27 Nov '12, 4pm

Block Reward Halving: A Guide #bitcoin

Block Reward Halving: A Guide #bitcoin

In order to understand what’s going to happen on Wednesday, it’s important to first understand how money creation in Bitcoin works. The database that keeps track of which addresses have how many bitcoins is stored in the form of a “block chain”, which is extended by one block roughly once every ten minutes. Each block contains all of the transactions that have taken place during that time, and when a block is added to the chain, it signifies a consensus among the Bitcoin network that those transactions took place at that time. As time goes on and more blocks are added on top of that block, the consensus solidifies, and after four to six blocks, any attempt to fraudulently change the transaction history to your own benefit becomes impractical because of all the work that has already been done overtop. Blocks can be created by any node on the Bitcoin network, and to regulate...

Full article: http://bitcoinmagazine.net/block-reward-halving-a-guide/

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Bitcoin Magazine - Block Reward Halving: A Guid...

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“Projected to take place on Wednesday [November 28, 2012] at around 18:00 UTC, for the first time ever in Bitcoin history,...

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Countdown To 25 BTC Per Block Reward Donate: 1Jo3spt84pHxAiViWYpuKh1uDapiDPUWCP

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news.ycombinator.com 28 Nov '12, 3pm

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news.slashdot.org 26 Nov '12, 12am

First time accepted submitter ASDFnz writes "The reward for successfully completing a block (also called mining) is about ...