The number of bitcoin to dig
The total number of bitcoins is 21 million
in 2009, when bitcoin was born, block reward was 50 bitcoins. Ten minutes after its birth, the first 50 bitcoins were generated, and the total amount of money at this time is 50. Then bitcoin grew at a rate of about 50 every 10 minutes. When the total amount reaches 10.5 million (50% of 21 million), the block reward will be halved to 25
when the total amount reaches 15.75 million (5.25 million new output, i.e. 50% of 1050), the block reward will be further halved to 12.5. The monetary system used to have no more than 10.5 million in four years, after which the total number will be permanently limited to about 21 million
extended data
monetary characteristics
1. Decentralization: bitcoin is the first distributed virtual currency, and the whole network is composed of users without a central bank. Decentralization is the guarantee of bitcoin's security and freedom
2. Global circulation: bitcoin can be managed on any computer connected to the Internet. No matter where you are, anyone can dig, buy, sell or collect bitcoin
3. Exclusive ownership: private key is needed to control bitcoin, which can be stored in any storage medium in isolation. No one can get it except the user himself
4. Low transaction cost: bitcoin can be remitted free of charge, but a transaction fee of about 1 bitfen will be charged for each transaction to ensure faster transaction execution
5, no hidden cost: as a means of payment from a to B, bitcoin has no cumbersome limit of quota and proceres. If you know the other party's bitcoin address, you can pay
6. Cross platform mining: users can explore the computing power of different hardware on many platforms
The most advanced bitcoin mining machine, one to two years to dig out a bitcoin, bitcoin mining is now too difficult. If you want to dig, you can dig ether currency. Now it is steadily appreciating every day. According to the current development trend, it will be able to recover its capital in about seven months, and then it will be profitable< br />
The concept of 21 million
bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's idea, open source software was designed and released, and P2P network was built on it. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system
bitcoin is not issued in unlimited quantity, which is different from most currencies. Bitcoin does not rely on a specific currency issuer. But according to the specific algorithm, through a large number of calculations. Its circulation is controlled by software algorithms. The total number is 21 million
extended materials:
generation principle
starting from the essence of bitcoin, the essence of bitcoin is actually the special solution generated by a bunch of complex algorithms. A special solution is one of the infinite (in fact, bitcoin is finite) solutions that can be obtained from the equations. Every particular solution can solve the equation and is unique[ 10] In the metaphor of RMB, bitcoin is the serial number of RMB. If you know the serial number of a note, you have the note. The process of mining is to constantly seek the special solution of this equation system through a huge amount of calculation. This equation system is designed to have only 21 million special solutions, so the upper limit of bitcoin is 21 million
to mine bitcoin, you can download the special bitcoin computing tools, register various cooperation websites, fill the registered user name and password into the computing program, and then click the operation to officially start. After completing the installation of bitcoin client, you can directly obtain a bitcoin address. When others pay, you only need to paste the address to others, and you can pay through the same client. After installing the bitcoin client, it will distribute a private key and a public key. You need to back up your wallet data containing your private key to ensure that your property is not lost. Unfortunately, if the hard disk is completely formatted, personal bitcoin will be completely lost
warm tips:
1. The above explanations are for reference only, without any suggestions
2. Before investing, it is recommended that you first understand the risks existing in the project, and clearly understand the investors, investment institutions, chain activity and other information of the project, rather than blindly investing or mistakenly entering the capital market. Investment is risky, so we should be cautious when entering the market
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bitcoin system is composed of users (users control the wallet through the key), transactions (transactions will be broadcast to the whole bitcoin network) and miners (a blockchain is generated by competitive computing to reach a consensus at each node, and the blockchain is a distributed public authoritative account book, including all transactions in the bitcoin network)
mining is a process of increasing bitcoin money supply. Mining also protects the security of the bitcoin system, prevents fraulent transactions, and avoids "double payment", which means spending the same bitcoin multiple times. Miners offer algorithms for bitcoin networks in exchange for the opportunity to get bitcoin rewards. The miners verify each new transaction and record it in the general ledger. Every 10 minutes, a new block will be "mined", and each block contains all the transactions from the generation of the previous block to the present, which are added to the blockchain in turn. We call the transactions included in the block and added to the blockchain "confirmed" transactions. After the transaction is "confirmed", the new owner can spend the bitcoin he gets in the transaction
there are two types of rewards for miners in the process of Mining: the new currency reward for creating a new block, and the transaction fee for the transaction contained in the block. In order to get these rewards, miners compete to complete a mathematical problem based on encrypted hash algorithm, that is, to use bitcoin mining machine to calculate the hash algorithm. This requires strong computing power, how much the calculation process is, and whether the calculation results are good or bad. As the proof of miners' calculation workload, it is called "workload proof". The competition mechanism of the algorithm and the mechanism that the winner has the right to record transactions on the blockchain ensure the security of bitcoin
miners also get transaction fees. Each transaction may contain a transaction fee, which is the difference between the input and output of each transaction. A miner who successfully "digs" a new block in the process of mining can get all the transaction "tips" contained in the block. With the decrease of mining reward and the increase of the number of transactions in each block, the proportion of transaction fee in miners' income will graally increase. After 2140, all miners' earnings will be made up of transaction fees
mining is a process of decentralizing settlement, in which each settlement verifies and settles the processed transaction. Mining protects the security of bitcoin system, and achieves the consensus of the whole bitcoin network without a central organization. The invention of mining makes bitcoin very special. This decentralized security mechanism is the basis of point-to-point e-money. The reward and transaction fee for casting new coins are a kind of incentive mechanism, which can regulate miners' behavior and network security, and at the same time complete the currency issuance of bitcoin.
however, bitcoin only exists as an investment proct in China, and there is no practical application. There is still a long way to go for the application landing. However, there are a lot of pyramid schemes under the guise of bitcoin in China, so users should be cautious in their investment. If it's bitcoin Xiao, it's suggested to go to bitcoin home www.btc798.com Check the relevant information, study bitcoin, and consider whether to invest.
1 First of all, register Singapore foundation as the main body of the project:
Singapore, with its highly open attitude and loose policies, encourages the booming of the blockchain instry in Singapore. Compared with the domestic and Asian countries that explicitly prohibit ICO, Singapore, with its advantageous geographical location and the communication of Chinese language and culture, as an international financial center, is the best choice for you to do ICO
let's briefly talk about Singapore's policy of opening up to virtual currency: what are the advantages of choosing Singapore foundation as ICO
First of all, Singapore has always been in a friendly attitude towards blockchain projects Secondly, as far as the current Singapore market is concerned, most of the world's well-known blockchain projects are located in Singapore, which is already a relatively mature and well-known market. Some well-known blockchain platforms such as lightcoin, Biyuan and Weilian have been established in Singapore foundation to issue ICO projects3. After the registration of Singapore foundation, the local licensed lawyers in Singapore can issue relevant legal compliance opinions
how to register Singapore foundation
registration information of Singapore Foundation:
1. Company Name: end with limited / Ltd, and add foundation in the middle
2. Director information: 18 years old or above, no criminal record, at least 2 directors, one of whom is Singaporean or long-term resident in Singapore, and the other has no restrictions on nationality. Provide the registered person's ID card or passport (scanned )
Registered capital: default to S $1 Registered address: local address in Singapore Business scope: software development (consulting), information technology services, it research, etcregistration time: acra's official registration time for non-profit public foundations is 10-25 working days, and the general registration time is about 20 working days
based on the domestic policies of blockchain and ICO projects, choosing to invest in Singapore's blockchain can not only comply with the registration of Singapore foundation company, but also provide legal opinions by Singapore lawyers, which is concive to the legal compliance of blockchain practitioners to issue currency on the exchange. Therefore, it has become the consensus of the instry to invest in Singapore's blockchain, So it's a good choice to set up a foundation in Singapore to be an ICO
bitcoin is obtained by the amount of computation, and the upper limit of the total number is 21 million. At present, more than 50% of bitcoin has been g up
each coin g out will increase the amount of computation needed for the next one, and eventually become infinite.