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Category: Cryptography

Technically and Arithmetically Designed bitcoin

Bit coins are mathematically generated crypto currency. It is not managed by any bank or monetary authorization.  It is handled by the independent computers of various countries. The Bit coin network is a link between computers of the users and miners over the world. Thus, 1 BTC to USD transaction is unique and mysterious. The user’s bit coins belong to their public key that denotes address of the user. Using the private key, transaction is possible with simple methods. The public key and the private key is a cryptographic system. These keys are a combination of huge numbers and characters. It is hard to break or hack these secured networks. The bit coins are locked inside the magic combination of digits and letters.

Bit coin owners can trade with another user without any interruption or disturbance. This is a peer to peer transaction system. No need for any permission from the higher officials to transfer their bit coin. The verification process only takes a small amount of time during the transaction. These keys, security system and verification method is a mathematic design.

Similar to the ATM and net banking, user can send or receive the bit coin from their place. This transaction process is like a traditional transaction and file sharing process. This decentralized crypto currency can be transacted for money, product or any service. The classification of 1 btc to usd transaction is up to the seller and receiver. The transaction process is carried out by the block chain network. Block chain is a group of many technical terms. As, user to user transaction is broadcasted to the block chain computer network.

Miners of the bit coin network solve the puzzles of mathematic function to create a new bit coin. Using their computer, miner create and verify the transaction. The cryptographic security system protects the available balance of the owners. The verification process made by the miners also belongs to that security system.