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Journal: International Journal of Computer Science and Mobile Applications IJCSMA (Vol.6, No. 1)

Publication Date:

Authors : ; ;

Page : 95-100

Keywords : Cryptography; Blockchain Technology; Bitcoin;

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Fortunately, we have entered in a world where most of the states of affairs are virtual. In this 21st century, the biggest mystery has solved. A big question about virtual currency got its answer. "A crypto-currency or a virtual currency is a decentralized currency based on cryptography for security purposes, works as a digital medium of exchange." Blockchain is the backbone of decentralized currency. The modernity of blockchain technology changes the payment system. Bitcoin as a crypto-currency become more famous in the past years. Satoshi Nakamoto introduced Bitcoin to the world in 2008. There are some countries where crypto-currency like Bitcoin is used for specific purposes. To make a complete and robust network, hardware wallets, mining network and microcomputers are required for infrastructure of crypto-currency. In this paper, we explained the working mechanism of crypto-currency. How it works when a transaction is requested by someone. Nodes of P2P network in which transaction is broadcasted, validates it and to fabricate a new block, the transaction is verified with another transaction. We will discuss the complete explanation of the working mechanism further. A probability is there to regulate the virtual currency in India so soon. The future of crypto-currency looks more promising due to increment in its users per year in India.

Last modified: 2018-02-16 21:12:48