$BTC Bitcoin operates quite differently from typical currencies: there is no central bank managing it, and the system operates on a peer-to-peer network protocol over the Internet. The supply of Bitcoin is automatic, limited, and distributed according to a predetermined schedule based on algorithms. Bitcoin is awarded to "mining" computers as a reward for verifying Bitcoin transactions and recording them in a distributed ledger across the peer-to-peer network, through blockchain technology. This ledger uses Bitcoin as its unit of account. Each bitcoin can be divided into up to 100 million smaller units called satoshi. Transaction fees may apply to new transactions depending on the network's resource availability. In addition to transaction fees, miners are also rewarded for creating blocks that contain transaction logs. Every 10 minutes, a new block is created along with a certain amount of Bitcoin being issued. The amount of bitcoin issued for each block depends on the operational time of the network. In May 2020, 6.25 bitcoin was issued for each new block. The inflation rate will be halved to 3.125 bitcoin around May 2024 and will continue to halve every 4-year cycle until a total of 21 million Bitcoin is issued by the year 2140. Besides mining Bitcoin, users can acquire Bitcoin by exchanging it when selling currency, goods, or other services.