ABSTRACT
Bitcoin is the first cryptocurrency that works with the blockchain network. Bitcoin was created by Satoshi Nakamoto and he is the first man entered into the blockchain network. Bitcoin works with the concept of blockchain to avoid the double-spending problem in transactions. The basis of the Bitcoin protocol is a peer-to-peer system which means that there is no need for a third party. The biggest challenges of bitcoin are to check authentication, integrity, availability and confidentiality. All these challenges are taken care of very smoothly. The most important part of the Bitcoin system is the transactions. Transactions are basically data structures that encode the transfer of value between participants evolved in the Bitcoin system. Transactions in Bitcoin will be made by sending electronic payments. For assuring continuous service without any interruption, the fault-tolerant consensus protocol is essential to ensure that the participating nodes are agreed on the order.
