Encrypting data in .NET

Encrypting:

using System.Security.Cryptography;
...
string password;
string encryptedPassword = Convert.ToBase64String(
    ProtectedData.Protect(Encoding.UTF8.GetBytes(password), null,
    DataProtectionScope.CurrentUser));

Decrypting:

using System.Security.Cryptography;
...
string encryptedPassword;
string password = Encoding.UTF8.GetString(ProtectedData.Unprotect(
    Convert.FromBase64String(encryptedPassword), null,
    DataProtectionScope.CurrentUser))