#CryptoSecurity101

Do cryptocurrencies offer security?

The most crucial question about the use of cryptocurrencies is "How secure are they?", highlighting the importance of the term "crypto" in the word cryptocurrency. You can find the answers by reflecting on the underlying technology of cryptocurrencies, namely, the blockchain.

The backend process associated with cryptocurrency transactions involves documenting transactions in different blocks, along with timestamping. Blockchain offers comprehensive security mechanisms such as hashing, digital signatures, and public key cryptography to protect cryptocurrencies. However, it is important to understand that blockchain is also vulnerable. How does this affect the security of cryptocurrencies?

You will need to understand the use of public and private keys, along with cryptocurrency wallets, to identify best security practices. Private keys are unique to each cryptocurrency holder and help unlock them on the blockchain. The public key is the code used to identify a specific cryptocurrency holder before transferring assets to them. On the other hand, the address is the bank account where crypto assets are stored on the blockchain. Cryptocurrency wallets allow you to access different types of cryptocurrencies by managing your private keys.