Bitcoin is the world's first decentralized digital currency and online payment system, which allows users to conduct transactions without the need of any third party intermediary (bank for example). The currency is secured by cryptography thereby making it impossible to duplicate. All transactions between the bitcoin users are verified by network nodes and recorded in open shared ledger referred to as the blockchain. A record of each transaction is shown in the log of the user as well. The bitcoin payment system uses a seed or a private key to prevent thieves from stealing the coins from the wallets and to prevent loss or duplication of the coins in the block chain. The process of confirming the transactions or record-keeping service is called mining. Due to the increased popularity of this type of financial transactions, processing of transactions required additional time. To solve this problem, you can use the recommended commission, after which your transaction will become more priority for implementation. This payment system is incredible secure, which makes it so remarkable.