Friday, March 29, 2024

permanence

by Hideo Nakamura
permanence

## Permanence in Cryptocurrency
Cryptocurrencies are digital assets that use cryptography to secure and verify transactions. As such, they provide a unique degree of security and permanence due to the distributed ledger technology (DLT) underpinning them. This means that once data is written on a DLT-based blockchain network, it cannot be modified or erased without consensus from all participants on the network.

The permanent nature of cryptocurrency has several implications for users:
* Security – The immutability of cryptocurrency transactions makes them much harder to modify or erase than traditional financial systems, providing an added layer of protection against fraud and theft. In addition, users can be certain their funds will remain safe as long as they have access to private keys associated with their wallet address.
* Transparency – All transaction records stored on a public blockchain are visible by anyone who has access to the network’s nodes. This provides greater visibility into how funds are being used and prevents double spending issues common in traditional payments networks like credit cards or PayPal.
* Censorship Resistance – Because no central authority controls cryptocurrencies, governments or other external entities cannot censor transactions made over these networks unless they gain control over all participating nodes in the network simultaneously — an extremely difficult feat even for large organizations with considerable resources at their disposal.

Overall, permanence is one of the key features that make cryptocurrencies attractive for many users across various industries looking for more secure alternatives to existing financial systems. It ensures user confidence by protecting against malicious actors while also allowing individuals greater control over their own money without worrying about censorship from outside forces

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