Abstract

Bitcoin is a digital asset and a distributed peer-to- peer payment system introduced as open source software in 2009 by developer Satoshi Nakamoto. It is a digital currency that can be transferred instantly and securely between any two people in the world. It's like electronic cash that you can use to pay friends or merchants. The payments in the system are recorded in a public distributed ledger called blockchain which uses bitcoin as its own unit of account. The bitcoin system has no central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. In this paper, an uncut elucidation of this system is produced.