Sharif Digital Repository

In 2008, a decentralized and distributed payment solution called Bitcoin was born. Since then, it has made the payment industry think about banks and companies on the one hand and government authorities on the other. By using mathematics and cryptography, Bitcoin was able to eliminate the need for trust and in this way it was able to eliminate intermediaries such as banks. In traditional financial affairs such as banks, the user must trust the bank and everything relies on the bank’s servers. While Bitcoin stores the history of transactions in a public and distributed ledger. This ledger is encrypted so that the state of the blockchain is always reliable. In Bitcoin’s decentralized and...