Bitcoinis specifically called as cryptocurrency. It basically acts as digital currency where transactions can be recorded at once if payment has done from account, it can be sent from person to person. It is in the form of coding process that which is considered as digital currency without central bank or administrator. The process of bitcoin is in the form of Block chain where encryption and decryption is performed. If by chance you are thinking of investing in bitcoin then you should first prefer knowing the capitalization of bitcoin with the help of coinmarketcap.
- Bit-coin is designed in the form of a coin where the transaction process is invisible, and it is terminated as coding process where it can understand only technical language(machine language).
- This digital currency is connected to the process of Public key and Private Key.
- Public keyact as key to the multiple users as when information is encrypted from single user to multiple users at the end of the process. (Here only individual user can see only the information sent to him and never he get to know the information which other user received along with him).
- Private Keyacts as a key to the single user, where information is encrypted from single user to another user.
- As bit-coin performs transactions from one end to another end it is performed in the manner of block- chain. Here the block-chain is defined in the form of records of transaction they are linked with cryptocurrency.
- Normally cryptocurrency acts as a receiver of payments on terms of block- chain.
- Bit-coin is meant to be called as chip where all the transactions are calculated invisibly that determines in a hidden manner.
The use of bit-coin is naturally done everywhere in the world wide. Such as banks, business, markets, companies etc. In case of buying and selling of products, the money transaction is done with the help of invented technology and which the Bit-coin is installed in the form of chip especially through smart cards as well as to electronic device like computer, smart phone etc..