Quote:
Originally Posted by tjts1
Close. Its verified by thousands of computer, most no bigger than a USB stick. Each one stores the entire "blockchain" (ledger of all transactions). You need a minimum of 6 confirmations from 6 different nodes before your transaction is added to the blockchain. Eventually all transations are confirmed by all the nodes.
Sounds about right leaving out a lot of details. The new bitcoins are "mined" by the same computers that confirm transactions. The total number of bitcoins that will ever exist is 21 million. In the first 4 years 10.5 million were mined at a rate of about 24 every 10 minutes. After the first 4 years which ended last fall, the production rate halved to 12 every 10 minutes. The production rate keeps getting chopped in half every 4 years.
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Pesky details. 
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