Difference between revisions of "Bitcoin"
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(Created page with "Category:Blockchain Bitcoin is the first cryptocurrency on a blockchain. The concept was published October 2008 in a whitepaper by [https://en.wikipedia.org/wiki/Satos...") |
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It is using a [[Proof of Work]] consensus algorithm and is until now (2021) by far the largest cryptocurrency in market capitalization. | It is using a [[Proof of Work]] consensus algorithm and is until now (2021) by far the largest cryptocurrency in market capitalization. | ||
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| + | Miners on the Bitcoin blockchain receive a reward (some bitcoins) for creating a new block first. | ||
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| + | The reward is halved every 210,000 blocks. That is about once every 4 years | ||
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| + | The total amount of bitcoin that can be mined is limited to about 21 million (20,999,999.9769 exactly). After that validators can only be rewarded by transaction fees. This amount will be reached in 2140. | ||
Revision as of 09:36, 2 June 2021
Bitcoin is the first cryptocurrency on a blockchain. The concept was published October 2008 in a whitepaper by Satoshi Nakamoto on the Cyberpunk mailing list.
It is using a Proof of Work consensus algorithm and is until now (2021) by far the largest cryptocurrency in market capitalization.
Miners on the Bitcoin blockchain receive a reward (some bitcoins) for creating a new block first.
The reward is halved every 210,000 blocks. That is about once every 4 years
The total amount of bitcoin that can be mined is limited to about 21 million (20,999,999.9769 exactly). After that validators can only be rewarded by transaction fees. This amount will be reached in 2140.