Hey, guys, welcome back and this lecture, we are going to discuss about their advantages as well
as the disadvantages of cryptocurrency.
So let's get started.
Advantages of cryptocurrency.
Let's see.
Cryptocurrency hold the promise of making it easier to transfer funds between two parties without the
need of a trusted third party, like a bank or a credit card company.
Yes, the transaction process of cryptocurrency is pretty easy and convenient as a transfer is conducted
through blocks in technology.
There is no need of a third party organization like bank or government for the transfer of these virtual
guarantees for transferring cryptocurrency is only the public key of a person is required.
That's it.
This town's father and stage secured by the use of public and private keys and different form of interactive
systems like proof of work or proof of stake.
OK, here in this course, we have not discussed our public and private lives.
We are going to discuss them in this lecture.
But in short, we can say that public keys and private keys help encryption alphabet convert.
The private key can be considered as the pin of a bank account and the public can be considered as account
number.
Thus, as public and private deeds also play a key role in the encryption of a Bitcoin wallet and proof
of what is an algorithm in the blocks in technology, which is used to confirm the transaction and form
new blocks to the chain.
Fund transfers are completed with minimal processing fees, allowing users to avoid the steep fees charged
by banks and financial institutions for wire transfers.
Well, as compared to the transfers fees taken by the banks or any other organizations, the transfer
fee of the coins are very low indeed.
So the transfer of bitcoins is really fast, secure and cheap.
But that is one disadvantage against a drawback of Bitcoin transfers that they can be traced once U.S.
or Bitcoin, no particular publicly.
You cannot recover their bitcoin like we can do in the case of bank transfers.
Let's move towards the disadvantages of bitcoins.
The semi-autonomous nature of cryptocurrency is transactions make them well suited for a host of illegal
activities such as money laundering and tax evasion.
Well, the All Dark Web works on this drawback as well.
The payment methods of illegal activities and in the form of bitcoins makes them perfect for scams like
money laundering or tax evasion.
On the other hand, the scammers are totally secure as after payment they cannot be tracked, but in
the form of tracking the bitcoins are quite weak.
Some governments have praised the bitcoins and several illegal vendors are caught.
It is more secure and transaction friendly as compact bitcoins, benefits of privacy like protection
for whistleblowers or activities living under the oppression of government at.
Some cryptocurrency are more private than others.
Yeah, as we discussed earlier, the crypto currencies provide more protection to people doing illegal
stuff like whistleblower, for example.
Those people are responsible for leaking several secret and confiscated data in a company that most
probably they are working to.
A competitor company was for a sum of money, which is usually paid in cryptocurrency.
So this is one of the major disadvantages of cryptocurrency as they protect the people implementing
illegal stuff.
Begging the privacy aspect and the consideration, Bitcoin, for instance, is a relatively poor choice
for conducting illegal business online, as we discussed earlier, the forensic analysis of Bitcoin
Bitcoin doctrine has helped authorities to arrest and prosecute criminals.
More privacy oriented coins do exist.
However, such as Ethereum dash one zero or their cash, which are far more difficult to trace.
But still a majority of illegal transactions are still implemented.
And the form of bitcoins that about the advantages and disadvantages of crypto currencies.
Let's now get some details about the private key private keys and public keys in the case of crypto
currencies.
So what are private keys and what are Republicans?
Let's understand that.
What is a private key?
Apriority, also known as a secret key, is a variable in cryptocurrency that is used with an algorithm
to encrypt and decrypt code.
See, cryptocurrency are nothing but blocks of code which are protected by several encryption codes.
Right.
So secret keeps keys are only shared with the Keys generator, making it highly secure.
Private Keys plays an important role in sematic.
Cryptography is cryptography and crypto guarantees.
We can compare the private key with the PIN numbers of a bank account, which is meant to kept private,
but which is not to be shared with anyone.
Also, unlike Benn's and account numbers and bank, the private keys and public keys are also responsible
to encrypt and decrypt the transactions which are being shared or received publicly.
Public key cryptography is a type of cryptography and which both the public and private keys are used
for encrypting as well as for transfer of crypto currencies.
The private key is meant to be kept private, whereas the public can be shared, which is further used
as an address for transaction of cryptocurrency.
So that's it for this lecture we discuss about the advantages as well as the disadvantages of cryptocurrency.
Plus, we also discussed about the private keys and public keys.
In the next lecture, we'll be going to a Bitcoin wallet and see the available crypto currencies will
also discuss about Bitcoin trading and Bitcoin mining.
See you in the next lecture.
Thank you very much.