What I don't get about Bitcoin is, since it is a distributed p2p currency system, Who is "generating" the digital bill?<p>In normal currency, a central bank would generate notes that are backed by an equivalent valuable good (ex. Gold, Jewels, etc). I am aware that's not true in modern systems because a central bank can emit more inorganic notes, but that has a direct impact in the inner value of the currency.<p>In this system, I can't see who is in charge of emitting the digital "note". So, how is exchange rate calculated then? Bitcoin mining is another blur concept.<p>Does anybody know how this actually works?<p>Edit: Fixing some typos