Bit coin network never sleeps and is maintained easily like email. The framework of creating a new account and maintaining it is simple. If a person created a new account then a specific bit coin address generated for that person. The bit coin wallet can be installed in either mobile or computer using the address. After generating the account, that person can add further more. The units of bit coins, newly added units, spent units; transactions and available balance are monitored and stored in a block chain. The bit coin payment process is simple; they can scan the QR code of the wallet using a mobile and pay. Also, with the help of NFC radio technology, if the users touch their phone, payment will be done without any effort. There is no necessity to swipe a card and enter the pin for 1 BTC to USD transactions.
With the help of block chain, the transaction will be held. Transaction is based on transmitting the units of bit coin. Three steps involved during the transaction are private key, signature and mining. Private Key check examines the sign with respect to the mathematical evidence. This is the initial process that checks the sign of the owner account. And the second step is transaction should be done once with the examined date. No other transaction can be made with the previously verified details. Between 10 to 20 minutes, the transactions are screened using a network. This is the third process namely mining. It is a process based on a distributed network system that checks the transaction process.
No others can make the 1 btc to usd transaction on behalf of the owner. Military-grade cryptography protects the bit coin transaction. It is a strong protecting level which acts as a shield and defends from the thefts. The users and owners can make the secured transaction anytime.
