Showing posts from December, 2017

Misconceptions About Bitcoin and Cryptocurrency

There are a few misconceptions about Bitcoin and cryptocurrency, which I have read and heard people talking. Some of them are listed here and I shall try my best to correct them. This list will be updated from time to time.

Referring cryptocurrency to just "crypto". Technically, it is incorrect to link "crypto" to mean cryptocurrency. This is akin to calling "digital currency" as just "digital". I have read statements like: "I have a lot of cryptos". However, you don't say "I have a lot of digitals". So, it is better to stick with the term "cryptocurrency" as opposed to just "crypto" when referring to the former. Crypto is normally associated with cryptography.Bitcoin uses a public key infrastructure (PKI). A PKI requires the setting up of an infrastructure involving, among others, a Certificate Authority (which is a trusted third party) that is responsible to certify public keys. In Bitcoin, or any oth…