Topic: My Account banned (Read 267 times)

In the beginning, Satoshi Nakamoto offered 50 bitcoins for each block created and that development happened in every 10 minutes.

Since there are 1440 minutes (24×60) in every day, that means that 144 blocks were created so 144X50 = 7200 bitcoins per day, 4 years are 1461 days which include the leap one) and the total bitcoins for the 1st 4 years came out to be 1461 X 7200 = 10519200.

After that, it was decided that every 4 years henceforth would decrease the bitcoins awarded per block created to half of its original value, the total bitcoins are 10519200 *(1 + 1/2 + 1/4+1/8 + … +1/2^n) = 10519200 *2 = 21038400 (if we take approximate of 1+0.5+0.25+0.125+.. = 2 )

That is why 21038400 is the theoretical limit and we don’t want to go forever mining a millionth, a trillionth of a Satoshi. Actually (as for now) we cannot go less than 1 satoshi anyway. So the real number is just a little bit smaller than that, maybe 21038399.99999999 or 1 Satoshi away from the theoretical calculation.

I read somewhere

Bitcoin is better than Altcoins based on its network effect and proven security. Both are nearly insurmountable advantages. Bitcoin has a proven usage case as a store of value. Bitcoin has a large lead as a store of valueover every altcoin in having existed 8 years without failure. The security of Bitcoin has been proven far more than its much younger counterparts with usage by almost every metric exceeding that of altcoins.

About 10 years ago the majority of the world was getting butchered by the wealthy’s financial interests, so a group of individuals set out to change the way we view currencies and the way the financial markets operate. They were looking for a way to create a digital currency. There were several initiatives, and each of them laying down some crucial groundwork for what we now consider cryptocurrencies. But really none of them seemed to be capable of solving the issues that people were dealing with at the time.

On 31 October, everything changed. Satoshi Nakamoto released the whitepaper which was to become the foundation of Bitcoin. “A Peer-to-Peer Electronic Cash System” was the title of the whitepaper. The paper proposed a digital currency based on a distributed network and cryptographic proof, with the purpose of enabling peer-to-peer transaction. The system in Satoshi’s whitepaper was, and still is, revolutionary because it proposed a way of transacting wealth without having to rely on a trusted third party.

As the Bitcoin network was launched in January 2009 Satoshi’s idea was met with mixed criticism . Some early adopters were inspired by this new system while the majority were more critical. The new “Internet money” was named things like a scam, or a way new way of paying for criminal activity. In hindsight we can all agree that Satoshi Nakamoto was a visionary, and that his solution for peer-to-peer transactions worked.