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Bitcoin

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  • It helped for sure, but some things yet remain unclear: (1) apparently after each 210,000 blocks the amount of newly minted coins for miner's reward will be divided into 2, but why after 210,000 blocks, and why divided into 2 ? (2) This complementary reward was logical when genesis block was created, but why remained after that, when now always there is a previous block? Thanks Commented Mar 2, 2020 at 15:09
  • And the last one: What does "100 confirmations" mean? Does it mean adding 100 new blocks over the miner's block ? Thanks Commented Mar 2, 2020 at 15:19
  • Exactly. 100 confirmations mean miners solved 100 blocks after the miners block. Commented Mar 2, 2020 at 15:23
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    The choice of 210 000 blocks and the "halvening" (as it is called) are arbitrary. Satoshi modeled the mining of bitcoin to be similar to the mining of gold. There is only a finite amount of gold on Earth and, hence, it gets harder to find. As we mine gold, there is less gold. As we mine bitcoin, there is less bitcoin! Commented Mar 2, 2020 at 15:26
  • Thanks. And, is there any documentation for this information (ex. 210,000 blocks, after 100 confirmations etc)? Thank you again. Commented Mar 2, 2020 at 15:29