Tutorials:Bitcoin Client Released
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Quest: Bitcoin Client Released
- Read the email where the Bitcoin client was released:
Task
- Read the email.
- How many Bitcoins were mined in the first four years?
Exercise
- The total number of Bitcoins will be capped at 21 million.
- Bitcoins are distributed to network nodes when they add blocks (transactions processed in blocks).
- The reward amount is halved approximately every 4 years.
Economic Incentive:
- Network nodes receive Bitcoin as an incentive to process transactions and maintain the database.
- It is anticipated that when block rewards diminish, the system will sustain itself through transaction fees determined by open market competition.
- Some nodes may even process transactions for free, ensuring the network’s continued operation.