Bitcoin – the Mother of All Coins

• Bitcoin was born on 3rd January 2009.

• Satoshi Nakamoto invented bitcoin by writing the bitcoin core software.

• Satoshi Nakamoto is the pseudo name, used by the person or team that worked on Bitcoin software and created it.

• Bitcoin is a P2P Electronic Cash.

Bitcoin Features:

• Bitcoin’s final number is fixed to 21 million. Can not be created more bitcoin.

• New Bitcoins are introduced in the network by a process called mining.

• By the year 2140, almost all 21 million Bitcoin would have been mined.

Mining:

• Mining is the process by which, new bitcoins are introduced into the system.

• The Mining Reward is the number of new bitcoins that are produced at the creation of each new block.

• Mining reward reduces by half after every 210,000 block creation. The process is called Bitcoin Halving.

• When Bitcoin Blockchain started, the mining reward was 50 bitcoins per block.

• At present, the block reward is 12.5 bitcoins per block.

• Next Bitcoin halving will take place in May 2020.

• Bitcoin Halving is a very important event, it reduces the new bitcoin supply by 50%.

Bitcoin Transactions:

• Permission-less and Border-less transactions

• Censorship Resistant

• Do not require any ID to create a transaction or to receive bitcoin

• Irreversible Transactions

• 24/7, all year

Bitcoin Storage:

• It is an electronic currency and does not take any physical space to store it.

• Easy to safely store on various wallets like a paper wallet, USB wallet, etc.

• It is in direct possession of an owner with no counterparty risk.