(Consider This) The Bitcoin currency is issued by O the United States Federal Reserve. O the United States Treasury. O the World Bank. O no government of any country.
Added by Joaquin M.
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Step 1: Bitcoin is a decentralized digital currency that is not issued or controlled by any government or central authority. Show more…
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are defined as a "peer-to-peer decentralized digital currency." The supply of bitcoins is not controlled by the government or any other central agency. The value of each bitcoin is determined on the basis of supply and demand and is defined in terms of dollars. New bitcoins can be generated through a process called "mining." However, new bitcoins will not be created once there are a total of 21 million bitcoins in existence. Some commentators feel that bitcoins can eventually replace most of the major currencies in the world.
Rachel G.
Bitcoins are a digital currency invented in 2008. Instead of printing currency, new Bitcoins are made in blocks at a rate of one block every 10 minutes. A sequence of 210,000 blocks is called an era. The number of Bitcoins per block depends on the era: In the first era 2009-2013, each block contained 50 Bitcoins. In the second era 2013-2017, each block contains 25 Bitcoins. In the n'th era, each block contains 50/2^(n-1) Bitcoins. Which is the first era where a new block contains fewer than one Bitcoin? So the total number of Bitcoins made in the first n eras is given by a geometric series, so we can use the well-known formula for a geometric series to sum it up explicitly. Thus, using the well-known closed form formula for a geometric series, the total number of Bitcoins made in the first n eras is, as an expression in n, 210,000(50 + 50/2 + 50/2^2 + ... + 50/2^(n-1)). As time goes to infinity, the number of Bitcoins made approaches
Brian B.
How many bitcoins can someone buy if one bitcoin costs 9345 US Dollars and a person has 6.78x10^6 Special Dollars? 1 US Dollar = 9.4 Special Dollars.
Christopher N.
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