{"id":8963,"date":"2022-09-30T18:22:14","date_gmt":"2022-09-30T18:22:14","guid":{"rendered":"https:\/\/mdr.foobrdigital.com\/?p=8963"},"modified":"2022-09-30T18:22:14","modified_gmt":"2022-09-30T18:22:14","slug":"bitcoins-monetary-framework","status":"publish","type":"post","link":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/2022\/09\/30\/bitcoins-monetary-framework\/","title":{"rendered":"Bitcoin\u2019s monetary framework"},"content":{"rendered":"\n<p>Satoshi Nakamoto &#8211; Bitcoin\u2019s creator &#8211; solved the Double Spend issue by creating a monetary system with fixed rules defined in computer code, not a government policy document.<\/p>\n\n\n\n<p>Those rules run as a piece of software across a distributed network of computers without hierarchy, permission or trust. No central authority enforces the rules; participants in the Bitcoin network follow them because of economic incentives provided for issuing Bitcoin at a predictable and unchangeable rate toward a maximum fixed supply. This removes the risk of monetary abuse and generates ongoing consensus on balances, solving the double spend problem.&nbsp;<\/p>\n\n\n\n<p>The key rules of Bitcoin\u2019s monetary system can be summarised as:<\/p>\n\n\n\n<ul><li>There is a fixed supply schedule of bitcoin towards a maximum of 21 million<\/li><li>The rate at which bitcoins are created toward that maximum amount is fixed mathematically &#8211; halving every four years<\/li><li>New bitcoins are created roughly every ten minutes (currently set at 6,25); the system is self-regulating to ensure this<\/li><li>There is no other way that bitcoin can be created<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Satoshi Nakamoto &#8211; Bitcoin\u2019s creator &#8211; solved the Double Spend issue by creating a monetary system with fixed rules defined in computer code, not a government policy document. Those rules run as a piece of software across a distributed network of computers without hierarchy, permission or trust. No central authority enforces the rules; participants in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[318],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8963"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=8963"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8963\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=8963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=8963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=8963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}