Bitcoin Ecosystem: Factors Behind Its Distribution, Concentration & Ownership
ndtv.comIn Bitcoin ecosystem, miners who earn the coins are at top of the chain.
Bitcoin is, without a doubt, the most widely used cryptocurrency today. It was designed as a reward for the “mining” process, which involves a global network of computers competing to solve difficult algorithms. Miners have been rewarded 12.5 Bitcoins for adding one block to the network. The payout will be cut in half every four years, according to the Bitcoin system. In Bitcoin ecosystem, miners who earn the coins are at top of the chain. Traders, the second link in the chain, strive to profit from the Bitcoin-to-fiat cycle by controlling it. The final link in the ecosystem is consumers who spend the coins to buy goods or services.
A typical Bitcoin transaction includes
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