I was reading a very humerous blog by a friend of mine where he mentioned that when you say crypto some people automatically think of Heavy Metal head banging music, which makes alot of sense, I mean, to the uninitiated heavy metal is all about death and destruction is it not?, but crypt (https://en.wikipedia.org/wiki/Crypt) and cryptocurrency (https://en.wikipedia.org/wiki/Cryptocurrency) are 2 completely different animals.
The crypto sphere, as some call it is all about the new financial revolution that is taking place on the internet. Crypto which comes from the Greek crypto-ˈkrɪptəʊ meaning "concealed or secret" is not just about Bitcoins and other electronic currencies, but your password is also a form of crypto, your password should be "hidden and secret", much in the same way that when you enter your password into the password box on any website or your email password, that asks for it, you just get shown a bunch of *** instead of roman characters. This is cryptography at its simplist.
Cryptocurrency gets its name because in the Blockchain, all transactions and wallets are anonimous, or "hidden". If I know your wallet number, I can see it, but the wallet does not show me who you are, your name is not revealed, so you remain "concealed or secret".
If you were not "concealed and secret" then anyone that knew you could target your wallet and try steal your coins. With the owner being hidden, it is a bit more difficult to guess passwords as you do need to know something about the target you want to hack.
Being Hidden and secret is also a way to keep your worth secret, I mean, you dont go around telling or showing, anyone who asks, what your salary is do you? So why should you advertise your income in Bitcoin or any other crypotocurrency to anyone who asks? It is after all secret, so keep it hidden.
I am not going to go into the ethics of secrecy in certain areas of your life as I am not going to preach honesty etc here, it is not my responsibility to tell you what to do with your life, but in the USA the government actually requested through the courts that Cryptocurrency exchanges reveal who their members are and what their value in crypto assets was/is, this allowed the IRS there to tax people on their holdings.
I hope that if you did not understand the term crypto or cryptocurrency, that this blog clears it up a little for you. If you would like to get involved in this "hidden"world, drop me a line in the contact section of this site and lets chat
Have a lovely day further.
Cirram
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