There are only 21 million $BTC in the world.
✅Maximum supply: 21 million Bitcoins.
✅Mined: 19.57 million Bitcoins.
✅Left to mine: 1.43 million Bitcoins.
🇺🇸Encryption protocol explained
Bitcoin uses a cryptographic protocol called SHA-256 (Secure Hash Algorithm 256-bit). This is a cryptographic hash function designed by the US National Security Agency (NSA). SHA-256 creates a 64-character string from any input data, and this string is unique for each different input data.
🇺🇸Key steps in Bitcoin's cryptographic protocol:
Transaction: When a Bitcoin transaction is made, it is broadcast to the network of nodes.
Verification: Nodes verify the validity of the transaction by checking the digital signature and account balance.
Blocking: Valid transactions are grouped into a block.
Decoding: Miners compete to solve a complex SHA-256 cryptographic problem. The first one to solve it adds the new block to the blockchain and receives a reward in Bitcoin.
Adding to the blockchain: The new block is added to the blockchain, and the transaction is confirmed.
🇺🇸Scarcity and value
The 21 million Bitcoin supply limit is designed to create scarcity, similar to gold. This protects Bitcoin's value from inflation and increases its value over time. Satoshi Nakamoto chose this number to ensure that Bitcoin would function well whether it became a popular currency or just a small financial instrument.
