Popular cryptographic electronic cash is called Bit coin. Without any intermediates, this decentralized cash can be sent or received using a block chain network. This network is a link between numerous independent computers. In this peer to peer transaction process, interest or extra fees for the middle man is not required. The transaction is more secured and transparent. The user can also track the previous transaction record. The owners of the bit coins only transact their belongings. There is no hacking and corruption occurs during the 1 BTC to USD transaction.
In the normal banking process, clients have a panic and fear about the hacking thieves. It also takes more time to transact the money while comparing with the bit coin transaction. Bit coin transactions are made between two addresses. The bit coin address is 16 characters which is mathematically secured encrypted address. There is no interference of individuality address in the real-world. 1 btc to usd transaction will be held between the random characters. No one can recognize the user’s real-world identity by tracing the bit coin address. Even the user also cannot spot if they transact their bit coin to the person in their street or any other person in the world.
To buy the bit coin the user has to download the software namely wallet in their device. After using the online exchange progression, the user can deposit the money and purchase the bit coin. The bit coin wallet has to be installed once. Using that, user can buy a new bit coins or sell their bit coins to another user of the network several times.
Before the transaction process, different verification stages take place namely the mining process. After the confirmation transaction will be done automatically. No users or miners can stop the transaction after the verification procedure. After the verification process, a secured transaction will be done within a couple of minutes.
