21 million units what is the reason for reaching this value?

UchihaSarada

full member

Activity: 496

Merit: 142

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: jeraldskie11 on March 23, 2023, 05:57:29 PM

If you add it all, you will get a total of 20999999.9769 Btc. So because the Genesis block is unspendable, the only Btc left is 20999949.9769.

Controlled supply

21 million is a rounded number that is more easily to use in discussion than 20999999.9769.

Quote from: shahzadafzal on February 27, 2023, 04:31:46 AM

I loved it and I was so happy to see that it's such simple math yet so powerful.

jeraldskie11

sr. member

Activity: 1316

Merit: 356

Quote from: Cz-Silk on March 23, 2023, 07:46:24 AM

Why only put 21 million units in the source code?

Bitcoin will not reach 21000000 because every 210000 blocks you are only allow to create half of the previews btc that allowed to be created. So since the Genesis block is 50 Btc, it can be divided by half into 33 times.
Like this:

(1st)50 Btc
(2nd)25 Btc
(3rd)12.5 Btc
......
.......
(33rd)0.00000001 Btc

If you add it all, you will get a total of 20999999.9769 Btc. So because the Genesis block is unspendable, the only Btc left is 20999949.9769.

For more details here: https://bitcoin.stackexchange.com/questions/38994/will-there-be-21-million-bitcoins-eventually/38998#38998

Silberman

legendary

Activity: 2716

Merit: 1383

Quote from: bitmover on March 23, 2023, 09:08:34 AM

However, I don't think there is any particular reason.
More important than "Why is 21 the limit" is that there is a limit after all.

Correct, that is one of the innovations of bitcoin, as we know fiat has no limit at all, while in the case of gold the limit is the gold that is on our planet, and while there are estimates about that amount that is all what they are, bitcoin as far as I know is the first form of money with a hard cap, and when we take into account its many other characteristics then this makes it incredibly valuable and one of the best assets to hold for the long term.

seoincorporation

legendary

Activity: 3346

Merit: 3130

Quote from: Cz-Silk on March 23, 2023, 07:46:24 AM

Why only put 21 million units in the source code?

Are you sure there are 21 million units? i don't think so... As other users already mention, those 21 units is a tricky number because bitcoin has 8 zeros after the point, and that means the total units can be a lot more than 21 million.

Maybe your question is: Why limit the total of coins and not make the infinite? And the answer is - Because finite elements will always have a greater value than infinite elements. And 21M is a good number, isn't small or isn't big.

Greggry

jr. member

Activity: 55

Merit: 1

Quote from: Cz-Silk on March 23, 2023, 07:46:24 AM

Why only put 21 million units in the source code?

I guess is to maintained it values system, capitalist are too advantageous if it exceeds 21M units, the bourgeois may apply control force to diverts it power network but since is limited one person cannot occupy it over time.

Freddie Boyer

member

Activity: 350

Merit: 21

Crypto WEB3 Neobank

I think it is very relevant to limit the total supply of Bitcoin to 21 million units, the creators of cryptocurrencies are trying to prevent inflation and maintain the purchasing power of cryptocurrencies over time to create scarcity and ensure the long term value of cryptocurrencies and This is different from traditional fiat currencies, which can be inflated through government policies such as quantitative easing or deficit spending.

As the Bitcoin supply approaches its limit, miners will rely more and more on transaction fees to maintain their profitability. This creates a positive feedback loop where higher transaction fees encourage more miners to join the network, which in turn results in greater network security and stability.

The limit of 21 million units in the Bitcoin source code is a key feature of the cryptocurrency that has helped promote its long-term value and stability.

hosseinimr93

legendary

Activity: 2380

Merit: 5213

Quote from: Cz-Silk on March 23, 2023, 07:46:24 AM

Why only put 21 million units in the source code?

Take note that there is no "21 millions" in bitcoin source code.
Satoshi set the initial block reward to 50 BTC and decided that bitcoin block reward is halved every 210,000 blocks. This makes the total supply approximately 21 millions.
The exact supply of bitcoin is 20,999,999.9769 BTC.

Ucy

sr. member

Activity: 2730

Merit: 403

Compare rates on different exchanges & swap.

Quote from: Cz-Silk on March 23, 2023, 07:46:24 AM

Why only put 21 million units in the source code?

One of the major factors would be to consider a sufficient reward for miner in relation to price, period of time the reward will last and deflation. If you consider the amount of reward that'll be sufficient for miners in relation to price of Bitcoin and make the reward last as long as possible by estimating how long the Bitcoin system could possibly last in relation to human civilization and changing tech ... maybe you say in the next 200 years. As an early Bitcoin developer, Just multiple the time by the number of BitCoins that will be issued every day (while considering deflation) and you get your answer.

bitmover

legendary

Activity: 2352

Merit: 6089

bitcoindata.science

Quote from: UchihaSarada on March 23, 2023, 08:56:40 AM

Quote from: Cz-Silk on March 23, 2023, 07:46:24 AM

Why only put 21 million units in the source code?

How is the 21 million bitcoin cap defined and enforced?
Why is bitcoin's supply limit set to 21 million?

Hopefully it has answers you are finding.

According to Loop

Quote

Q: Why did Satoshi choose an upper limit of 21,000,000 BTC?
A: The limiting factor is the max value of a 64 bit integer (18,446,744,073,709,551,615) and 21,000,000 BTC is represented as 2,100,000,000,000,000 satoshis.https://t.co/lUo4fRn0yS pic.twitter.com/KbxSyesiNK

However, I don't think there is any particular reason.
More important than "Why is 21 the limit" is that there is a limit after all.

UchihaSarada

full member

Activity: 496

Merit: 142

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: Cz-Silk on March 23, 2023, 07:46:24 AM

Why only put 21 million units in the source code?

How is the 21 million bitcoin cap defined and enforced?
Why is bitcoin's supply limit set to 21 million?

Hopefully it has answers you are finding.

Ever-young

sr. member

Activity: 1288

Merit: 231

Hire Bitcointalk Camp. Manager @ r7promotions.com

To make it scares, which even with high demand the scarcity will still make it maintain it's a very high value.
I don't know if the creator "Satoshi" any other reason why it was only made 21,000. But I don't think their is any.

Maybe 200 Billion could have sound better right ?
That's 200 Billion Bitcoin total supply 🤔
Bitcoin Meme Token.
Bitcoin is just perfect the way it is, we don't question the programming.

Cz-Silk

newbie

Activity: 28

Merit: 5

Why only put 21 million units in the source code?

Topic: 21 million units what is the reason for reaching this value? (Read 135 times)