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So say the next block provides 25 BTC, say I was the only one to send a transaction that block and added a .005 btc miner fee, that would be included in the reward for that block. The actual payout would be the default 25 BTC + any transaction fees (in this case, payout would be 25.005 to a pool or anyone who found the block). In the future, transaction fees should be fairly lucrative, as more people begin to utilize BTC, by the time the block reward is zero, transaction fees should be incentive to secure the network.
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what happens when the total number of 21 million bitcoins is produced? will the cost / coin become $1000/ coin? i see pictures of bitcoins, is that the actual money, or is the money cataloged on the web, and all transaction are electronic? thanks for your help,,,im new
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Think of mining as payment processing in the fiat banking world (that's done by gateways and payment processors). BTC miners process transactions by using specialized hardware/software, use their electricity to do so, and in turn are paid a reward.
Q: does this mean that the person who has the biggest computer will mine the most...who regulates the amount of bitcoins that can be produced? thanks for your comment,,i appreciate it. |
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hi there, im new to the forum, and im doing research on the bitcoin market. im an artist and was wondering if anyone here thinks a painting of a bitcoin done is a warhol sort of style would be of interest to people who are in the bitcoin business. thanks for your feedback, its important,,bitcoinART
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i understand gold and silver mining, but bitcoin mining, not so much. what is the product being produced? is bitcoin mining a "made up" action to give worth to the process of running a computer efficiently?
im new,,,thanks for your help
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is bitcoin the only game in town for this sort of thing? thanks..
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the only forum that has the link to POST A NEW MESSAGE is on the NEWBIE forum,,,how can i post a question to the other forums please,,,sorry to be so lame,,but the links dont seem to be anywhere on the others,,thanks
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yeah for sure, showing would be better,,,i was just curious about what folks thought of the general art idea,,,,thanks for your feedback,,i do appreciate it
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greetings, this is my first post. im an artist and work with limited quantity images,,,i have an idea for 1000 art works to be priced at the current bitcoin value. does anyone think having a numbered and limited work to hang in ones office or home is somthing that would be of interest to bitcoin users? thanks so much for your feedback,,,bitcoinART
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