The Bitcoin is nothing but a digital currency that has its own monetary value similar to commodity. As Bitcoin works completely live with internet access and its exchange rates does not depends on any bank.
Moreover, there is no authority to own the crypto currency supply. At present, majority of companies are accepting Bitcoin as a method of payment.
However, most of the Bitcoin or cryptocurrency users would be confused by hearing all technical aspects. Among that technical process Bitcoin mining is most doubtful factor for maximum cryptocurrency users.
But in reality the Bitcoin mining is a simple process that is not aware to the people. The financial market is kept on updating that made people to search for an alternate currency like Bitcoin.
What does Bitcoin mining process involve with?
Bitcoin mining is nothing but a process of adding past Bitcoin transaction in the block chain to public view and new generation of Bitcoin in the account.
These facts may be little confusing, but the fact is although the Bitcoin is widely used digital currency it existence is only for limited time.
By hearing this the first question arises in all mind is when would last Bitcoin be mined? It is not so far only four years and more. This process also cut off the amount paid to the miner to half and also miners would not be benefited with block rewards.
Does the Bitcoin existence going to fade?
When people completely knew about the Bitcoin process then they would struck in confusion what if when all Bitcoin are mined?
Does in that case whether the Bitcoin existence fades away or Bitcoin runs out of market? None of these prevails as Bitcoin is a digital currency it exists till internet usage is availed. On other hand if entire system get run out there won’t be any Bitcoin left for new block mining.
In order to avoid this situation to occur the miners are awarded with transaction fees that ensure the Bitcoin existence.
Once the Bitcoin value is increase simultaneously the transaction fees allotted to the miners also get increased.
If miners get paid high then they keep on mining Bitcoin thus makes the Bitcoin to exist in the market.
Likewise, even the last Bitcoin mined from the account there are ways to make Bitcoin existence with high profit to Bitcoin miners.