Make A Secured and Decentralized Payment Using A Web Based Network

Cryptography April 13, 2020 at 4:41 am 0 comments

Bit coin is an emerging payment process. Bit coins are not subjected by the government or private bank. It is the largest eminent crypto currency in the world. In 2008 a pseudonymous operating system developer proposed the Bit coin payment based on electrical exchange and mathematical proof. Group of Volunteer coders maintain the bit coin network. It is an effective, profitable and riskless financial payment process. Block chain registers the new entries of bit coin for its address. 1 BTC to USD is similar to the traditional web-based payment process but decentralized. It is not a physical currency, it is computerized. The account, balance, transaction statement, and all the details are maintained electrically. The decentralized open database ledger system stores these bit coin details is block chain. Based on mathematical and electronic algorithm computers create and save the bit coins as strings of letters and numbers which is linked together.

Similar to email managing, the bit coin account operation is easy. It is not essential for the recipient to use the same service provider operating system or wallet user. If the recipient bit coin address is known, then the transaction process is easier. There are no holidays or rest for the bit coin transaction. At any time, the simple and safe transaction can be done all over the world. Bit coins can be transferred to different nations within less time. Like the banking process no need to wait during the holiday. There is no limitation and extra charges for international transactions. Even if it is 1 bit coin or 100000 bit coin, it can be transacted for the same charges.  Depends on the size and owners demand, the fee and speed of transactions vary. For normal transactions, charges are reasonable and there are no extra charges. Like physical money and credit cards, no other users can handle the owner’s money. The secured verification process will be executed before the 1 btc to usd transaction.