Bitcoin is a virtual currency which is based on a peer-to-peer or open-source concept of electronic cash transaction. This entire transaction or process is technically based on cryptography and to confirm the transaction, millions of distributed networked computers (BlockChain) are engaged to decode the encoded computations. In other words, we can define bitcoin price as an Innovative Online Payment system which is done through Mining.
The bitcoin is the most famous example of a cryptocurrency, the current value of a bitcoin being 6, 11,046.20 INR. The bitcoin was introduced into the circuit in the year 2009. As a coin has two faces, so does bitcoin price. Bitcoin is highly criticized due to its use in illegal trades. Although being heavily criticized, the cryptocurrency is used in a lot of investments worldwide.
The bitcoin transactions are recorded by a bitcoin blockchain. The blockchain is implemented as the chain of blocks containing a hash of the previous block up to the genesis block. The blockchain is maintained by a network node. These network nodes can validate transactions and have a copy of the ledger. The traffic in this circuit is so vast that every 10 minutes, a block is created and added to the chain.
The transaction is the kernel of every financial function. To facilitate transactions for this cryptocurrency, a fourth-like scripting language is used. Whenever a transaction is in process, a user sends the designated address and the number of Bitcoins being sent in an output. Transaction fees are optional for this cryptocurrency. Although miners have an upper hand in prioritizing which transactions to do. So, it is advisable to provide a transaction fee.