The exuberant role of bitcoins in shaping a digital future
Bitcoin is a decentralized virtual currency that uses a peer-to-peer system to authorize and verify transactions. It is the world’s leading digital currency used by people around in the world. Bitcoin is an arrangement amongst a community of people to use 21 million secure mathematical tokens, i.e. –
“Bitcoins” as currency. The Bitcoin network is made up of thousands of computers run by individuals all over the world.
This paper elucidates the various components of a Bitcoin transaction, different types of Bitcoin wallets, ways to acquire Bitcoins, salient features and the way Bitcoin transactions work.