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The purpose of Bitcoin is not only to fill miners with pockets, but it is an excellent way to circulate new cryptocurrencies. In this way, the miners can coin the cryptocurrency they want. This can be seen with the tools that allow you to know which cryptocurrency is circulating the most. The last commercial tool that gives you results and accurate information about the cryptocurrencies that are circulating in the market is the Bitcoin Loophole System.
According to recent information, on February 2019, 17.5 million Bitcoins that were circulating were registered, making Bitcoin the highest mining currency in history. The main responsible for coining these cryptocurrencies was the genesis block; however, other miners were also circulating Bitcoins.
In the opinion of experts in the field, Bitcoin needs the miners to be able to keep circulating for many more years. If these disappear, Bitcoin will not cease to exist, but would not obtain any additional value. Bitcoin says that this cryptocurrency's mill would come to an end only when Bitcoin reaches its maximum value of 21 million.
In the case of Bitcoin, mining is used to be issued. While traditional currencies are minted by the central banks of each country. If the central bank thinks that a country's economy can improve by issuing new currencies, it can do so, of course, following the protocols of each country.
Bitcoin miners are rewarded every 10 minutes with more Bitcoins. In the Bitcoin code, the issuance rate is placed, in this way, the system cannot be deceived or manufacture new Bitcoins out of nowhere. To generate new Bitcoins they must necessarily use all the computing power they have. Mining offers short-term benefits, however, when they extract cryptocurrencies such as Bitcoin, they gain the power to vote in the creation of the new Bitcoin protocols. In decision making such as Forking, you can influence in a direct way.
To avoid the worries of making money with Bitcoin mining, you should know that you have to exploit Bitcoin and Blocks in a general way. When the value is canceled, you will get a reward of 12.5 Bitcoin with which you complete a block correctly. According to the value of Bitcoin at that time, you will receive the rewards.
An example of this would be, in February 2019 Bitcoin was quoted at $3,500 dollars. Investors who were explaining Bitcoin at that time earned about $42,000, that is, 12.5 x 3,500. But the value of the Bitcoin mining block, after a few years will decrease. For example, when Bitcoin first appeared in 2009, it had an extraction value of about 50 BTC, which was reduced to 25 BTC in 2012 and in 2016 they also had a second drop. The size of the rewards, according to experts, may decrease again in the year 2020 and reach 6.25 BTC. To keep you informed about the present value of those Bitcoin blocks, you can use the trade indicators that give you the information in real-time.
Most people trust the coins that are printed, for example in the United States, these are backed by the Federal Reserve, and this is what gives the currency stability. The Federal Reserve has many responsibilities, among which are to process the use of coins that are false and produce new money.
Even digital payments are backed by a central entity. For example, if you make a purchase online and pay with a debit or credit card, that payment is processed by a company that is dedicated to that such as Visa or Mastercard. They are responsible for verifying that the transaction is not a fraud, this is one of the reasons why sometimes the cards are suspended when you are traveling.
In contrast, Bitcoin does not have a central entity to regulate it. Its support is through millions of computers worldwide that call them miners. This large computer network is the one who performs the function performed by the Federal Reserve, Mastercard, and Visa, but with differences. As these entities do, Bitcoin transactions are recorded by miners and the accuracy is verified.
Unlike the central entities that are in a specific country, the miners are around the world. And the results of the transactions are annotated in a list that is public and to which anyone can have access.
Transactions are the sales or purchases you make with Bitcoin. In stores or online, these transactions are recorded by sales systems, banks, and physical receipts. While the transactions made by the miners are added to the public record that is the famous blockchain, the blockchain.
When a new block of transactions is added to the blockchain, part of the miners' job is to make sure those transactions are accurate. Miners must ensure that Bitcoins are not duplicated, which is what is called double Spending on the slang of cryptocurrencies.
In the case of coins that are printed, this problem does not occur. If you spend, for example, about $20 dollars, the bill will be in your hands by the store secretary, while if you spend Bitcoins, it is very different how that is handled.
The cryptocurrencies are here to stay, especially Bitcoin who is the founder of them. But it has been difficult for them to position themselves well in the world market, there are countries that do not accept them yet as part of their economy.
However, as time passes and new security measures are created, and the operation of cryptocurrencies is becoming known, they are gradually entering the market. In some countries where its use has been approved, there are stores that already accept them for purchases of merchandise.