What exactly is a Bitcoin?

WHAT IS A SINGLE UNIT OF BITCOIN

An extremely complex software code.

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*WHERE DO THEY COME FROM

Bitcoins were designed by an unknown person, or persons, known as Satoshi Nakamoto in 2009. They’re held in the Bitcoin network, from which they’re extracted or mined by computers.

Bitcoins are currently mined in lots of 25, but the number of units in a lot halves approximately once every four years.

Mining takes a lot of time for computers to process and the difficulty changes in response to the amount of computing power that miners are direct at the network.

Companies and syndicates set up for the sole purpose of Bitcoin mining exist, and yes they consist primarily of rooms full of computers trying to process the network.

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HOW MANY BITCOINS EXIST

There are currently almost 16 million in circulation and only 21 million will ever be mined, in accordance with the Bitcoin creator’s rules.

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WHAT ARE THEY WORTH

The price of Bitcoins wildly fluctuates, but they were worth $899 at the time of publication.

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WHO DECIDES WHAT THEY’RE WORTH

The users – the price of bitcoins is determined by market supply and demand. But rather than thinking about the value of bitcoins like real money, they’re better viewed as

Read more ... source: TheBitcoinNews

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