Research Paper Bitcoins
Invented By Satoshi Nakamoto
Published On 31 October 2008
- Bitcoin is a digital asset, was often called as Cryptocurrency.
- It is an innovative method of money transaction in the digital world.
- Transaction of this bitcoins is handled and verified by “Minors.”
- Minors secure these Bitcoin network transaction.
- Bitcoin provides Low processing fees.
- It is a fast Peer to Peer transaction.
Now the world is moving around Bitcoin network transaction which is entirely safe and secure. Your account cannot be frozen. It is not operated by central authority banks or any other organization but by a network called “Minor.” A minor system is used to manage transaction and issues caused by them. A Peer-to-Peer Electronic Cash system was implemented as an open source code and released in January 2009.
We know that bitcoins are the next generations network payment method which replaces the current regime. It is a new way of money which transacted online. Bitcoins has the main advantage in categories such as Low processing fees, peer to peer transaction and Worldwide payment. Paying online is very comfortable and more productive. Bitcoins are OPEN SOURCE CODE, and anyone can review the code.
- The design is completely open to the public, and any individuals do not own it. Nobody to control bitcoins and everyone can take part in it. A Bitcoin transaction is done by the following method.
- From the above figure, you could realize how the Bitcoin transaction is madeis completed. Here the transaction is done between Bob and Anna. Miner network verifies the process and allows transaction between two customers where there is no interruption of banks in-between. Bob and Anna job is done After the process is completed, then the job is done between Bob and Anna. The below figure could explain you everything about the job completion.
What is the strategy behind Bitcoin?
Are you eager to know how bitcoin works? Then here is a bit solution to describe you how bitcoin works along the network.
- Bitcoins are worldwide decentralized peer-to-peer network.
- Miners create Bitcoins to solve mathematical functions.
- Bitcoin exchanges will trade betweens conventional currencies and Bitcoin.
- Business creates a wallet to enable a Bitcoin payment.
- Users download a Bitcoin “Wallet” that works as an email address providing a way to store and receive currency.
- Transferring is possible in Bitcoins from one wallet to another using a web browser.