Where does the crypto in cryptocurrency come from? - Crypto in Plain English - Episode 290 - by cryptohunt.it

Where does the crypto in cryptocurrency come from?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

We talk about crypto all day, but have you ever wondered what exactly it has to do with cryptography, if anything?

Cryptography, of course, means to hide and conceal a secret by writing it down in a way that only a trusted receiver can decipher it.

And yet, every transaction anyone has ever done on cryptocurrencies like Bitcoin is visible to the public. So, where does the crypto come in?

Well, let’s take your good old checkbook as an example. When you write a check, only you should be allowed to sign it. And any receiver should be able to verify that you, and not a scammer, has signed the check.

That’s actually cryptography at work. You have a public signature, which is yours on a check. Everyone can read and verify it. And you have your hand, which is the only hand that is allowed to sign a check. In crypto, your hand is a private key.

Cryptography uses complex math to ensure that it always works like this in both directions, but nobody can steal your private key just by observing your handwriting.

And that’s why you can’t just unlock an old Bitcoin wallet whose key you lost, and why you should never share a private signature with another person. Because cryptography is only as good as the weakest link in this chain: Us humans.

This podcast is produced by Cryptohunt.it the easiest place to learn crypto. Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, Design is done by Carmen Rincon and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.