Mechanism of the Bitcoin’s Operation
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Abstract
This paper studies the mechanism and operation of the bitcoin under the blockchain technology. The benefits of the article educate the knowledge, not only to promote the new investment but also to keep space with today’s economics. This study used secondary data about prices of bitcoin from January 2015 to February. The result shows that world's first digital currency was invented by Santoshi Nakamoto in 2008. The mechanism of the creation the bitcoin divided in two ways. First, the bitcoin mining which transaction invests the giant hardware for adding opportunities the high returns. Second, the trading in the bitcoin by accessing the internet website that have service exchange. The security in the bitcoin system uses the blockchain technology that is high securities. It distributes data to multiple users in the same system, where everyone shares the same data in blocks of equal size. This technology can monitor each other and always more difficult to counterfeit. Conclusion, this technology is high security, and the bitcoin is the one digital currency that interesting and fascinating for many arbitragers and organizations.
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