EVERY THING BITCOIN IN EASY LANGUAGE
With a lot of powerful processors on the bitcoin network having the ability to perform millions of hashes in one second, it will mean that blocks will get resolved before 10 min and this will go against the Bitcoin network design that specifies that a block is released every 10 min. If more than one block is released in 10 minute period it means more than 25 bitcoins are minted in 10 minutes. If this continues there will be excess bitcoins in circulation and as a result the value of bitcoin will decline because it is no longer scarce. Any way the bitcoin network automatically addresses this issue by increasing the network difficulty as more powerful devices begin to hash. This is achieved in such a way that the processors are made to perform more hashes to verify a single transaction. What Is Bitcoin Most Bit-coiners suck a lot when it comes ...