Day 5
Chapter 1
Who Oversees and
Regulates Bitcoins?
Bitcoin currency is completely
unregulated and completely
decentralized. There is no national bank
or national mint, and there is no
depositor insurance coverage. The
currency itself is self- contained and un-
collateraled, meaning that there is no
precious metal behind the bitcoins; the
value of each bitcoin resides within each
bitcoin itself.
Bitcoins are stewarded by 'miners'
, the
massive network of people who
contribute their personal computers to
the bitcoin network.
Miners act as a swarm of ledger
keepers and auditors for bitcoin
transactions. Miners are paid for their
accounting work by earning new bitcoins
for each week they contribute to the
network.
Next TopicSmile
Why is there only 21
Million Bitcoins?
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