A purely peer-to-peer version of electronic cash would allow payments to be sent and received directly from one party to another , allowing parties to transfer funds across countries without any restrictions . Digital signatures prevent double spending , low transfer fees allows moving huge amounts with very less fees. Proof of work allows each transaction to be verified and confirmed . Anonymity allows users to use the coin anywhere and anytime.
When bitcoin was launched it was revolutionary allowing people to transfer money to anytime and anywhere with very low transaction fees . It was decentralized and their is no third party involved in the transaction , only the sender and receiver were involved. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.
Bitcoin was made so that it would not be controlled or regulated but now exchanges and governments are regulating bitcoin and other cryptocurrencies at every step. Aryacoin was developed to overcome these restrictions on a free currency.Aryacoin _ A Peer-to-Peer Electronic Cash System