Bitcoin Latest Update : Sell Bitcoins in India Directly to Bank

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Bitcoin is the first cryptocurrency created by an anonymous user under the name of Satoshi Nakamoto in 2009 post the global financial crisis of 2007-2008. With current Bitcoin protocol, there is only a total of 21 million Bitcoins that can be mined, meaning that each one will grow in value over time.

How new Bitcoins are generated?
New Bitcoins are generated through the “Mining” process. During the process, which is similar to a permanent lottery, hosts are awarded with Bitcoins every time they find the solution to a mathematical problem (and thus create a new block). Creation of block is a work proof and complexity of the process varies with the growth of network. Award for the creation of the block is adjusted automatically. Thus, every four years of the networking half of bitcoins is created, that have been created over the past four years. During the first 4 years (January 2009 – November 2012) 10,499,889.80231183 Bitcoins (approximately) have been generated. Every four years, this amount will be divided in two; it will be equal to 5,250,000 over the next four years, then 2,625,000, and so on. Thus, the total number of Bitcoins will never exceed 20,999,839.77085749.
Blocks are mined every 10 minutes on average, and for the first four years (210,000 blocks) each block contained 50 new Bitcoins. Since the amount of processing equipment used in mining increases, the difficulty of creating new Blocks (Also Bitcoins) is growing. This complexity factor is calculated every 2016 blocks; it is based on the average time it took to create the previous 2016 blocks. If the average is less than 10 minutes the difficulty is increased.

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Cryptocurrency investments are subject to market risk. Please do research about cryptocurrency and only then make your mind. I’m not a financial advisor. I’m just sharing my experience and reviews which might help.

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