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Chapter 2 BACKGROUND Digital currencies have gained massive popularity these days. Bitcoin is the most popular digital currency having a total market capitalization of USD 71,882,552,340. It is the decentralized, distributed, peer-to- peer virtual currency also known as a cryptocurrency [2]. The creator of Bitcoin is known under the pseudonym, Satoshi Nakamoto. Satoshi Nakamoto's identity remains a mystery to date. Since it is decentralized cryptocurrency, it does not have a centralized control as the bank have. It does not depend on any third party to transfer the amount from user to user. It allows users to transfer money over the internet as easy as sending an email without having any middleman in between. 2.1 Centralized System As the name implies, centralization is the concentration of control of an activity or organization under a single authority. The currencies that we are using these days are fiat currencies which are transferred among the people under a centralized system. Whenever two parties want to transfer a certain amount of money, then it has to go through a third party which initiates the process and verifies the transaction. If user A, wants to transfer currency to user B, then user A initiates the process, then the third party (in this case, a supposed bank), receives the transaction notification, checks for the authenticity of the transaction and then finally approves it if the data are correct. After approval, the amount is transferred to user B. For this process, the bank takes a lot of time and a certain amount as a transaction fee. 4PDF Image | Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
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