What happened if the miners didn’t want to sell any? How did you go about finding a miner to buy from?
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What happened if the miners didn’t want to sell any? How did you go about finding a miner to buy from?
If no miners would sell then there would be no market. I haven't studied early days too much so I don't know exactly what happened. I just know that bitcoins are created with every new block and they go to the miner of the block. So logically every bitcoin was bought from a miner at some point. In theory, eventually a miner and a buyer would agree on a price and that would become the first transaction. With bitcoin, the first transaction was someone bought a pizza for 10,000 bitcoins. As more people began buying and selling exchanges probably started up.
Thanks for answers! I still don’t understand how bitcoins are created with every block if there is a limited amount of btc though
My pleasure! :) When btc started, there were 50 new bitcoins created every block (10 minutes). Every 4 yearsish (i think) the amount of bitcoin created per block is split in half. So it went from 50 to 25 to 12.5 which is where we are now. In a couple years it will go down to 6.25 per block. Eventually there will be no more bitcoins created. That will be at around the 21 millionth bitcoin.
Hmm this only creates more questions! But you’ve helped plenty!