Bitcoin was developed to include a total of 21 million total Bitcoins in circulation globally. As of today, there are just over 11 million Bitcoins in circulation. Bitcoin was designed with mathematical algorithms that allow precise, predictable amounts to be discovered or minted in set increments over time. Bitcoin (BTC) is not a fiat currency, which is any national currency with inherent value by government laws and regulations.
Bitcoin mining is the process of using computer power to solve mathematical problems. When the problems are solved, the Bitcoin miners are rewarded with Bitcoins. Anyone can download the Bitcoin mining software and mine for BTC. Many people today claim that because of fierce competition and Bitcoin mining supercomputers, the individual Bitcoin miner has little chance of discovering Bitcoins and making any money.
Serious Bitcoin miners have turned to pool mining, which basically means joining a team of miners, combining or pooling their computer power, and then distributing any newly minted Bitcoins to all pool members. Bitcoins are currently released in blocks of 25, so in theory, when a fresh block of Bitcoins is minted, using the current BTC value, a pool of miners would receive about $2500 CAD to distribute between members.
where do I buy Bitcoins?
Unless you have some Bitcoins coming your way via a payment, you will need to purchase Bitcoins in your existing currency from bitcoin forex broker. Purchasing is all about trust as it is not regulated. The digital currency opens the door to many new and exciting opportunities for investors, entrepreneurs, and people willing to think outside the box a little, and take a chance on this versatile new currency.
What Can You Buy With Bitcoin?
The result of world’s first medical transaction with Bitcoin was born in California recently: a cute little baby, whose parents paid for their fertility treatment cycle with Bitcoins.Usually owners of Bitcoins buy things like electronics online, or purchase money in other international currencies on major trading websites. But the cybercurrency is being accepted more and more by regular stores and online retailers all the time.