THE WORLD OF VIRTUAL CURRENCY: BITCOIN IN INDIAN PERSPECTIVE
Keywords:
bitcoin, digital currency, decentralizationAbstract
A crypto currency is a digital and virtual asset designed to work as a medium of exchange that
uses strong secure financial transactions to control the creation of additional units and verify
the transfer of assets. There are various kinds of digital, virtual and alternative currency.
Bitcoin is the first decentralized cryptocurrency, a form of an electronic cash. A digital
currency without a central bank or single administrator that can be sent from user to user on
the peer-to-peer Bitcoin network without the need for middle transactions. It was first released
as open-source software by a pseudonymous software developer going by the name of Satoshi
Nakamoto who introduced bitcoin in 2008. The intellect behind the idea was to create a medium
of exchange being independent of any central authority that could be transferred electronically
in a secure, verifiable and immutable way.
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