Intro to Crypto

1. Digital

Crypto only exists on computers. Nothing in Crypto is tangible, so don’t think about robbing Fort Knox.

2. Decentralized

Crypto has no central computer or server. They are distributed across a network of typically thousands of computers.

3. Peer-to-Peer

Crypto is passed from person to person online. Users don’t have to deal with each other through banks, PayPal, etc. They deal with each other directly. There are no trusted third parties in Crypto.

4. Pseudonymous

You don’t have to give any personally identifiable information (PII) to own and use Crypto. Though, larger (and trusted) exchanges require you to KYC (Know Your Customer) by uploading various documents that prove you are you.

5. Trustless

This means users don’t have to trust the system for it to always work and are in complete control of their money and information.

6. Encrypted

The cryptography is where the symmetric or asymmetric encryption lies, within the Public/Private Keys. It’s also where the crypto part of the crypto definition comes from and means ‘hidden’ in Greek origin.

7. Global

Unlike countries using their own currencies called ‘fiat’, and sending around the world is difficult, Crypto can be sent world-wide easily and without borders.