• Ms. S. Arul Vallarasi

Bitcoin is a digital currency, a form of electronic cash. It is a decentralized crypto currency without a central bank or single administrator that can be sent from person to person on the peer-to-peer Bitcoin network without the need for third parties. Digital transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a Blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and was released as open-source software in 2009. Business on internet depends almost solely on financial institutions serving as trusted third parties. Financial institutions like bank uses centralized sever which is used to keep all the transactions carried out through the bank. If a hacker outbreaks the transaction of a server, the transaction details could be changed. So is the emergence of the decentralised the electronic payment which is system based on histotrophic proof instead of the faith and allows any two interested parties to transact directly without the requirement of the trusted third party.

Bitcoin, Blockchain, Digital Signature, Distributed ledger

"Bitcoin – A Bottom up Approach from a Common Man’s Perspective ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 5, page no.660-663, May-2019, Available :http://www.jetir.org/papers/JETIR1905R97.pdf

"Bitcoin – A Bottom up Approach from a Common Man’s Perspective ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 5, page no. pp660-663, May-2019, Available at : http://www.jetir.org/papers/JETIR1905R97.pdf