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Author Topic: From where those bitcoin came when mining?  (Read 236 times)
marjon
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November 10, 2017, 10:32:27 AM
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Beyond my curiosity, I'm really confused where those bitcoin came from when mining Undecided

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November 10, 2017, 11:40:04 AM
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It's very simple.Although individual bitcoins enter the Bitcoin economy as miners are rewarded for processing transactions, it's much more helpful to think of all 21 million bitcoins as having been created when Satoshi Nakamoto defined the Bitcoin protocol and launched the Bitcoin network in 2009.

The reason for this is that the Bitcoin protocol specifically defines and controls when and how a limited total number of coins are rewarded to miners for the job of securing the Bitcoin network. These "bitcoins" are really just mathematical tokens which are very carefully controlled by the network protocol to prevent counterfeiting, theft, etc.
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November 10, 2017, 01:07:42 PM
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It's very simple.Although individual bitcoins enter the Bitcoin economy as miners are rewarded for processing transactions, it's much more helpful to think of all 21 million bitcoins as having been created when Satoshi Nakamoto defined the Bitcoin protocol and launched the Bitcoin network in 2009.

The reason for this is that the Bitcoin protocol specifically defines and controls when and how a limited total number of coins are rewarded to miners for the job of securing the Bitcoin network. These "bitcoins" are really just mathematical tokens which are very carefully controlled by the network protocol to prevent counterfeiting, theft, etc.

I see, thanks bro I thought those mined bitcoins also came from lost bitcoins from inactive holders/owners.

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March 21, 2018, 06:54:07 AM
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It is a technology created by a person or group of IT experts. It is developed on the internet network, which was launched as a platform for the exchange of money easily, for which the transactions are verified by the individuals (miners) and not by any third party. Bitcoin is stored in electronic wallets, which can be accessed by the key (password).

It was ensured, hat not too much Bitcoin comes into circulation, a process called mining was created where blocks of transactions could only be processed once a difficult math problem was solved by geeks (miners). Bitcoin is just ledger entries. Like all contemporary currencies, they are not assisted by anything but have an assessment based only on their practicality and their supply.

The aim mining causes new bitcoin to be produced is two-fold. On the one hand, it's a mechanism to acquaint with bitcoin into the money supply that is manageable and fundamentally random (like winning little lotteries). On the other hand, it persuades people to run the mining software which benefits to secure the entire system.
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March 23, 2018, 05:47:43 PM
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it's actually impossible for the network to know if coins are "lost." Without the private key, you can't prove the coins do or do not belong to someone, thus no btc are mined from these "lost" coins nor can you prove the owner is truly inactive, he/she may just be storing.

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