Bitcoin- Future Currency Of The World

Bitcoin is the first successful internet money based on peerto-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency.

- V. Lavanya & Dr. S. Jeyakumar

Introduction

It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process. Bitcoins are electronic currency, otherwise known as 'cryptocurrency'. Bitcoins are a form of digital public money that is created by painstaking mathematical computations and policed by millions of computer users called 'miners'. Bitcoins are, in essence, electricity converted into long strings of code that have money value.

Bitcoin is changing the way we see money as we speak. It is a decentralized peer-to-peer internet currency making mobile payment easy, very low transaction fees, protects identity, and it works anywhere all the time with no banking hours. Being the first successful online cryptography currency, Bitcoin has inspired other alternative currencies such as Litecoin, Peercoin, Primecoin, and so on.

Concept of Bitcoin

Bitcoin is a digital currency (also called crypto-currency) that is not backed by any country's central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment. Bitcoins are generally defined as a type of virtual currency, brought to life by the Internet, very powerful computers and the willingness of lot of people looking to embrace new forms of monetary exchange.

Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified.