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Updated March 09, You can buy bitcoins with fiat currencies — legal tender backed by the issuing government, like Australian dollars — through online exchanges, or you can create brand new bitcoins in a process known as mining.
The main feature of cryptocurrencies is that they operate on a decentralised peer-to-peer network, with no central authority or government backing.
The underlying technology that makes cryptocurrencies such as bitcoin possible is what is known as the "blockchain". When a transaction is made it is added to the end of the blockchain and confirmed using a series of complex computations by the computers of other users who are on that currency's network.
The most recent transactions made on the network are bundled up into a transaction "block", which is finalised roughly every 10 minutes.
Once a computer solves the block's complex equations and finds a valid hash key it is added to the blockchain, verifying bitcoin transactions between users, while at the same time rewarding the miner with new bitcoins.
It can take a while for miners to reap rewards, as only the first user to solve the block by finding one of a number of valid hash keys is rewarded with bitcoins.
During the early days of bitcoin ina common household computer would have been powerful enough to mine for dozens of new coins using its CPU or GPU. The currency automatically regulates the difficulty of the mathematical problem adding complexity to the hash value computers need to find as well as the number of bitcoins received as a reward.
If a lot of people are connected to the network to mine for bitcoins, the difficulty of solving a block increases. Killer rich bitcoin minerals is known as the hash rate. The number of bitcoins rewarded also adjusts, with an end result that means every four years only half the amount of coins created in the previous four years can be made. Recently, the invention of specialised computers used solely for mining has dramatically increased the difficulty of obtaining bitcoin.
Bitcoins can be mined solo or as part of a pool, but even killer rich bitcoin minerals the bitcoin or fraction killer rich bitcoin minerals the coin you receive will likely not be enough to cover the electricity cost. Bitcoin mining was extremely easy when the network first began, but it is now out of the realm of common home computers. Due to the way Bitcoin was coded, there is a limit of just under 21 million bitcoins that can be created.
However, a single bitcoin can be subdivided as far down as the eighth decimal place 0. Want to know more about bitcoin? Read our explainer to see exactly how the cryptocurrency works. First posted March 08, If you have inside knowledge of a topic in the news, contact the ABC. ABC teams share the killer rich bitcoin minerals behind the story and insights into the making of digital, TV and radio content. Read about our editorial guiding principles and the enforceable standard our journalists follow.
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