The first mathematical currency
Bit coins have special points. The money system is based on mathematics. Bitcoin can be exchanged for money on the exchange, but it is designed to be solved by solving math problems without paying money. This is the core of the Bitcoin operating system.
Usually, there is a financial institution such as a bank or a credit card company as an intermediary between a seller and a consumer in an Internet transaction. The financial institution withdraws the money from the account of the consumer who purchases the product and delivers it to the seller. And record the contents on official books such as passbooks. The financial institution plays a role of relaying and guaranteeing such transactions, and receives a portion of the transaction amount as commission. But bit coin does not follow this structure. This is because all the bit coin users are witness to the transaction so that they can secure transactions without a bank. Solving math problems is part of the process.
For example, in a bitcoin system, when A sends a bit coin to B while purchasing something, he only needs to write down the recipient's electronic wallet address and the amount of money he or she is sending, just like sending an email. The transaction automatically changes to a password. The bit coin system collects these transactions in units of ten minutes and records them in the books shared by all users. At this time, the right to record the book and a bit coin of a certain amount are given to one of the users, and the beat coin to be paid is the newly issued money. Users have to solve mathematical problems while competing to get beat coins with prize money.
But the mathematical problem that must be solved by those who compete to get a bit coin is to solve the encrypted transaction. The bit coin system encrypts transactions in the form of 'public key cryptosystem'. Public key cryptography is a cryptosystem in which the method of creating and disabling the password is different.
For example, among various public key cryptosystems, the method called 'RSA' encrypts a message using a 'public key' made up of natural numbers. To recover this message, you need to know the secret key, which is the two prime numbers that are public keys when multiplied. To find this prime factor, you should review each combination of the public key's small number of digits, not the special formula. Even if the number of digits of the public key exceeds 100 digits, it becomes a secure password because it takes a long time to calculate it for a few thousand years on a supercomputer.