Re: bitcoins

#2
adoyleleiva1991 wrote:
February 7th, 2018, 8:58 pm
How are bitcoins created?
The new bitcoins are generated by a competitive and decentralized process called "mining". This process is based on the fact that individuals are rewarded by the network for their services. Bitcoin miners process transactions and secure the network using specialized hardware and collect bitcoins in exchange for this service.

The Bitcoin protocol is designed so that new bitcoins are created at a fixed rate. This makes bitcoin mining a very competitive business. The more miners access the network, the greater the difficulty in obtaining benefits and the miners must seek the greatest efficiency to reduce their operating costs. No central authority or developer has the power to control or manipulate the system to increase its benefits. Every Bitcoin node in the world will automatically reject everything that does not conform to the standards expected of the system to follow.
0 x

Re: bitcoins

#3
josehernandez wrote:
February 7th, 2018, 9:11 pm
adoyleleiva1991 wrote:
February 7th, 2018, 8:58 pm
How are bitcoins created?
The new bitcoins are generated by a competitive and decentralized process called "mining". This process is based on the fact that individuals are rewarded by the network for their services. Bitcoin miners process transactions and secure the network using specialized hardware and collect bitcoins in exchange for this service.

The Bitcoin protocol is designed so that new bitcoins are created at a fixed rate. This makes bitcoin mining a very competitive business. The more miners access the network, the greater the difficulty in obtaining benefits and the miners must seek the greatest efficiency to reduce their operating costs. No central authority or developer has the power to control or manipulate the system to increase its benefits. Every Bitcoin node in the world will automatically reject everything that does not conform to the standards expected of the system to follow.
Bitcoins are created at predictable and decreasing speeds. The number of bitcoins created each year is reduced by half automatically over time until the bitcoin emission stops completely when it reaches 21 million bitcoins. At this point, bitcoin miners are likely to be held exclusively by the numerous small transaction fees.
0 x

Re: bitcoins

#4
adoyleleiva1991 wrote:
February 7th, 2018, 8:58 pm
How are bitcoins created?
In effect, cryptographic currencies, such as Bitcoin, are generated using certain algorithms, and to achieve them, as well as to manage transactions, process power is needed. Putting your computer to work to create new blocks and approve transactions is what is known as mining Bitcoins.
0 x

Re: bitcoins

#5
josehernandez wrote:
February 7th, 2018, 9:11 pm
josehernandez wrote:
February 7th, 2018, 9:11 pm
adoyleleiva1991 wrote:
February 7th, 2018, 8:58 pm
How are bitcoins created?
The new bitcoins are generated by a competitive and decentralized process called "mining". This process is based on the fact that individuals are rewarded by the network for their services. Bitcoin miners process transactions and secure the network using specialized hardware and collect bitcoins in exchange for this service.

The Bitcoin protocol is designed so that new bitcoins are created at a fixed rate. This makes bitcoin mining a very competitive business. The more miners access the network, the greater the difficulty in obtaining benefits and the miners must seek the greatest efficiency to reduce their operating costs. No central authority or developer has the power to control or manipulate the system to increase its benefits. Every Bitcoin node in the world will automatically reject everything that does not conform to the standards expected of the system to follow.
Bitcoins are created at predictable and decreasing speeds. The number of bitcoins created each year is reduced by half automatically over time until the bitcoin emission stops completely when it reaches 21 million bitcoins. At this point, bitcoin miners are likely to be held exclusively by the numerous small transaction fees.
good point!! :D
0 x

Re: bitcoins

#6
adoyleleiva1991 wrote:
February 7th, 2018, 8:59 pm
Why are bitcoins worth?
Bitcoins have value because they are useful as currency. It has the characteristics of money (durability, portability, fungibility, scarcity, divisibility and recognizability) based on mathematical properties instead of relying on physical properties (such as gold and silver) or relying on centralist authorities (such as fiat currencies). In short, Bitcoin is backed by mathematics. With these attributes, all that this kind of money needs to maintain its value is trust and adoption. In the case of Bitcoin, we can measure it with its growth in users, merchants and nascent companies. Like any currency, the value of Bitcoin is obtained directly and directly from people who want to accept it as payment.
0 x

Re: bitcoins

#7
rociaortega wrote:
February 7th, 2018, 9:20 pm
josehernandez wrote:
February 7th, 2018, 9:11 pm
josehernandez wrote:
February 7th, 2018, 9:11 pm


The new bitcoins are generated by a competitive and decentralized process called "mining". This process is based on the fact that individuals are rewarded by the network for their services. Bitcoin miners process transactions and secure the network using specialized hardware and collect bitcoins in exchange for this service.

The Bitcoin protocol is designed so that new bitcoins are created at a fixed rate. This makes bitcoin mining a very competitive business. The more miners access the network, the greater the difficulty in obtaining benefits and the miners must seek the greatest efficiency to reduce their operating costs. No central authority or developer has the power to control or manipulate the system to increase its benefits. Every Bitcoin node in the world will automatically reject everything that does not conform to the standards expected of the system to follow.
Bitcoins are created at predictable and decreasing speeds. The number of bitcoins created each year is reduced by half automatically over time until the bitcoin emission stops completely when it reaches 21 million bitcoins. At this point, bitcoin miners are likely to be held exclusively by the numerous small transaction fees.
good point!! :D
thanks
0 x

Re: bitcoins

#8
rociaortega wrote:
February 7th, 2018, 9:21 pm
adoyleleiva1991 wrote:
February 7th, 2018, 8:59 pm
Why are bitcoins worth?
Bitcoins have value because they are useful as currency. It has the characteristics of money (durability, portability, fungibility, scarcity, divisibility and recognizability) based on mathematical properties instead of relying on physical properties (such as gold and silver) or relying on centralist authorities (such as fiat currencies). In short, Bitcoin is backed by mathematics. With these attributes, all that this kind of money needs to maintain its value is trust and adoption. In the case of Bitcoin, we can measure it with its growth in users, merchants and nascent companies. Like any currency, the value of Bitcoin is obtained directly and directly from people who want to accept it as payment.
thanks for the information @rociaortega
0 x
Post Reply

Return to “Beginners & Help”

cron