Cryptocurrency: Analysis of Payment Systems, Bitcoin Mining Process

This report provides a comprehensive overview of cryptocurrency, starting with an analysis of payment systems including cash, electronic payments, and digital cash. It delves into the types of cryptocurrencies, focusing on Bitcoin, its mining process, hash technology, data integrity, and consensus mechanisms. The report also addresses the pitfalls of Bitcoin, such as the risk of forks, energy wastage, price volatility, and scams. Furthermore, it explains the transaction lifecycle of Bitcoin, its transaction capability, legitimacy concerns, and associated risks, including regulatory, security, insurance, fraud, and market risks. This document is available on Desklib, a platform offering a wealth of study resources for students.