Notes

 In the initial stages, the block reward was 50 bitcoins, and it decreased to 25 bitcoins per block in 2012[68] and has decreased again, to 12.5 bitcoins per block, in 2016. On average, about one block is added to the chain every 10 minutes, with the 18-minute (ideal) block time used as an incentive for solving the proof-of-work puzzle.[citation needed]
Blockchain transaction capacity is capped at 21 million coins.[2] The hard limit will be reached by about the year 2140 at a rate of about one block per 10 minutes. The number of unspent transaction outputs relative to the total number of transaction outputs is called the UTXO set size. This can exceed 50% when a large number of transactions are confirmed creating a phenomenon called the mempool.[3]

History

The invention of bitcoin dates back to at least 2008. In January 2009, the bitcoin whitepaper was published by Satoshi Nakamoto[4] as an introduction to a new electronic cash system that was not controlled by commercial banks and was designed to prevent double-spending. Nakamoto envisioned a community-based digital cash system for the internet.[5]:ch. 2–3 In April 2009, the domain name "Bitcoin.org" was registered.[6] In May 2009, Nakamoto mined the first block of bitcoins.[7] The bitcoin protocol was first described in a paper by Nakamoto, which was published on the website.[8]

During its genesis Nakamoto intended for bitcoin to function as a currency without the approval of a central bank. Therefore, its design prevents an inflationary expansion of bitcoins, which as of January 2016, has provided a "stability factor" in that the monetary supply increases slowly enough to make the original reasoning for issuing the currency valid.[67]:85 However, the system has been modeled on a centralized bank, allowing consumers to exchange their bitcoins for "fiat currency."[citation needed]

This is so large it is not possible to spend money stored in it. Approximately 23 million bitcoins have been created so far, of which over 20 million have been mined. As of November 2017, there were 100.9 million bitcoins in circulation.[69] Of the 100.9 million bitcoins in circulation, 100 million are owned by miners, and the other 9 million are owned by merchants or users.[70]

A bitcoin wallet stores the information necessary to transact bitcoins. While wallets are often
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