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About $1000 in Bitcoin to 1 Winner
What is Bitcoin
What is Bitcoin? – Bitcoin is a type of cryptocurrency. There is no physical bitcoin, only balances kept on a public ledger that everyone has transparent access to. All bitcoin transactions are verified by a massive amount of computing power. Bitcoin is not issued or backed by any banks or governments, nor is an individual bitcoin valuable as a commodity. Despite it not being legal tender in most parts of the world, bitcoin is very popular and has triggered the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins. Bitcoin is commonly abbreviated as “BTC”.
Peer to Peer Technology – Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the bitcoin network bitcoin “miners” are in charge of processing the transactions on the blockchain and are motivated by rewards and transaction fees paid in bitcoin.
These miners can be thought of as the decentralized authority enforcing the credibility of the bitcoin network. New bitcoin are released to the miners at a fixed, but periodically declining rate. There are only 21 million bitcoin that can be mined in total. As of June 2021, there are over 18 million bitcoin in existence and less than 3 million bitcoin left to be mined.
In this way, bitcoin and other cryptocurrencies operate differently from fiat currency, in centralized banking systems, the currency is released at a rate matching the growth in goods, this system is intended to maintain price stability. A decentralized system, like bitcoin, sets the release rate ahead of time and according to an algorithm.
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