Around 2009 a new concept of currency was introduced. The concept seemed a little vague about the usage of this currency but two years later, Bitcoins has emerged as a fast catching trend. Proclaimed as a decentralized digital currency, more people and business have started using Bitcoins. Though the currency is still in its experimental stage regular updating and frequent tweaking is done to improve it in every way possible. Unlike other banking networks Bitcoins are not controlled by anyone. The network has a set of protocols protected by cryptography. It’s a new payment system which has no central authority other than the cryptography (open source software working with the laws of mathematics) which handles the creation and transaction, making it impossible to cheat around the system. The Bitcoins share a public ledger (block chain ledger) where every transaction is recorded making it a prominent triple entry bookkeeping system and a transparent recorder. Using the peer to peer system and
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