A study of Analytics and Exploration of Bitcoin Challenges and Blockchain

Abstract

It has been a decade since the formation of the first cryptocurrency in the world. Bitcoin was The first ever crypto invented by Satoshi Nag moto in 2008. It is a digital currency or virtual currency which is not controlled by the central government and operates without a central bank or single administrator. Block chain technology is used in the cryptocurrency, the cryptocurrency block chain is the chain of the blocks, where each block contains a hash of the preceding block till the top block of the chain. A network gets formed by the blocks where block chain represents a public ledger of the transaction happened in the network. Bitcoin and other cryptocurrencies have seen a rise in the attention of different sectors in the last few years. It has been in the eyes of everyone for the perks. It offers to be comparable to a fiat currency structure of banking sector, stakeholders, government and individual investors. Although research and awareness about cryptocurrencies or digital currency are very less and it is on the initial stage, this paper provides an important look and guide about the different aspects of cryptocurrency. The authenticity of this paper is on the discussion at various intervals of law and regulation with the consumption of high energy, possibility of crash collisions and security threat on the network attacks. The relative observations on future of applications of bitcoin can be seen throughout the paper. © 2022 IEEE.