How are new bitcoins created?

Bitcoins are created using a process called “mining” which involves a computer on the bitcoin network solving a complex mathematical problem which creates a new “block.”  The mathematical problem is something that is difficult to solve and demonstrates that work was done, which is called “proof of work.” The reward for solving a block is…

What are Bitcoins?

What are bitcoins? Bitcoins are the unit of currency of the Bitcoin system.  Bitcoin is like email for money.  Imagine you can send money over the internet directly to an email address to anyone, anywhere in the world nearly instantly. Bitcoin allows that.  Bitcoin is a new way for people to consensually trade value without trusted…

How long until all bitcoins are generated?

The last block generated that will generate coins will be block block #6,929,999.  This block will be generated around 2139-2140, so more than 100 years in the future.  It is not a problem that will impact the network in the near future.  The total number of coins that will have been generated at the point will…

Are bitcoins divisible?

Yes, bitcoins are divisible.  Currently bitcoins can be divided down to 8 decimal places, which means 0.00000001 BTC is currently the smallest amount possible.  Smaller divisions are possible by changing the data structures which store bitcoins.  So in practice bitcoins are practically infinitely divisible.

How do you create a paper bitcoin wallet?

Here is some information on creating an offline bitcoin paper wallet: http://www.coindesk.com/information/paper-wallet-tutorial/ https://en.bitcoin.it/wiki/How_to_set_up_a_secure_offline_savings_wallet https://blockchain.info/wallet/paper-tutorial https://bitcoinarmory.com/about/using-our-wallet/ These sites are all well-known and trustworthy. We’ll keep adding sites (or removing) as needed.

Is Bitcoin a ponzi scheme? A MLM scheme? Pyramid?

Q: Is Bitcoin a ponzi scheme? A MLM scheme? Pyramid? Bubble? A: What is a Ponzi scheme? A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from existing capital or new capital paid by new investors, rather than from profit earned by the individual or organization running the operation. Operators…