BITCOINS- FUTURE CURRENCY

Bitcoin (BTC) is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works without a central repository or single administrator. Bitcoins are based on an open-source cryptographic protocol that is independent of any central authority like a Central Reserve Bank or another administrative institution. Bitcoins are created and administrated decentralized within a computer based network. The bitcoins can be used for many transactions in devices like mobile phones, tablets, personal computers and so on. Bitcoins also has economic benefits. Use of bitcoins is cheaper compared to credit card fees. This is also the reason why many merchants and traders have started using bitcoins for money. In this paper, it has been summarized that what is bitcoin, how it evolved, its designing that includes the concept of blockchain, economy, in art, media and entertainment, how it is different from other cryptocurrencies and then finally the conclusion.