What is a bitcoin transaction?

Transactions - private keys. A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet.

What are the basics of bitcoin?

1 The basics for a new user. As a new user, you can get started with Bitcoin without understanding the technical details. ... 2 Balances - block chain. The block chain is a shared public ledger on which the entire Bitcoin network relies. ... 3 Transactions - private keys. ... 4 Processing - mining. ... 5 Going down the rabbit hole. ...

What is bitcoin mining?

Bitcoin mining is the process of adding new groups of transactions (known as blocks) to the shared transaction record (known as the blockchain). There is a big worldwide competition going on all the time - known as the mining race - to win the right to add a new block to the blockchain.

How often are bitcoins'mined'?

Starting at 50 bitcoins per block (a new block is added approximately every 10 minutes), the issuance rate is cut in half approximately every four years. In May 2020, the third halving reduced the issuance rate from 12.5 to 6.25 bitcoins per block. At that point 18,375,000 of the 21 million coins (87.5% of the total) had been 'mined.'