Bitcoin – the Mother of All Coins
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Bitcoin was born on 3rd January 2009.
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Satoshi Nakamoto invented bitcoin by writing the bitcoin core software.
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Satoshi Nakamoto is the pseudo name, used by the person or team that worked on Bitcoin software and created it.
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Bitcoin is a P2P Electronic Cash.
Bitcoin Features:
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Bitcoin’s final number is fixed to 21 million. Can not be created more bitcoin.
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New Bitcoins are introduced in the network by a process called mining.
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By the year 2140, almost all 21 million Bitcoin would have been mined.
Mining:
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Mining is the process by which, new bitcoins are introduced into the system.
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The Mining Reward is the number of new bitcoins that are produced at the creation of each new block.
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Mining reward reduces by half after every 210,000 block creation. The process is called Bitcoin Halving.
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When Bitcoin Blockchain started, the mining reward was 50 bitcoins per block.
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At present, the block reward is 12.5 bitcoins per block.
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Next Bitcoin halving will take place in May 2020.
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Bitcoin Halving is a very important event, it reduces the new bitcoin supply by 50%.
Bitcoin Transactions:
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Permission-less and Border-less transactions
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Censorship Resistant
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Do not require any ID to create a transaction or to receive bitcoin
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Irreversible Transactions
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24/7, all year
Bitcoin Storage:
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It is an electronic currency and does not take any physical space to store it.
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Easy to safely store on various wallets like a paper wallet, USB wallet, etc.
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It is in direct possession of an owner with no counterparty risk.