22 Mar '13, 1pm

The Big Book of Bitcoin - An introduction

The Big Book of Bitcoin - An introduction

you can see how the bookkeeping can get complicated: Every accountant on the planet must check the history, reach a consensus on the new version of the book and keep their book up to date. This big book is actually called the "blockchain " and is about 5.7Gb in size today . The computers of the accountants are constantly calculating the transactions, comparing, and creating short unique summaries of previous book chapters called "hashes ". For their hard work, bookkeepers (also called miners ) are rewarded. Keeping the system running, safe and honest has a cost (computers, electricity, knowhow) so for every chapter closed 25 bitcoins are awarded to the bookkeepers proportionally to their efforts. This however, won't last forever. In 2016 the reward will drop to 12.5BTC and halve every few years until it reaches zero. Eventually only 21m bitcoins will ever be in circulation...

Full article: http://alvarofeito.com/articles/the-big-book-of-bitcoin/#...

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30 Days - 60 Days - 180 Days - 1 Year - All Time Logarithmic Scale - 7 day average - Show data points