The operation principle of bitcoin transfer
If we build an issuing system without a central institution to issue money, money will not be issued indefinitely. It's fair and just. So the bitcoin system was built._DJMINER
The total number of bitcoin is 21 million, and the bitcoin network generates a page of bills every 10 minutes or so. Every bitcoin comes with every page bill. When every block comes out, bitcoin will be issued.
It is stipulated that the initial circulation of bitcoin in each block is 50. Every 210000 blocks will be halved. By 2140, bitcoin was released. Rewards in the block are halved every four years.
210000 blocks, one block every 10 minutes on average. In theory, it will take 1458.3 days, that is, 3.99 years. That's why bitcoin is halved every four years. On July 8, 2016, the most recent halving was bitcoin's second halving. That is to say, the reward for each block with bitcoin has become 12.5 yuan.
Mark it with the height of the block. The height of a block is the number of blocks since the birth of bitcoin. Open any bitcoin browser to see the height of the latest block. From the height of the block, we can calculate how long it will take for bitcoin to halve next time. For how long, bitcoin will adjust its difficulty.
All the miners scrambled for the right to keep accounts by hashing. Similarly, every 10 minutes, a math problem is thrown into the network to compete, to see who is fast.
In each round of competition, whoever first calculates the correct answer will get the right of accounting in this round. It records the bills on this page, and everyone should take this as the standard. Next, we compete for the right to keep the next bill on the basis of this one. Through this consensus mechanism, the right to the uniqueness of ledgers in a regionally centralized system is solved.
Tie the bitcoin issue to competitive bookkeeping. Every time the bookkeeper gets the right of bookkeeping, he will be rewarded with the new bitcoin issued by the system. The fastest computer will find a certain amount of bitcoin.
In each round of competitive bookkeeping, whoever gets the right of bookkeeping will get the rewards of the newly born bitcoin in this block and the handling fees recorded in the bill in this block.
In 2017, if a miner gets the bookkeeping right in a round of competitive bookkeeping, he will be rewarded with 12.5 newly issued bitcoins, as well as the handling fees of all transactions in this block (between a few zeros and two bitcoins).
Sure. Because they also have another part of their income, which is the handling fee for bitcoin transfer. As more and more institutions and people use bitcoin, the transfer of bitcoin will become more and more frequent around the world, and the total amount of transfer fees will become larger and larger.
Service charge will become the main source of income for miners in the future. The transfer of bitcoin is the same as the usual bank transfer. Select an address of your own, input the bitcoin address of the other party, input the transfer amount, enter the handling fee you want to give to the miner, and then sign with the private key. After submitting, you can wait for the miner to handle it.
Through the encryption mechanism, a private key generated randomly can correspond to an address, thus ensuring the legitimacy of bitcoin sent from each address. Bitcoin now has a block size of 1 Megabyte, which can hold about 1000 transactions.
When the number of online transfer people is relatively small, it may take about 10 minutes to wait for the miner's confirmation, and then it can be confirmed by the next block. If there are more people transferring money at present, they may have to wait in line for another ten minutes or even longer.
The miner will choose to wait for the transfer information with high service charge in the transaction for bookkeeping. If your service charge is not in the front, it will be in the back to be bookkept.
Although the total number of bitcoin is only 21 million, each bitcoin can be divided into eight decimal places.
That is to say, a bitcoin can be divided into 100 million shares. It can be transferred to a very small one. You can buy half a bitcoin to try._DJMINER
1. In the absence of a centralized organization, how is the issue, bookkeeping and transaction of bitcoin carried out?
The total number of bitcoin is 21 million, and the bitcoin network generates a page of bills every 10 minutes or so. Every bitcoin comes with every page bill. When every block comes out, bitcoin will be issued.
It is stipulated that the initial circulation of bitcoin in each block is 50. Every 210000 blocks will be halved. By 2140, bitcoin was released. Rewards in the block are halved every four years.
210000 blocks, one block every 10 minutes on average. In theory, it will take 1458.3 days, that is, 3.99 years. That's why bitcoin is halved every four years. On July 8, 2016, the most recent halving was bitcoin's second halving. That is to say, the reward for each block with bitcoin has become 12.5 yuan.
2. How to calculate the current block number?
Mark it with the height of the block. The height of a block is the number of blocks since the birth of bitcoin. Open any bitcoin browser to see the height of the latest block. From the height of the block, we can calculate how long it will take for bitcoin to halve next time. For how long, bitcoin will adjust its difficulty.
3. Bitcoin adopts the mechanism of workload proof.
All the miners scrambled for the right to keep accounts by hashing. Similarly, every 10 minutes, a math problem is thrown into the network to compete, to see who is fast.
In each round of competition, whoever first calculates the correct answer will get the right of accounting in this round. It records the bills on this page, and everyone should take this as the standard. Next, we compete for the right to keep the next bill on the basis of this one. Through this consensus mechanism, the right to the uniqueness of ledgers in a regionally centralized system is solved.
4. Why do miners keep accounts?
Tie the bitcoin issue to competitive bookkeeping. Every time the bookkeeper gets the right of bookkeeping, he will be rewarded with the new bitcoin issued by the system. The fastest computer will find a certain amount of bitcoin.
In each round of competitive bookkeeping, whoever gets the right of bookkeeping will get the rewards of the newly born bitcoin in this block and the handling fees recorded in the bill in this block.
In 2017, if a miner gets the bookkeeping right in a round of competitive bookkeeping, he will be rewarded with 12.5 newly issued bitcoins, as well as the handling fees of all transactions in this block (between a few zeros and two bitcoins).
5. As the new bitcoin is halved every four years, there will be fewer and fewer new bitcoin rewards. Will miners have the power to dig?
Sure. Because they also have another part of their income, which is the handling fee for bitcoin transfer. As more and more institutions and people use bitcoin, the transfer of bitcoin will become more and more frequent around the world, and the total amount of transfer fees will become larger and larger.
Service charge will become the main source of income for miners in the future. The transfer of bitcoin is the same as the usual bank transfer. Select an address of your own, input the bitcoin address of the other party, input the transfer amount, enter the handling fee you want to give to the miner, and then sign with the private key. After submitting, you can wait for the miner to handle it.
Through the encryption mechanism, a private key generated randomly can correspond to an address, thus ensuring the legitimacy of bitcoin sent from each address. Bitcoin now has a block size of 1 Megabyte, which can hold about 1000 transactions.
When the number of online transfer people is relatively small, it may take about 10 minutes to wait for the miner's confirmation, and then it can be confirmed by the next block. If there are more people transferring money at present, they may have to wait in line for another ten minutes or even longer.
The miner will choose to wait for the transfer information with high service charge in the transaction for bookkeeping. If your service charge is not in the front, it will be in the back to be bookkept.
6. Through such a mechanism, the issuance, bookkeeping, transfer and other links of bitcoin are linked, and the whole system can run spontaneously.
Although the total number of bitcoin is only 21 million, each bitcoin can be divided into eight decimal places.
That is to say, a bitcoin can be divided into 100 million shares. It can be transferred to a very small one. You can buy half a bitcoin to try._DJMINER
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