Topic: [2016-10-24] The Amount of Bitcoin Is Scarcer Than We Think - page 2. (Read 1325 times)
1 million to Satoshi, and another 1 million combined for all other stuff. We are looking at 2 million BTC that are never moving. So we will have less than 19 million bitcoins in circulation, probably only half of that is in "public" circulation in the exchanges, the rest are in cold storage or something.
I have seen more people getting worried about the number of coins, but they clearly don't realize that in reality there are more than enough coins for everyone as Bitcoin is easily divisible into smaller pieces. These articles are made by people thinking to understand what Bitcoin is, and what it can do, while in reality they don't understand it.
It is true we will never run out of 0.000000000025 BTC, but who really wants to get paid in such small amounts?
Someday there will be a mania based on people wanting to own "at least one whole Bitcoin", and we will see huge price increases.
I have seen more people getting worried about the number of coins, but they clearly don't realize that in reality there are more than enough coins for everyone as Bitcoin is easily divisible into smaller pieces. These articles are made by people thinking to understand what Bitcoin is, and what it can do, while in reality they don't understand it.
Funny but I agree. Most articles are self thought, biased and hastily done without researching. They are more focused on the impact of their structure to the one reading it (they prefer readers to panic) rather than the fact and logic behind what they are posting. Though OP is right that most Bitcoins that are lost either by unretrievable / unrepairable HDD crashes, lost wallets are gone forever. So if we think that in the future when all BTC is mined there will be 21m Bitcoin in circulation, maybe we need to think again ^^,. It is smaller than what we think.
At some point, the total number of bitcoins available will decrease (if that hasn't happened already). The number of bitcoins mined every day is decreasing by design but the number of bitcoins being lost is most likely increasing. At some point there will be a net loss of bitcoins every day. This could be a good thing if it makes the value increase.
I have seen more people getting worried about the number of coins, but they clearly don't realize that in reality there are more than enough coins for everyone as Bitcoin is easily divisible into smaller pieces. These articles are made by people thinking to understand what Bitcoin is, and what it can do, while in reality they don't understand it.
" There are some economists who believe this system could lead to a deflationary spiral. The argument is that an economic cycle involving deflation adds to market depressions and a possible currency collapse."
So going Bitcoin, we are f$%%ed .... and going the Fiat route with inflation spiralling out of control, we are f#$%ed too. What these guys
failed to mention was that Bitcoin could be increased by subdividing it even more. There are only 21 000 000 bitcoins, but how many
Satoshis are there.... more than enough for everyone on this planet.
So going Bitcoin, we are f$%%ed .... and going the Fiat route with inflation spiralling out of control, we are f#$%ed too. What these guys
failed to mention was that Bitcoin could be increased by subdividing it even more. There are only 21 000 000 bitcoins, but how many
Satoshis are there.... more than enough for everyone on this planet.
NEWS BITCOIN - The Amount of Bitcoin Is Scarcer Than We Think
There will be only 21 million Bitcoins, and more than two-thirds of those have been distributed to the public. However most people don’t take into consideration that many of those Bitcoins have either been lost or purposely discarded.
For instance, in November of 2013, the media had reported on a man who had lost 7,500 bitcoins in a landfill. James Howells is one of many who have lost thousands of Bitcoins by accident.
In May of 2016, Bitcoin.com reported on a man who lost US$67,000 worth of Bitcoin while upgrading his computer. The fact is many people have misplaced Bitcoins due to accidents and user error. Mistakes like this have caused significant amounts of the cryptocurrency to be lost forever. Whether it’s computer errors, lost paper wallets or forgotten brain wallets, a non-trivial amount of Bitcoin is gone forever.
READ MORE >>> https://news.bitcoin.com/amount-bitcoin-scarcer-think/
There will be only 21 million Bitcoins, and more than two-thirds of those have been distributed to the public. However most people don’t take into consideration that many of those Bitcoins have either been lost or purposely discarded.
For instance, in November of 2013, the media had reported on a man who had lost 7,500 bitcoins in a landfill. James Howells is one of many who have lost thousands of Bitcoins by accident.
In May of 2016, Bitcoin.com reported on a man who lost US$67,000 worth of Bitcoin while upgrading his computer. The fact is many people have misplaced Bitcoins due to accidents and user error. Mistakes like this have caused significant amounts of the cryptocurrency to be lost forever. Whether it’s computer errors, lost paper wallets or forgotten brain wallets, a non-trivial amount of Bitcoin is gone forever.
READ MORE >>> https://news.bitcoin.com/amount-bitcoin-scarcer-think/
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