Bitcoin: A Meticulous Analysis

Abstract

Bitcoin is the worldwide crypto currency and it is the digital payment system known as the decentralized digital currency. All the transactions are recorded in a public ledger known as block chain. It has no central authority or no single administrator. This paper studies about the technical view of the bitcoin system, the problems faced in the peer-to-peer network, schemes used for improving the quality of transactions, and also the security issues faced by the user while proceeding with these transactions. It includes the major advantages of bitcoin transactions and its worldwide usage. The other side of bitcoin includes the usage of it in ransom ware attack and in other illegal activities. Finally this paper also comprises why bitcoin is not widely accepted in India.