Bitcoin

BTC

MARCH 21

Authored by: Vikas Khichi

1
What is Bitcoin?
Definition, Founder, Year of invention

Bitcoin is a Peer 2 Peer decentralized digital cryptocurrency which works on blockchain

(also called public records) technology. Bitcoin was invented by an unknown person using
name Satoshi Nakamoto in 2008 and began use in 2009. Currently it can only be used
through E-Wallet transactions.

Bitcoin Mining
Definition, Mined BTC, Remaining BTC

Bitcoin was invented with the limited supply. In order to produce 1 bitcoin, it must be
mined by solving some mathematical puzzles on CPU/Computers and one must provide
proof of work, that is how Bitcoin Mined and generated.
Currently Bitcoin has limited supply of 21 million out of which 18.63 million bitcoins
already mined (as of February 24, 2021) which leaves 2.36 million yet to be mined.

Bitcoin Split/Halve
How many Split/Halve Happened, when is next Split/Halve expected, until which year
BTC supply will be done.

The bitcoin mining process provides bitcoin rewards to miners, but the
reward size is reduced periodically to control the circulation of new coins.
It is called Bitcoin Split/Halve

2
Approximately every 10 minutes miners discover a block, and it is added to blockchain.
When Bitcoin was first discovered the reward was 50 Bitcoin (in 2009) but it split/halved
after every 210,000 Bitcoin is discovered which comes approximately within 4 years of
time.
First Split/Halve happened in the year 2013 and reward reduced to 25 Bitcoin. Second
Split/Halve happened in 2018 and reward reduced to 12.5 Bitcoin. Third Split/Halve
happened in May 2020 and reward reduced to 6.25 Bitcoin. Now next Split/Halve is
expected in 2024.

This is expected that with total supply of 21 million Bitcoins the last Bitcoin will be minded
and generated in the year 2140. Then Bitcoin miners will not get any rewards however
they will be eligible to get only transaction fees and by that time transaction fee will jump
to 100% which currently stood at 6.4%.