, U.S.). Securities and Exchange Commission is an independent agency of the United States federal government created following the stock market crash in the 1920s to protect investors and the national banking system.

Top Cryptocurrency in the Market 2021: Bitcoin (BTC), Ethereum (ETH) & Dogecoin (DOGE)

Bitcoin (BTC) (฿)

Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began to use in 2009 when its implementation was released as open-source software.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services, but the real-world value of the coins is highly volatile. 

Bitcoin is a digital currency that is not tied to any bank or government and allows users to spend money anonymously. No single Institution/organization controls the bitcoin network.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and issuing bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin, and everyone can participate. Through many of its unique properties, Bitcoin allows exciting uses that any previous payment system could not cover.

Ethereum (ETH) (Ξ)

Ethereum was proposed in the year 2013 by programmer Vitalik Buterin. Development was crowdfunded in 2014, and the network went live on 30 July 2015, with an initial supply of 72 million coins. The platform allows developers to build and operate decentralized applications that users can interact with.

What is Ethereum as per their website?

Ethereum is a technology that’s home to digital money, global payments, and applications. The community has built a booming digital economy, bold new ways for creators to earn online, and so much more. It’s open to everyone, wherever you are in the world – all you need is the internet.

Dogecoin (DOGE) (Ɖ)

Dogecoin is a cryptocurrency created in year 2013 by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time.

Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake.

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