From 9e2ac0a4962eca2208537185f46cf25e7edcc8dc Mon Sep 17 00:00:00 2001 From: Ramaswamy P Date: Wed, 7 Mar 2018 14:41:54 -0600 Subject: [PATCH] Update dd.md --- dd.md | 42 ++++++++++++++++++++++++++++++++++++++++++ 1 file changed, 42 insertions(+) diff --git a/dd.md b/dd.md index 6a68a61..0e51d90 100644 --- a/dd.md +++ b/dd.md @@ -1,4 +1,46 @@ +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/