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Security essentials in the bitcoin blockchain

by Abbey

You know security is very important in every field, every business, every person do not want to show his secrets, personal information, personal issues, income, plans strategies and many more things, but you know there are some people who are interested in other people’s life by hacking and cracking. It is like a play for them. That is why security is important. You have to keep your money safe in the wallet, and it is not safe physically as well as digitally, but we can reduce the risk at a certain level even we can remove the risk of hacking. So there are some security terms or essentials that you should know to keep your bitcoin wallet secure and safe. So let’s understand the deep basics terms of bitcoin and blockchain security.

Check out more:

The Process of Block creation in the bitcoin blockchain

How does bitcoin work?

What is Hashing?

Hashing is the fixed string numbers, or we can say hashing is in the mixture of numbers and alphabet that is used to secure the software. In today’s era, we are using much software, whether its money related or other software that you use in your daily life, but hashing will help you to make it more secure. You can make your software secure, so no one can crack your software or prevent hacking activities.

To understand the hashing in simple words, let’s take an example, suppose you have a software name ‘bitcoin’ when you hash its value through md5 (stand for Message Digest and 5 for version), the hash value will be = cd5b1e4947e304476c788cd474fb579a.

You can see the hash value of the bitcoin world, and if you will add one more word or replace one word from the keyword, then the hash value will completely change. Let’s take another example by adding the new alphabet in the existing keyword previously used, ‘bitcoin1’. What would be the hash value of this keyword? Well the value is c7d522224712ea0ba812bb890d4dcaaf

Well, you can see the difference between the previous hash value and the current hash value by just changing one word. So this is the reason the hash value is very secured. But it is secured at a certain level.

What is cryptography?

Cryptography is another form of security, and there are two main terms that are used in cryptography, encryption and decryption. Go to Bitcoin Digital platform and start your trading journey.

Let’s understand one by one these terms:

Encryption: Encryption means converting the data into a secured form. In simple words, encryption is the to make the file secure by encrypting it or by making it nonreadable, which means without the authorized user, no one can access the file or read the file, only the person who knows the password of the encrypted file can access the file.

Decryption: Decryption means converting the encrypted file into the decrypted file that means converting it to its original form. If you have encrypted a file and sent it to your friend, any third party or even your friend can not access or decrypt the file until you tell the password.

So there are two keys that are used in encryption and decryption and are very important for bitcoin security. No one can access your bitcoin wallet because you would have these keys, and you have to keep it secret for security purposes.

Symmetric key
The symmetric key is the very fastest way to encrypt and decrypt a file or software because the same key will use to encrypt the file and decrypt the file. So this key is secure at a certain level but not properly secured. You have the same key, and your friend has the same key and can access it by a third party.

Asymmetric key
The asymmetric key is the most usable key by blockchain for security purposes. This is a key that is slower than an asymmetric but more secured than it. In the symmetric key, the encryption and decryption keys are the same, but in the case of the asymmetric key, both are different keys. It includes public and private keys.

Public key: Public key is the key that is accessible to everyone that its name shows. Everyone can see this key, but nothing can be hacked with it.

Private Key: The second key is the most important key, also called the secret key. You must have to keep it safe because anyone can access your bitcoin wallet and spend your bitcoins. If a hacker got access to your bitcoin wallet accidentally, a hacker can see the bitcoin balance but cannot spend bitcoin because he does not have your private key. So private key is the most secured key to keep your bitcoin wallet safe and secure.

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