Who overseas and Regulates Bitcoin ? Day 5

Day 5
Chapter 1

Who Oversees and

Regulates Bitcoins?

Bitcoin currency is completely

unregulated and completely

decentralized. There is no national bank

or national mint, and there is no

depositor insurance coverage. The

currency itself is self- contained and un-

collateraled, meaning that there is no

precious metal behind the bitcoins; the

value of each bitcoin resides within each

bitcoin itself.

Bitcoins are stewarded by 'miners'

, the

massive network of people who

contribute their personal computers to

the bitcoin network.

Miners act as a swarm of ledger

keepers and auditors for bitcoin

transactions. Miners are paid for their

accounting work by earning new bitcoins

for each week they contribute to the

network.

Next TopicSmile

Why is there only 21

Million Bitcoins?

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