Author(s): Afshan Zameer, Pawan Kumar Chaurasia
Fortunately, we have entered in a world where most of the states of affairs are virtual. In this 21st century, the biggest mystery has solved. A big question about virtual currency got its answer. "A cryptocurrency or a virtual currency is a decentralized currency based on cryptography for security purposes, works as a digital medium of exchange." Blockchain is the backbone of decentralized currency. The modernity of blockchain technology changes the payment system. Bitcoin as a crypto-currency become more famous in the past years. Satoshi Nakamoto introduced Bitcoin to the world in 2008. There are some countries where crypto-currency like Bitcoin is used for specific purposes. To make a complete and robust network, hardware wallets, mining network and microcomputers are required for infrastructure of cryptocurrency. In this paper, we explained the working mechanism of crypto-currency. How it works when a transaction is requested by someone. Nodes of P2P network in which transaction is broadcasted, validates it and to fabricate a new block, the transaction is verified with another transaction. We will discuss the complete explanation of the working mechanism further. A probability is there to regulate the virtual currency in India so soon. The future of crypto-currency looks more promising due to increment in its users per year in India.