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 other cryptocurrency, there are no trusted third parties. Instead, public keys can be freely generated by users, without having the keys to be certified by any other party.
  • Bitcoin uses encryption. No, there is no encryption whatsoever used in Bitcoin. The cryptographic operations employed in Bitcoin, and many other cryptocurrencies are hashing and signing. The former is performed using a cryptographic hash function and the latter with a digital signature scheme.
  • A hash function is one-way, it cannot be decrypted back. The first part of this statement is correct, but the second part is not. A hash function is not an encryption function, hence, the term "decrypted" is wrongly used. A better way to write the second part of the statement would be "it is hard to invert given the hash digest of any message"

Comments

  1. Defi Crypto WalletsOctober 1, 2024 at 3:16 PM

    To Deposit GBP in Coinbase account, first, log in and navigate to the "Portfolio" section. Select "Deposit" next to the GBP wallet, and choose the "Bank Deposit" option. You'll receive Coinbase’s bank details and a reference number. Use these details to initiate a bank transfer from your UK bank account. Ensure you include the reference number to avoid delays. Bank transfers typically take 1-3 business days, and once processed, your GBP will be available in your Coinbase account for trading or withdrawal.

    ReplyDelete
  2. Defi Crypto WalletsOctober 7, 2024 at 7:10 PM

    Coinbase Account Restrictions can occur for various reasons, including violations of platform policies, suspicious activity, or issues related to account verification. Restrictions may limit your ability to buy, sell, or withdraw cryptocurrency. Common causes include incomplete identity verification, failed transactions, or security concerns such as multiple failed login attempts. To resolve restrictions, ensure your identity verification is up to date, review any emails from Coinbase regarding the restriction, and follow the instructions provided. In some cases, you may need to contact Coinbase support for further assistance in lifting the restrictions.

    ReplyDelete
  3. Defi Crypto WalletsOctober 8, 2024 at 7:08 PM

    To Transfer Money from Venmo to Cash App, you’ll need to link a mutual bank account to both apps. First, transfer your funds from Venmo to your linked bank account by selecting “Transfer to Bank” in Venmo and choosing the bank account. Once the funds are available in your bank account, open Cash App, tap “Add Cash,” and transfer the desired amount from your bank to Cash App. Unfortunately, there’s no direct transfer option between Venmo and Cash App, so using a bank account is necessary.

    ReplyDelete

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