This is the era of technology and the days of physical transactions are long gone. Welcome to the game of cryptocurrency. Cryptocurrency, as the name suggests is an encrypted form of virtual assets. The sender’s amount is encrypted and is decrypted at the receiver’s end. This ensures that there is no middleman.
How btc comes into the scene?
Now, cryptocurrency uses Blockchain.Each block succeeds the former one with a variance of hash along with a timestamp and transaction data. These components make each block unique and act as a fortress for the asset of btc, but it is also to be noted that all these blocks have common cryptographic hash to the predecessor, which links them to each other, resulting in a chain.
The assurance of quality transaction!
But people’s interest piques when the concept of anonymity is introduced to a thoroughly public transaction mode. There are various hacks to ensure the same to avoid a marred track record, but it is safe to assume that it is very unsafe to indulge in scandalous transactions.
One of the major loopholes being that Btc does not talk about a single person’s transaction, rather it’s can be traced using the IP address which eliminates malicious attempts to an extent. But there are ways to mask the address. Bitcoin mixing is one such procedure that helps the user keep anonymity in the game. The process is used to break the link between the previous and the next block to break the link that traces back to the sender or receiver.