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Bitcoin: A Digital Cryptocurrency

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Blockchain Technology: Applications and Challenges

Part of the book series: Intelligent Systems Reference Library ((ISRL,volume 203))

Abstract

Bitcoin is the largest cryptocurrency ever created and traded using a decentralized ledger known as the blockchain. Altogether, Bitcoin is a network in which every computing node is responsible to service the others and allows shared access to the data, known peer to peer (P2P) network, and provides an adaption of electronic-cash that supports e-payments. Such payments are transferred directly from transacting parties to the receiver without the requirement of any intermediary monetary body. Satoshi Nakamoto introduced bitcoin in 2009 and since then it has emerged as the most thriving cryptocurrency. Bitcoin is a globally accepted and immutable e-payment system of digital currency. All the electronic transactions performed using bitcoin are verified by the intermediate nodes called miners and then added as a block in the distributed ledger. Bitcoin blockchains are maintained by the miners running Bitcoin software. Bitcoin depends on Proof-of-Work (PoW) to confront double-spending by a distributed timestamping service. To ensure the operations and security of Bitcoin, all the transactions and their execution order must be available to all Bitcoin users. In addition to its security robustness, anonymity is the key attribute for its success. There are several factors like market-cap, the marketplace, miners-revenue, etc. which causes the rise and fall of the price of Bitcoin. This chapter focus on the factors that are responsible for the rise and fall of Bitcoin Price with a comparison with other Cryptocurrencies.

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Author information

Authors and Affiliations

  1. Pranveer Singh Institute of Technology, Kanpur, India

    Rohit Saxena, Vishal Nagar & Satyasundara Mahapatra

  2. Amity University, Lucknow, India

    Deepak Arora

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  1. Rohit Saxena
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  2. Deepak Arora
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  3. Vishal Nagar
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  4. Satyasundara Mahapatra
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Editors and Affiliations

  1. Department of Data Science and Artificial Intelligence, IcfaiTech (Faculty of Science and Technology), ICFAI Foundation for Higher Education, Hyderabad, Telangana, India

    Sandeep Kumar Panda

  2. School of Computer Engineering, KIIT University, Bhubaneswar, Odisha, India

    Ajay Kumar Jena

  3. School of Computer Engineering, KIIT University, Bhubaneswar, Odisha, India

    Santosh Kumar Swain

  4. School of Computer Engineering, KIIT University, Bhubaneswar, Odisha, India

    Suresh Chandra Satapathy

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Saxena, R., Arora, D., Nagar, V., Mahapatra, S. (2021). Bitcoin: A Digital Cryptocurrency. In: Panda, S.K., Jena, A.K., Swain, S.K., Satapathy, S.C. (eds) Blockchain Technology: Applications and Challenges. Intelligent Systems Reference Library, vol 203. Springer, Cham. https://doi.org/10.1007/978-3-030-69395-4_2

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