Hi all super awesome traders! I’ve not been too active recently on my blog and YouTube channel and for that I am sorry. Reason being is I’ve been working on a slightly different topic – cryptocurrencies. I’ve been working to raise awareness and promote the use of cryptocurrencies in Estonia and also writing various cryptocurrency related articles for different cryptocurrency sites. Now I would like to share my love for Bitcoin and other cryptos with you. Firstly – what is Bitcoin.
Bitcoin – What is it?
You probably have already heard of the internet wonder that it is. If you’ve not paid too much attention to it you probably don’t know much about the technology behind it or how it works. Don’t worry, I’ll explain it all now. I have to warn you though, I am really into this stuff and will probably start babbling about how it will change the world soon, sorry.
Where do Bitcoins come from?
Bitcoins are created by mining – the process of using software that solves mathematical problems. The process is of adding transaction records to the blockchain. Blockchain is Bitcoin’s public ledger of transactions. Once a new block is confirmed the miner receives a reward, currently 25 BTC. This will change over time. Miners can also be incentivised with transaction fees. The mining complexity will grow higher over time and the reward will decrease. The maximum amount of Bitcoins is 21 million.