Sorry to bump a very old thread.. But I can't seem to understand the concept of Bitcoin yet.. I have been trying to see a lot of videos and read about it but nothing is helping me..
To start with, here are some of my doubts :-
1. Bitcoin miners can earn the bitcoin by helping in validating a transaction which occurs between a buyer and seller. Its kind of like a transaction tax which is payed by both the buyer & seller parties involved in the transaction to the miners who validate the transaction based on the ledger.
So here my doubt is how many miners are actually required to validate one such transaction. Where are the rules for this. And who decides what would be the percentage of the transaction value to be given to the miners for the validation.
2. There are only 21 million Bitcoins which will ever be in existence. These 21 million bitcoins can be broken into as many small parts as possible.
So is there any theoretical limit to the minimum possible unit to which it could be broken into? For e.g can someone have like 0.0000000000000000000000000000000000000000000000000000000000001 or consider even more fraction amount of bitcoins.
3. In the very beginning, how was it decided to distribute the 21 million Bitcoins? What I mean is how was it decided that who was the first buyer, the first seller and the first miner ever?
After that, what was the criteria for other people to join as the transaction validators (miners) ?