Bit coin is a digital currency introduced to make an easy and quick transaction electronically. It is a user to user transfer method. Bit coin account is maintained with two factors like public key and private key. The public key is similar to the bank account number which is public to the user and recipient. This is the initial thing verified during verification for a transaction called bit coin address. This is visible to the users all over the world. Using this account id, bit coins are transacted. The other one is a private key which is similar to ATM PIN. It is a secret code used during the transaction. Private keys are confidential and only known to the account owners. It is a kind of security service to handle the transaction safely. The examining process held before the 1 BTC to USD transactions is called mining. If an individual person or a company owns a bit coin account they are miners. Miners are also a part of the bit coin distributed network.
New bit coins are released periodically for the miners at a fixed rate. The network maintains the rate according to the time and algorithm. In the mining process, different verification process takes place for secured transaction. During the transaction, new blocks will be added to the block chain. So the 1 btc to usd verifications are hard to trace and record the transaction process happening among the miners of the bit coin network.
Bit coin wallet is a digital gadget used by the owners to track their accounts. As the name indicates, it doesn’t hold or store the bit coins. Bit coin is a decentralized digital currency that cannot be stored in the wallet. If the user wants their account details, then they can make use of the bit coin wallet to know the details they need. Bit coin is a type of crypto currency that is stored in a ledger called a block chain.