It is a digital currency token which was introduced in 2008. It can be exchanged electronically as it has no physical existence. It can be only transferred from one user to another worldwide. Maximum a bitcoin can be divided out to eight decimal places, therefore you can send 0.00000001 bitcoins to a person as the smallest fraction of it.
Penny of the Bitcoin world was created by Satoshi, an anonymous creator of btc. Btc is also the name of the payment network on which the Bitcoin digital tokens are stored and moved. This system is operated by a decentralized network of computers across the world that keep track of all Bitcoin transactions.
What is Bitcoin mining as process?
Bitcoin mining is a process through which new coins are generated and given to computers helping to maintain the currency network. The computer systems involved in the its mining are in a kind of computational race to process new transactions coming onto the network. The computer which win generally is the the fastest computers & miner gets a chunk of new Bitcoins. The reward is halved every four years.
Initially Every coin in existence was created through this process and given to a computer helping to maintain the records. Anyone can set a computer to mine Bitcoin but these days only mining professionals with specialized and specific hardware can manage to win the race. Currently till date about 16 million BTC have been distributed. There is a new winner about every 10 minutes until there will be 21 million Bitcoins in the world. This cap is expected to be reached upto 2140 therefore at that point no new Bitcoins will be created.
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