Just like anyone can join the Internet, anyone can help to verify and record payments into the block chain. This process is called mining.
In mining, users offer their computing power.
Miners are rewarded with newly created bitcoins and transaction fees.
Currently, miners receive 25 bitcoins every 10 minutes. This halves every 4 years. The next halving will happen in mid-2016.
Videos on bitcoin
know what is bitcoin in 2 minutes
What Is Bitcoin – A Simple Explanation
What is Bitcoin?
Bitcoin Quotes By Famous People
Raghuram Rajan’s Comments on Bitcoins in India
Insightful coverage on bitcoin by Zee News
Bitcoin and the history of money
Videos on Blockchain and Mining
Bitcoin Boom Cycles
Like any other commodity, bitcoins price keeps changing. We have broken down bitcoin’s historic price in separate graphs. We see that if we ignore the short term highs and lows, bitcoin is increasing in value.
In 2010, the price touched a maximum of $0.39 and then went to a low of $0.19. When the price went down, many people proclaimed that bitcoin is dead.
In 2011, from $0.19 the price went to $28.92 before going to a low of $2.05. In spite of this crash, the price was far higher than the previous low of $0.19.
In 2012-13, the price touched $230 and then crashed to $66.85.
In the last boom cycle in 2014, from the previous low, the price touched $1147.25 and after that touched a low of $117.