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Bitcoin protocol and mechanism

Bitcoin protocol and mechanism

Bitcoin

The Bitcoin network was designed with a special and unique protocol that only 21 million Bitcoin units are produced and extracted, as a total, maximum and final number. No other number can be produced after this number, but from 2009 until today, 18.949 million units have already been extracted. Bitcoin, and less than 2.051 million Bitcoins remain at the time of writing this post, and it is estimated that the rest of the total number will be mined until the year 2140. This is because the calculation is very simple, which is that the block reward is reduced by half after each cycle and the cycle will be the completion of the creation 210,000 blocks on the network, and this number is almost completed in about 4 years, meaning a block is created every 10 minutes until the completion of the creation of 210,000 blocks on the Bitcoin network within 4 years and directly the Block Reward Halving occurs. The first split for block rewards took place in November 2012, the rewards halved from 50 to 25 bitcoins per block, the second split was in July 2016 and the rewards went down to 12.5 bitcoins, and the third split that passed in May 2020 rewards went down to 6.25 bitcoins and the next split will happen Also, in 2024, the rewards will go down to 3.125 bitcoins, and after that in 2028, the rewards will drop to 1.5625 bitcoins per block, and so on until the year 2140 arrives a little bit before or after, and then there will be no purely mining rewards because the maximum limit of 21 has been reached. One million bitcoins, but the mining rewards will be in the future a fee or commission deducted from the amount to be transferred, and this is of course in exchange for verifying and confirming the transaction on the network, and because the total number of bitcoins is specific, final and not inflated, and mining rewards always decrease with time and increase Continuing in the miners and comprehensive adoption by large investors, companies and governments, all of this will make it scarce in the presence of Bitcoin, and of course everything that decreases the supply and increases the demand for it, its price increases.

Therefore, every period there is difficulty in mining because the miners increase and their equipment increases, and the rewards are reduced by half every 4 years and every period or era of time there is a rapid development in the mining equipment industry with newer technologies than the ones before. On bitcoin and receive rewards like the first, and with the increase in the costs of energy or electricity consumption, the issue has become difficult. It is very natural that they must either buy new devices with newer technologies and higher capabilities so that they can be able to produce bitcoin and receive their rewards, or they take their devices off the network. They are looking for a new digital currency that is still in its infancy, and there is no difficulty in mining it.

The summary of my words that have passed all this is that Bitcoin was nothing and preferred to be until everything remains, and he is now the king of all digital currencies and is on the throne, and he is the one who has begun salvation in changing the world to the new financial system, which is the transition from inflation and centralization To financial deflation and decentralization, I hope you take very good care of this point.

Many electronic stores now on the Internet are dealing with Bitcoin and some famous digital currencies, and they accept them as a means of payment instead of the dollar or any other local currency that we pay by credit cards, debit and prepaid cards, or even via PayPal, and most other electronic banks such as Neteller. Skrill, WebMoney, Perfect Money, Solid Trust Pay, Payza, Russian Payer, and many other electronic wallets accept withdrawals and deposits in Bitcoin, and this is from a long time ago, not from today,

PayPal itself has been supporting some merchants and money brokers who sell bitcoin and accept it as a payment method. Visa and MasterCard are the same. Even most of the big whales and the world's richest people have continued to support Bitcoin and digital currencies that have respectable and on-the-ground projects such as:

Warren Buffett, Michael Sailor, Elon Musk, Bill Gates, Mark Zuckerberg, “Jack Ma” founder of Alibaba Group, and Jack Dorsey, founder of Twitter and CEO of the payments gateway Block (formerly Square) Twitter, as for Jeff Bezos, owner and founder of Amazon, I do not know what his exact position is, but I think there are good things he has working on AWS, and surely it will not differ much from the group I mentioned, and it is not far from us that one day he accepts payments on his platform in Bitcoin and currencies Digital and others and many others are very entrepreneurs in the financial and business market.

And now, if you are thinking of buying Bitcoin and investing in it in the long or medium term, you can enter and register on any cryptocurrency trading platform, and they are very many, but I put links to the top 10 platforms at the end of the post in terms of regulation from the regulatory bodies around the world, and On top of the platforms mentioned below, the Binance platform is the most famous, best, trusted and largest in terms of the number of traders worldwide and the volume of daily trading. It is a large and trusted platform for all traders throughout the history of all cryptocurrency trading. The CEO of the platform is "Chang Ping Zhao" and this user name is on Twitter c binance. You can follow him there if you like and if you can register an account for you and buy bitcoin and its symbol BTC or currency No. 2, which is Ethereum and its symbol is ETH or any currency so that its ranking is in the top 100 currencies and it is not necessary to choose from the top or the first 100 digital currencies in the ranking, it can be arranged in the late, but there is still no chance, and I need you to follow the news of the currency And the latest developments in the currency project and the project team, and so on, and you will find the order of digital currencies on a site called CoinMarketCap. This is the largest site with data for each currency and it will show you the order of all the currencies

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