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Bitcoin

Say there is a coin that is worth hundreds of US dollar but it is not made up of gold platinum or silver and cant be stored in piggy bank and so on. So it is a coin that is stored electrically and is a digital currency. And yes today i am talking about the bitcoin. The bitcoin act as a currency but doesn't have any authority or person to keep the track of the currency but they have volunteer. The bitcoin is the safest form of money and is manged by cryptography so the bitcoin is also called cryptocurrency. In the bitcoin you can transfer the money like any other ordinary account but this has to be verified by numerous volunteer. But how do they verify it? While making the account of the bitcoin we are given a private code and the there is another code called public code. So when the user transfer the bitcoin to another account he have to give code and it is matched with the public code. 
If bitcoin is digital currency then why is it not hacked? It is because there require several data and several ledger are to be checked before the bitcoin is added to any account and according to the data one bitcoin can occupy a ledger of with about 120GB data. The ledger where the data of the user is kept is called block chain. The volunteer maintain the block chain. There are many block chain so the transaction may not take place at instant rather it may take some time. 
When the user transfer the bitcoin then the system uses the hash function to complete the transaction and the the solution of the hash function depend on the answer given by the special type of computer. The volunteer spend millions of money in the computer to keep the ledger safe but why??? Every time a volunteer solve a problem then the bitcoin provide them with some coin and is known as mining. So bitcoin can also be used a profession for some people.
The bitcoin is can be used as a medium to be pay other person with the money. The fraud in the bitcoin can be known at instant by checking the ledger of the person. It is the safest method as bitcoin cant be seized. So we can say that bitcoin is used by lots of people. 


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