Topic: Bitcoin is rare - page 11. (Read 2426 times)

Not just the fact that 4 million are left to mine, but many are lost due to non-believers at the early stages being careless with their coins. Also, satoshi has 1 million bitcoins locked up in his wallet - unlikely that those will ever move

There are actually going to be a total of 21 million coins. Currently, we are at 17 million, it will take 120 years for the last 4 million to be mined. It is possible for miners to switch coins yes, but the more miners who leave, the more the remaining miners will be incentivized to stay, as they are more likely to find the next block. Miners also won't only be mining for the Block reward, they will also be mining for fees.

When Bitcoin first launched, the block reward was very high (50 BTC) as there weren't anybody making transactions really, so the fee incentive was Nil. As the block halving took place we moved down to 25 BTC every 10 mins. a lot more people were transacting Bitcoin at this time, but the fees still weren't that big of a deal for the miners. 25 BTC per block was still a very high reward. Now we are sitting at 12.5 every 10 mins and More and more people are transacting, and today the fees miners receive from the blocks are actually worth something. As the block halvings continue, transactions should increase due to adoption, and the fees miners are paid should be more substantial. So Bitcoin is designed to initially have the miner's main incentive be the block rewards, and slowly shift the incentive to the tx fees as the block reward continues to decline. It will keep this equilibrium for the miners, and its just one of the many brilliant Bitcoin design choices.

So yes while miners could switch to a different coin, the incentive for mining on the Bitcoin network actually increases. Remaining miners are more likely to find the next block, and even if the block reward is 3.125 BTC (2024 block halving) the miners will be mining for the fees.

Bitcoin is becoming rare day after day, as you have said the Bitcoin is becoming lesser to mine.But the circulation supply will continue to flow, so for this situation the one that holds bitcoin as a treasure will become richer because the price will become high in the market. base from the law of supply and demand there's a big possibility that the reason for the bitcoin will become expensive because only few will sell their bitcoin, And the Giant Whales has also a great impact on prices of bitcoin in the market.

yes as we can know that bitcoin just only 21 million in this wolrd, and right now 17Million already mined by miners, i think just 4 million again in the world that still doesnt have the owner. and i think if all bitcoin already mined it is the start if bitcoin, what did i mean? i mean that bitcoin will be start to rising in the public and more popular than before

Yes, bitcoin is rare assets.with 21 Million total suplly and only less than 4 millions can be mine.but about the price, it really depends on market demand.as long people still believe in bitcoin, the price will be following.but I am sure no one knows whats gonna happen when all bitcoins are mined.

No, bitcoin is not rare at all, it is just perceived to be.

Don't forget the almighty satoshi: .00000001 btc

Right now, btc is still speculative.  It has a lot of use cases but those are still pretty much being used by niche markets.
Daily use has become widely available, but because of the volatile nature of btc, it isn't really a practical way to pay for things everyday.

The rising price is affected by supply, yes, but mostly, the last year it has been driven to insane heights basically because of hype, speculation, and fomo.

As the market eventually stablizes and crypto starts to have more practical real world use cases, then supply will have a more adverse affect on the price of btc.

But, by then, I think btc will lose it's dominance.
After all, it is tech that is already 9 years old.

There are literally hundreds of coins that do the same thing as btc but faster, cheaper, better.
Eventually, they will replace bitcoin as the coin of preference.

The price of the bitcoins is not judge by the quantity but is by demand the higher the demand the bitcoins have the higher it price gets but the supply will also affect 4 million coins are only left making it rare the lower the supply and high in demands will make it inflate causing its price to skyrocket it being in a small market will also be on of the basis because it can be affected by other sources etc.

Supply and Demand law are play the role this time !
So nobody can tell the exact answer when bitcoin is rare, the value will be expensive.

What if the government forbid bitcoin usage, ofcourse it will affect on bitcoin demand significantly !

I think the same. bitcoin is more rar with every day passes as we all know there is a max supply so everyone is rushing to get some bitcoin or some good alts and this will not stop in the next years.

I think that is one reason of Bitcoin price raise. As long as Bitcoin becomes more rare, the price will continue to go up too i think but it does not mean that Bitcoin will completely vanish.

We are in an age where technology is changing the the business world.
The primary theory about the astonishing rally being put forward by investors on social media is that bitcoin will soon benefit from big institutional money injections via the introduction of the first BTC futures products. CBOE Global Markets and CME Group are launching new futures contracts on December 10 and December 17, allowing investors to go long or short on bitcoin. This ability makes bitcoin far more palatable to big investors who are currently flooding the market to make profits if and when the bitcoin price falls. read the link for further info https://techcrunch.com/2017/12/08/why-is-bitcoins-price-so-high/

Can this make Bitcoin price increase in future, because there are only 24M Bitcoin as i know. Many miner will move to other coins.

Bitcoin is rare, there is a limited number of it for it is not yet legalized in the world. And also, that is the reason why its value varies from time to time.

Bitcoin is very rare now and bitcoin is big demand in the market because people are  enthusiastic  with the presence of bitcoin. 4 million bitcoin again, and every day bitcoin seekers increase sharply, inventory is little demand is high, than the results is bitcoin value will be very high.

I do not think that the number of produced bitcoins significantly affects its price. The extracted bitcoins do not immediately enter the crypto-currency market. They also fall into someone's purses and are mostly deposited, like most bitcoins.
  The price of bitcoin is more influenced by news information and how many bitcoins fall into the market from other bitcoin owners.

it could be one factor also why bitcoin prices go up. In addition, the demand for bitcoin is also very high because people are enthusiastic with the presence of bitcoin. Indirectly it will make the bitcoin the higher the price. Moreover, plus the government to make negative news that increasingly spur people curious to have bitcoin, something that is prohibited would be a lot of people interested.

We can see there many more investor comin for bitcoin as the new company came as well,  we will see in the future what will happen, but for me personally bitcoin will be keep bright,  and no one can destroy it.

First how do you define rare? because I don't think Bitcoin is rare, anything that is rare should be hard to acquire or hard to find, while owning a Bitcoin is not that hard because you can just buy it on any Bitcoin exchanges easily, and it also doesn't mean that when the price of Bitcoin is high it is rare. It is true that there are still 4 million Bitcoin supply left to be added in circulation because there are currently 17 million in circulation and total of 21 million but it is not the only reason why Bitcoin price is going up, it is the demand and supply that makes the price go up and down, just read the basic supply and demand and you will understand it.

4 million bitcoin again, and every day bitcoin seekers increase sharply, inventory is little and demand is high, then the result is bitcoin value will be very high.
but, is bitcoin able to maintain good public service? I see the fee of bitcoin transaction today is very expensive and slow.

That is not the only reason why Bitcoin's price is so high right now even with the limited amount of supply the price could still go down because of FUD, news, dumps so keep that in mind. Users above me mentioned that the demand is what makes the price increase which is true, that's because a lot of people/merchant/places that accepts/sells Bitcoin there's a lot of ways you can do with it now compared to before.


It'll surely rise because of its high volatility and future halving events.