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Journal of Computer Engineering & Information TechnologyISSN : 2324-9307

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Bitcoin: Future Transaction Currency?

Bitcoin is a digital crypto currency that has attracted substantial interest in recent years from the general people, profit seekers, risk takers, academic practitioners and last but not the least, from economists. Most recently, particularly, after 2015, it has succeeded to gain even more attention for increase in value and volume of exchange. The Bitcoin system maintains a global, distributed cryptographic ledger of transactions, or block chain, through a consensus algorithm running on hardware scattered across the world. This paper basically discusses on the nature of crypto currency and block chain, how it works and present status of Bitcoin block chain in different countries around the world. The various aspects this technology in detail is yet to be revealed. The authors hope that this simple, basic and narrative paper will be helpful for those seeking the basic references regarding this newest issue.

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