Bitcoin is the top digital currency, which works without a central depository or single administrator. Its system is peer-to-peer, and transactions occur between users directly, without a go-between. These transactions are confirmed by network nodes and recorded in the blockchain. There are no actual bitcoins, only balances kept on a public registry in the cloud, which – along with all Bitcoin transactions – is confirmed by huge computing power. Bitcoins are not released by banks or governments, nor are individual bitcoins valuable as a commodity.
The people and companies who own the major computing power and participate in the Bitcoin network, known as miners are motivated by rewards (the issuance of new bitcoin) and transaction fees paid in bitcoin.
One bitcoin is separated in eight decimal places (100 millionth of one bitcoin), and this smallest unit is known as a Satoshi. Mining is the process through which bitcoins are released into distribution. It requires solving a difficult computer puzzle to discover a new block, which is added to blockchain, and receiving a reward of bitcoins.
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