Hi All,

First post so please be gentle!. I'm trying to get familiar with crypto currency and understand 'how it works'. I've reached a block and I'm hoping someone can shed some light on a particular point.

I understand the process of using public and private keys, back from the time when Phil Zimmermann created PGP. PGP allowed a user to encrypt a file, eg: an email/file (technically, just a bunch of ones and zeros) so that when the other user decrypted the file, they would see the words/file again. Or, to phrase it another way, the encryption was just a 'wrapper' for the content - ie, the words in my email or the file I sent.

Now, if someone sent me a bitcoin, how would I know what I was looking at? With an encrypted email, once decrypted I would be able to see something (text/file) and realise that I had actually received something. But, if someone sent me a bitcoin, what would I be looking at when I decrypted with my private key? A file filled with ones and zeros? Or maybe a simple text file with words inside saying, "Hey, this is 1 bitcoin!"

Can someone shed some light on what it I actually receive when I purchase a bitcoin and how I can verify that what I have 'in my hands', is actually a bitcoin and not just a bunch of ones and zeros? I understand that the blockchain is supposed to verify what is what but, what if I wanted to pass my bitcoin directly to you without the blockchain. Again, how would I know, what I received - was a bitcoin?

Thank you for your time and patience with my lack of understanding!

Regards,

Staffs Lebowski..

First of all brother , illegalisation of bitcoin is not that easy , though bitcoin is a decentralised currency, it doesn’t mean that there is no one who regulates the things for bitcoin, there are bunch of governing people who regulates such a huge crypto currency and yes’s when you receive bitcoin you will receive an notification, telling you that your account is credited with this amount of bitcoin and then there will be confirmation message by the block chain also , so in all these cases fraud is very rare.