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Hey, guys, welcome back and this lecture, we are going to discuss about their advantages as well

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as the disadvantages of cryptocurrency.

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So let's get started.

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Advantages of cryptocurrency.

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Let's see.

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Cryptocurrency hold the promise of making it easier to transfer funds between two parties without the

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need of a trusted third party, like a bank or a credit card company.

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Yes, the transaction process of cryptocurrency is pretty easy and convenient as a transfer is conducted

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through blocks in technology.

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There is no need of a third party organization like bank or government for the transfer of these virtual

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guarantees for transferring cryptocurrency is only the public key of a person is required.

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That's it.

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This town's father and stage secured by the use of public and private keys and different form of interactive

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systems like proof of work or proof of stake.

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OK, here in this course, we have not discussed our public and private lives.

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We are going to discuss them in this lecture.

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But in short, we can say that public keys and private keys help encryption alphabet convert.

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The private key can be considered as the pin of a bank account and the public can be considered as account

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number.

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Thus, as public and private deeds also play a key role in the encryption of a Bitcoin wallet and proof

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of what is an algorithm in the blocks in technology, which is used to confirm the transaction and form

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new blocks to the chain.

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Fund transfers are completed with minimal processing fees, allowing users to avoid the steep fees charged

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by banks and financial institutions for wire transfers.

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Well, as compared to the transfers fees taken by the banks or any other organizations, the transfer

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fee of the coins are very low indeed.

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So the transfer of bitcoins is really fast, secure and cheap.

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But that is one disadvantage against a drawback of Bitcoin transfers that they can be traced once U.S.

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or Bitcoin, no particular publicly.

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You cannot recover their bitcoin like we can do in the case of bank transfers.

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Let's move towards the disadvantages of bitcoins.

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The semi-autonomous nature of cryptocurrency is transactions make them well suited for a host of illegal

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activities such as money laundering and tax evasion.

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Well, the All Dark Web works on this drawback as well.

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The payment methods of illegal activities and in the form of bitcoins makes them perfect for scams like

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money laundering or tax evasion.

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On the other hand, the scammers are totally secure as after payment they cannot be tracked, but in

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the form of tracking the bitcoins are quite weak.

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Some governments have praised the bitcoins and several illegal vendors are caught.

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It is more secure and transaction friendly as compact bitcoins, benefits of privacy like protection

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for whistleblowers or activities living under the oppression of government at.

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Some cryptocurrency are more private than others.

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Yeah, as we discussed earlier, the crypto currencies provide more protection to people doing illegal

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stuff like whistleblower, for example.

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Those people are responsible for leaking several secret and confiscated data in a company that most

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probably they are working to.

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A competitor company was for a sum of money, which is usually paid in cryptocurrency.

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So this is one of the major disadvantages of cryptocurrency as they protect the people implementing

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illegal stuff.

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Begging the privacy aspect and the consideration, Bitcoin, for instance, is a relatively poor choice

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for conducting illegal business online, as we discussed earlier, the forensic analysis of Bitcoin

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Bitcoin doctrine has helped authorities to arrest and prosecute criminals.

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More privacy oriented coins do exist.

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However, such as Ethereum dash one zero or their cash, which are far more difficult to trace.

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But still a majority of illegal transactions are still implemented.

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And the form of bitcoins that about the advantages and disadvantages of crypto currencies.

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Let's now get some details about the private key private keys and public keys in the case of crypto

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currencies.

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So what are private keys and what are Republicans?

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Let's understand that.

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What is a private key?

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Apriority, also known as a secret key, is a variable in cryptocurrency that is used with an algorithm

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to encrypt and decrypt code.

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See, cryptocurrency are nothing but blocks of code which are protected by several encryption codes.

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Right.

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So secret keeps keys are only shared with the Keys generator, making it highly secure.

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Private Keys plays an important role in sematic.

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Cryptography is cryptography and crypto guarantees.

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We can compare the private key with the PIN numbers of a bank account, which is meant to kept private,

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but which is not to be shared with anyone.

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Also, unlike Benn's and account numbers and bank, the private keys and public keys are also responsible

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to encrypt and decrypt the transactions which are being shared or received publicly.

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Public key cryptography is a type of cryptography and which both the public and private keys are used

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for encrypting as well as for transfer of crypto currencies.

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The private key is meant to be kept private, whereas the public can be shared, which is further used

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as an address for transaction of cryptocurrency.

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So that's it for this lecture we discuss about the advantages as well as the disadvantages of cryptocurrency.

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Plus, we also discussed about the private keys and public keys.

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In the next lecture, we'll be going to a Bitcoin wallet and see the available crypto currencies will

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also discuss about Bitcoin trading and Bitcoin mining.

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See you in the next lecture.

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Thank you very much.