Bitcoin Mining, is this correct?

[PCunicorn]

I told someone this, and I am wondering if it's correct;

For mining, the concept is somewhat simple. Regular people with computers mine blocks. Blocks are what contain every bitcoin transaction. To confirm a transaction, when you send or receive money, the info gets put in a block. After 6 or so blocks, that info will be mined out, and your transaction will be confirmed, so the money that got sent to you will be yours, or the money that got sent to somebody else, he/she will receive. The way its setup is to where people don't mine for nothing, otherwise people wouldn't mine. Instead, you get a reward. It was 50 coins originally, now its 25. It halves every couple years. This serves two purposes. One, to give you a purpose to mine. Another, to get more bitcoins in circulation.

 

[cwaffles]

The rate halves every year to ensure the coins don't take forever to launch, at the same time, it keeps supply steady as well.