1. Introduction

It is the common consensus, belief and the perception that gives value to the bitcoin. All the participants in this system have consensus on the following − Bitcoin was the first practical implementation of blockchain technology and is currently the most significant triple entry bookkeeping system globally. In a bitcoin ecosystem, access to entire source…

We shall now see how a new block of bitcoin transaction is created. A bitcoin miner creates a block by using the following steps − According to the statistics, in October, 2015, blockchain.info site stated that, the average number of transactions per block was 411, and as of May 2018, the current number of pending…

We can make bitcoin transactions as we do with our familiar fiat currencies. While we use Bitcoin, the purchaser is actually referenced to our digital signature, which is a security code encrypted with sixteen different symbols. The purchaser decrypts the code with his device to get the cryptocurrency. Therefore we can say that cryptocurrency is…

Bitcoin was conceptualised in the wake of the 2008 financial crisis in the form of a whitepaper by a pseudonymous individual (or group) known as ‘Satoshi Nakamoto’. Nakamoto’s identity has never been confirmed although speculators and enthusiasts have purported several suspects over the years. Although Satoshi Nakamoto was the first person to successfully create a…

Bitcoin trading refers to the act of buying and selling Bitcoin via an exchange platform. In short, Bitcoin can be traded in many ways. The first way is to indulge in buying and selling of BTC on a cryptocurrency exchange. Another way of trading in Bitcoin is by means of derivative financial instruments, such as…

Unlike credit card networks like Visa and payment processors like Paypal, bitcoin is not owned by an individual or company. Bitcoin is the world’s first completely open payment network which anyone with an internet connection can participate in. Bitcoin was designed to be used on the internet, and doesn’t depend on banks or private companies…

Bitcoin is regarded as the first decentralized cryptocurrency using blockchain technology to facilitate payments and digital transactions. Instead of using a central bank to control the money supply in an economy (like the Federal Reserve in tandem with the U.S. Department of the Treasury) or third parties to verify transactions (such as your local bank, credit…