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ramyrams authored Mar 7, 2018
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Rarer than gold? There will only ever be 21 million bitcoins produced
It will take until about the year 2140 to get them all.
Bitcoin restricts the number of blocks that can be mined to about 1 every 10 minutes using the difficulty.
This results in a controlled release of new bitcoins via the coinbase.
Once all the bitcoins have been mined then the coinbase will only contain transaction fees.

How many have been mined so far? Over 15 million.

Blocks that are no longer on the longest chain are called orphaned blocks.

How long does it take to get these confirmations?
Typically each confirmation takes about 10 minutes. Therefore in about an hour any transaction is irreversible.


How does the miner get the transaction fees?
The fees are added to the coinbase which is paid to an address owned by the miner. They are not redeemable for about 100 blocks.

Every so often when the price of a bitcoin has stabilised for a reasonable duration (many months) the fee is adjusted by collective agreement. Currently it is 0.5mBTC which is less than 0.02 USD.


So each transaction has a parent and so on?
Yes. The sum of all bitcoins paid into Bitcoin addresses that you own is your total balance.

1. You want me to send you a diamond through the post.
2. You send me an empty metal box containing an unlocked padlock.
3. I put the diamond in the box. I also put my own unlocked padlock in there. Then I lock the box with your padlock.
4. Now nobody can open that box except you so I send it through the post.
5. It arrives and you use your private key to open your lock.
6. You examine the diamond, and you want to send me payment (in cash) so you put the pile of notes in the box and lock it with my lock.
7. Now nobody can open that box except me, so you send it through the post.
8. It arrives and I use my private key to open my lock.

In the world of cryptography, the padlock is called the "public key" because it is out in the open (public) and only a single private key will unlock anything protected by it.

Also, in cryptography a "key" is just a very large number. So we have a "public very large number", and a "private very large number".


FAQ




https://crushcrypto.com/
https://cryptobriefing.com/quantstamp-ico-review-and-token-analysis/#1507666904032-fca03ddf-4ab4
https://www.investitin.com/quantstamp-review/
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