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2020Jan 21
- Supply - Bitcoin has a fixed supply of 21 million coins and a fixed supply issuance. Starting at 50BTC per block this reward is cut in half every 210,000 blocks (or ~every four years).
- UTXOs - an Unspent Transaction Output which is used as an input for a new transaction.
- Open-source - openly available source code that anyone can access allowing anyone to review and contribute to the code.
- Consensus rules - the rules that full nodes must follow to be in agreement with all other nodes on the state of the blockchain
- Full Node - a program that verifies and validates all transactions and blocks for the entire history of the Bitcoin blockchain
- Mining - the process of adding transactions to the Bitcoin ledger and securing the network. Miners create blocks by spending energy in what is known as proof of work.
- The difficulty adjustment - this alters every 2016 blocks (~2 weeks) based on the time it took to mine the previous 2016 blocks, which is how the network can maintain a ~10 minute block time.
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