How Does Bitcoin Work?
There is a kind of account registration called "blockchain" behind the Bitcoin network. Digital records of every transaction in blockchain are merged into blocks. If only one letter or number is tried to be changed in a transaction block, all of the following blocks are affected.
The system allows two people to transfer Bitcoin or make payment to each other without a central authority such as a bank or payment infrastructure. The user sees only Bitcoin amount and transaction results in the digital wallet. If you have a public Bitcoin account, everyone can see how much Bitcoin is hidden on that account. They just do not know that the account belongs to you.
Due to the fact that it is an open account register, the error or fraud can easily be detected and fixed by anyone. The user’s wallet can verify the validity of each process. The authenticity of each process is protected by digital signatures corresponding to the sender addresses. Completion of the Bitcoin process may take several minutes, depending on the verification process and the trading platform. The Bitcoin protocol is designed to take 10 minutes for each block to be processed.