09 Oct '13, 4pm

The mathematician's defense of Bitcoin: It's just another option

Well, if that were the case, we'd have bigger problems because all of our passwords would be vulnerable; people could break bank encryption; the secret communications the NSA uses and the government uses would all be decryptable. I'm a cryptographer and a mathematician. We and the U.S. government, and the world as a whole, has trust in the cryptography that's used in Bitcoin. And it involves what's called a public-key cryptosystem. So you have a public address that you can expose to the whole world but then you have this private address that only you know. You have to have the private address to spend your money. To receive money, you can just give out your public address, and that's safe and secure. It's the way key exchanges work between you and your bank or you and Amazon.

Full article: http://www.pbs.org/newshour/rundown/2013/10/the-mathemati...

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