bitcoin questions

Question

Payment systems

The number of coins in the network is limited.

The issue is limited, programmed, and its course is known to all market participants in advance. The total number of monetary units will not exceed 21,000,000 BTK. The volume increases as the sum of a decreasing geometric progression and approaches the maximum value asymptotically
- Why is this done?

If wmz~$, then how to convert dollar to bitcoin? How the course will change, if at all, I cannot understand. Explain, please. I do not quite understand whether the new person affects the course somehow? Let's say there are 10 million BTK in the network. How are new ones added and when? What do I download for history blocks on first run? Why are they to me? How the money is withdrawn is also not clear. If webmoney, say, have their own bank account, and have their own currency, then this is understandable. webmoney takes money from the bank. But what about this monetary system?

Answer 1

The course changes all the timenot associated with any currency. Blockchain that you download is a database of all transactions, all wallets that are. New miners affect the rate. It depends on demand, since the coins are not infinite. All transactions are stored in blocks. For mining, a cryptographic problem is solved, which is constantly becoming more complicated (so that it is solved ~ 1 time in 10 minutes). The chances of solving it are constantly decreasing, as is the reward number of coins for the added block (mining itself is also a type of transaction, with the transfer of coins "out of nowhere"). Initially, 50 coins were given per block, then 25. After the formation of every 210,000 blocks, the reward is halved, tending to zero. Therefore, the total number of coins will not exceed 21 million. The very philosophy of the currency implies that bitcoin does not need to be withdrawn anywhere. The system is decentralized (p2p), like our favorite torrents,
© Lurkomorye .

Answer 2

Thank you, I understood everything except:
For mining, a cryptographic problem is being solved, which is constantly becoming more complicated (so that it can be solved ~ 1 time in 10 minutes).
What is the task? Who decides it? Unclear. I thought miners provide their resources for calculations and creation of new blocks. Cryptogravity is also available there, but I don’t understand why it is called a cryptographic task, because this is not the main task. The main task is to create a block, as I understand it.
Mining is something like creating a block from virtually nothing, but is it more likely to be created by someone who provided more computing resources?

Answer 3

It is decided by the miners - you, me, or groups that have united in clusters for reliability and, when earning, distribute bitcoins in proportion to the computing power provided by the participants. And you thought right. At first, the power of ordinary PCs was enough, then they connected video cards and the calculation went with the help of the GPU, then they began to use asic: special chips that are sharpened only to calculate the SHA-256 hash function and cannot do anything else.
The hash is in the header of each block
Good translation about the future of cryptocurrency .

Answer 4

The bitcoin exchange rate now depends directly on the news. Panic begins, he falls, they begin to praise, he grows. Recently there was a drop due to the fact that one of the developers tweeted that bitcoin did not have long to live. By the way, I found the current course here , probably the most minimalist site that exists.