Actually, as of yesterday, there were 30 functioning GPS satellites. Occasionally a satellite will be made unavailable due to testing, or re-positioning, by Ground Control. Two will be made unavailable in the next few days. The requirement for the GPS system is to have a minimum of 24 functioning satellites at any one time.
The better quality receivers have multiple simultaneous channels, (12 channels is common). Cheaper receivers sometimes claim to be multichannel, but operate using fewer channels, perhaps only four. These work by having each channel receive signals from different satellites in a sequence, one satellite after another. This makes the computed position less accurate due to the time lag between received sets of data.