A cryptocurrency is a digital currency designed towork as a standard of exchange that uses cryptography for safekeeping.(D’Alfonso, Langer, & Vandelis, 2016). In the world forcryptocurrency, it has over 800 types of cryptocurrency for people to choose,but the most significant current widely used is Bitcoin. Satoshi Nakamoto wasfirstly established the Bitcoin, and Bitcoin is designed as a peer-to-peernetwork where prevents cash from double-spending.(D’Alfonso et al., 2016).
Bitcoin is a newform of secure currency that does not need a bank government agency ormiddleman to operate. As a result, it’s effects a certain part monetary systemoperates outside government regulation, threatens the consistency of financialsystems and financial sovereignty of countries.It is a fully digital currency and to exchangebitcoins between computer in a worldwide peer-to-peer network. The whole pointis sharing stuff like letting people make copies to download. The people withthe system just carry out transaction among themselves what is called adecentralized network or blockchain.
Blockchain uses as to structure all thedata and which allow the creation of decentralized digital ledgers where aperson cannot be hacking another transaction. Blockchain record every bitcoin transaction that hasever happened. Even though it is a central record, there is no official groupof people who update the ledger and keep track of everybody’s money like a bankdoes and it is decentralized. This means, anybody can volunteer to keep theblockchain up to date with all the new transactions. It’s all works becausethere’s a lot of people keeping track of the same thing and to make sure thatall transaction is accurate.Bitcoin one of the fastest growing assets in allhistory. The bitcoin system in the unit of account is bitcoin. Miners is knownas sovereign individuals and firms who own the governing computing power andparticipate in the Bitcoin Network.
Motivated by rewards (the release of newbitcoin) and transaction fees paid in bitcoin. They have an authority enforcingto decentralized the credibility of the Bitcoin Network(Kotobi & Bilen, 2017) . Bitcoin used asalternative units are mBTC (millibitcoin) and satoshi in a small amount ofbitcoin. A satoshi is one of the smallest amount inside bitcoin representing 0.00000001bitcoin divisible to eight decimals, one hundred millionth of a bitcoin.
0.001bitcoin is the same equal to a millibitcoin, one thousandth of a bitcoin or100,000 satoshi(Seetharaman, Saravanan, Patwa, & Mehta, 2017).