Technology Behind the Success of Bitcoin

Abstract

Bit coin is a type of crypto currency and worldwide payment system. It allows system to work without a central bank or single administrator and the first decentralized digital currency. Bit coin was invented by an unknown person or group of people under the name Satoshi Nakamoto. The network is peer-to-peer and transactions between the users are direct which are verified by network nodes through the use of cryptography and recorded in a public distributed ledger which is replicated, shared and synchronized digital data called a block chain. Block chain is used as the core technology for the transaction of bit currency, as block chain uses the concept of public and private key. People might think that the lack of control could mean chaos, but this is not true at all because the technology (block chain) behind bit coin is one of the most accurate and secured ever created.