How Bitcoin Works?
Bitcoin is one of the first digital
currencies to use
technology to facilitate instant
payments. The independent
individuals and companies who
own the governing computing
power and participate in the
Bitcoin network, are comprised
of nodes or miners. "Miners," or
the people who process the
transactions on the blockchain,
are motivated by rewards (the
release of new bitcoin) and
transaction fees paid in bitcoin.
These is aminers can be thought of
as the decentralized authority
enforcing the credibility of the
Bitcoin network. New bitcoin is
being released to the miners at
a fixed, but periodically declining
rate, such that the total supply
of bitcoins approaches 21 million.
As of July 2020, there are
roughly 3 million bitcoins which
[3]have yet to be mined. In this
way, Bitcoin (and any
cryptocurrency generated
through a similar process)
operates differently from fiat
currency; in centralized banking
systems, currency is released at
a rate matching the growth in
goods in an attempt to maintain
price stability, while a
decentralized system like Bitcoin
sets the release rate ahead of
time and according to an.thank you.
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