Basics of learning #Bitcoin
#Bitcoin has a finite #Crypto supply because there are only going to be 21 million Bitcoins ever mined
#Satoshi Nakamoto first proposed #Bitcoin in a 2009 white paper as a means of payment based on #mathematics
The idea behind #Bitcoin was to create a #currency system that didn't involve Banks and instead would operate using a decentralized ledger known as #Blockchain
#Bitcoin is a virtual #currency held on computers and not controlled by any single bank, nation, or #monetary agency
#Bitcoin is anonymous, and the #cryptocurrency allows users to maintain multiple addresses, and setting up an address requires no personal information
#Bitcoin is created via a process known as mining. Mining for #Bitcoin is the digital equivalent of digging for #gold
#Bitcoin miners use powerful computers to compete with each other to “win” #Bitcoin by solving a math puzzle that gets harder and harder as more people try to win
The amount of #Bitcoin that miners can win decreases over time.
As #Bitcoin becomes more valuable and more scarce, more people are motivated to hoard it, which increases the value, which leads to more hoarding and drives the price up more
Lastly, lots of people maintain copies of the #Bitcoin network, called nodes. Nodes ensure that everything runs correctly and that #miners do their jobs according to the rules of the #blockchain system
They run a sophisticated type of ledger called a #blockchain that maintains a copy of every single #Bitcoin transaction ever executed
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