Question

which strategy is used by the Bitcoin network to control the inflow of bitcoins in the network?

Answer 1

Q. Which strategy is used by the Bitcoin network to control the inflow of bitcoins in the network?

Explanation :

[Before coming to the answer let i wll give some information about it.]

-- Bitcoin is defined and explained in many ways. Let's first know who invented Bitcoin, actually the fact is Bitcoin was invented not only by one person there are so many peoples contributed and gave his/her effort on it and generally one person are named as Satoshi Nakamoto. Bitcoin is many things to many people, that is, an Internet protocol, cryptographic network. It is totally an open - source software. The network of Bitcoin is decentralized. That means it is not controlled by only one terms, there are many terms in the Bitcoin network controlled altogether. It is a network in which it enables peer to peer value system as a digital medium of exchange of currency all over the world.

-- Bitcoin network has two layers : (1) Bitcoin exchange, and (2) Bitcoin wallets

-- The fuction of Bitcoin transaction network...

Its network consist of tens of thousand of nodes (computers) spread all over the world. In this firstly, the transactions are broadcasted to the networks then its timestamped, then check the accuracy of the transaction and verify it, and then locked into 1MB - 2 MB data blocks and the kept data doesn't ever changed by anyone, as we can say it becomes immutable. Overall, it is a modern global accounting system and this technology is known as blockchain. Every day around 1800 bitcoins are created

-- There is also a term called Bitcoin mining and this is the main term over all the Bitcoin networks. Bitcoin mining actually keep and control the transactions safe and secure.

So basically, the fact is bitcoin is freely accessible to all users. It works itself, nobody owns it. Some sources says bitcoin miners controls the network. But actually, nobody knows about the actual process and it leads the bitcoins in controversies. The user uses it in their own way because of nodes that is every node is creating their own updated version of events.

Answer 2

The strategy used by the Bitcoin network to control the inflow of bitcoins in the network is "Lower the mining reward"

Explanation:

• Bitcoin is an "innovative payment network" & a new "kind of money". The "bitcoin network" is a "peer-to-peer" payment network which operates on a "cryptographic protocol". Users send & receive bitcoins, the currency units , by broadcasting "digitally signed messages" to the network utilising bitcoin "cryptocurrency wallet software"
• Mining is a method by which the Bitcoin public archive of past transactions is inserted transaction data. Mining is specifically programmed to set the history of transactions in a manner which is "computationally impractical" to be modified by any single entity.
• Bitcoin nodes are able to find consensus about whether to order events in bitcoin by "downloading & evaluating" the blockchain. A mining pool is the pooling of resources from miners who share their "processing power" on a network to fairly split the reward by the amount of work they have committed to the "probability of finding a block"

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