Ever Wonder What The ‘Crypto’ Part Of ‘Cryptocurrency’ Really Means? It Also Secures Bitcoin

What is Cryptography?
Digital Money Revolution Bitcoin is…
An open source software protocol which enables a blockchain to be built on a trustless peer
to peer decentralised network via the Internet, which can be used to host a public database
which tracks changes in ownership of assets and is secured by cryptography and consensus.
A bitcoin is… A unit of digital currency that exists on
the Bitcoin blockchain, is stored in a wallet and can be used to track the exchange of value
in a free market economy. Digital Money Revolution – What is Cryptography? Think about Pig Latin…
Typically used by children to communicate with their brothers and sisters without their
parents being able to understand. A way of communicating in secret by converting
the message into a secret format It’s a way of making a message appear meaningless
unless you know how to interpret it Digital Money Revolution – What is Cryptography? Pig Latin Rules…
Take the first consonant (or consonant cluster) of an English word, move it to the end of
the word and add ‘ay’ So ‘pig’ becomes ‘igpay’
If a word begins with a vowel you just add ‘way’ to the end So ‘apple’ becomes ‘appleway’
Digital Money Revolution – What is Cryptography? An Example
Ellohay ymay amenay isway ischray andway elcomeway otay ethay igitalday oneymay evolutionray.
Digital Money Revolution – What is Cryptography? Hello my name is Chris and welcome to the
Digital Money Revolution. Encrypted
Unencrypted Encryption
cryptography The Pig Latin rules are called the encryption
key. How this applies to Bitcoin
Digital Money Revolution – What is Cryptography? Summary
Digital Money Revolution – What is Cryptography? Encryption is used to scramble a message so
that it looks meaningless while it’s travelling Unless you know the encryption key there’s
no way to know what the original message was You may not even know what format the original
message was in (numbers, images, words, language) These elements may not even be included
in the encrypted message If the type of encryption became less secure
(say because of new computer technology), Bitcoin is open source
Hence a newer type of encryption (maybe one that hasn’t even been invented yet) could
be proposed, agreed on and implemented

11 thoughts on “Ever Wonder What The ‘Crypto’ Part Of ‘Cryptocurrency’ Really Means? It Also Secures Bitcoin”

  1. Next video needs to be on Pillar before ICO finishes. The more small investors in it the better to change the world.
    THX Cryptoverse

  2. This video is misleading unfortunately. There is no encryption in Bitcoin, all messages are sent in plain text. Cryptography is used for signatures, not for encryption.

  3. Thanks for that very simple and informative way of explaining crypto. Loved the simplicity. Look forward to hearing more

  4. You should have explained how computers create a secure connection, because they need to share a key and I don't understand how this key cannot be seen by another one because it is not encrypted (and if you get the key you can decrypt everything)

  5. wow. this is so simplified that if i dont have no audition, i will still understand it. thank you chris. you are awesome

  6. cryptos cant change their encryption algorithm in any meaningful way, as if it were an upgrade. it would invalidate the private key of every wallet.

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