Topic: Bitcoin total supply is not 21M - page 2. (Read 352 times)
While you are right that it won't be exactly 21m bitcoins that are going to be mined, this is a number that is very far an in the future. Unfortunately we all here won't be around anymore when we are getting close to the 21m barrier. What I find more interesting is to know how many bitcoins are already lost today that can't be recovered anymore because no access to the wallets. Then we could extrapolate that number to the future at find an estimate of how many bitcoins actually will be in circulation. Who knows, this number might be closer to 19 than to 21m. Nonetheless the bitcoin price has to rise in the future, the hard cap on the bitcoin supply means that the miners require higher prices to keep mining in the future. If energy costs keep rising, so must bitcoins to keep profitable for the miners.
if you want to get technical about the technical. its not actually 50 btc (unit of 50) its not 50*coin. where coin =1btc
its actually where coin=100,000,000
coin is measured in sats. not in whole bitcoin.
if you took the 'values' from block data and transaction data in raw form and convert them from byte to decimal. the numbers are in sat units. not whole bitcoin numbers.
so technically there is no btc anywhere in block or transaction data. only sats..
yep no btc is found on the blockchain. just sat units
where by math then bunches them up into 'coin' of 100,000,000 units to be called a btc at GUI level (software user interface). not at raw data level of the blockchain
so there is infact going to be UNDER
2,099,999,997,690,000 sats
..
but if you want to talk about the GUI representation. btc in whole units would display as
20,999,999.97 which rounds to 21mill
its actually where coin=100,000,000
coin is measured in sats. not in whole bitcoin.
if you took the 'values' from block data and transaction data in raw form and convert them from byte to decimal. the numbers are in sat units. not whole bitcoin numbers.
so technically there is no btc anywhere in block or transaction data. only sats..
yep no btc is found on the blockchain. just sat units
where by math then bunches them up into 'coin' of 100,000,000 units to be called a btc at GUI level (software user interface). not at raw data level of the blockchain
so there is infact going to be UNDER
2,099,999,997,690,000 sats
..
but if you want to talk about the GUI representation. btc in whole units would display as
20,999,999.97 which rounds to 21mill
We can say that it's technically not, but really it's just easier to round it up and say 21 million than mentioning scary decimals. It's not like bitcoin is suddenly a bad investment or something just because of the total supply being short by .02 BTC or something. And people frequently round up finance numbers as well. It's really no biggie.
They will neither be 20,999,999.9769. That's just the total bitcoins that will ever be mined. The spendable BTC will be far less. Some are provably lost, such as genesis block's reward and the OP_RETURN transactions. Some miners have also failed to earn the entire reward which results to even less coins in circulation.
It's just easier to say that there won't be more than 21 million, which is true.
It's just easier to say that there won't be more than 21 million, which is true.
I knew it from forum discussion and today I read the article of Jameson Lopp.
It is inaccurate information about total supply of Bitcoin at exactly 21M as we see on media. Jameson explained it very detailed and technically in his article.
Some other resources to read about the same topic on Bitcoin total supply
How is the 21 Million Bitcoin Cap Defined and Enforced?
Controlled supply
Equivalent network time
This Bitcoin Inflation vs Time chart should be known by any Bitcoin investor.
It is inaccurate information about total supply of Bitcoin at exactly 21M as we see on media. Jameson explained it very detailed and technically in his article.
Some other resources to read about the same topic on Bitcoin total supply
How is the 21 Million Bitcoin Cap Defined and Enforced?
Controlled supply
Equivalent network time
This Bitcoin Inflation vs Time chart should be known by any Bitcoin investor.
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