Topic: Creating more bitcoin - page 2. (Read 1201 times)
Definitely almost all users of cryptocurrency and Bitcoin owners will oppose the increase in the number of Bitcoin. We already today with difficulty expect an increase in the price of bitcoin, and if we increase the amount of bitcoin, then its price will decrease significantly. And in general, I don’t understand why such desires appear, just to have Bitcoin in my wallet, even though its price will be very low.
Creating more bitcoin will disturb the demand to supply availability. When there is something unlimited surely the demand will diminish with time. As of now the market having limited supply, and the same is the key factor for bitcoin to have such an increased market price. Some has been continuously suggesting on bitcoin unlimited which isn't gonna get into reality.
I agree and I don't really think that it needs more than 21 Million.1Bitcoin could be divided into Sats and it is enough for all of us there is no need to change the max supply.
The code says 21 million, and 21 million will be. Even if some developers propose a change, it won't necessarily get adopted, simply because the nodes and miners won't like it. Stop with this nonsense already and learn how an economy thrives under deflation, you need to read the Austrian school of economics and start implementing their ideas. No other school gets it, specially not Chicago which is the currently implemented.
We will move from a quick but crash debt economy into a slow but steady savings economy, end fractional reserve banking, etc.
We will move from a quick but crash debt economy into a slow but steady savings economy, end fractional reserve banking, etc.
I think bitcoin in the long run should adopt something similar to what peercoin has. That is have infinite coin supply but low inflation. So after 21 million coins BTC can inflate but at most only ~210,000 coins per year can be created. If something like this were to be implemented it would take BTC 100 years to double its coin supply from 21 million to 42 million.
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it. I mean, 21 million isn't much. 
This cannot be changed by the developers.
If a decision like that will be heard we will possible have a hard fork and two separate chains.
And also 21m isn't much but this is said to be the main advantage of Bitcoin. Scarcity is a good thing for the cryptocurrency industry.
The community has nothing to decide in Bitcoin, as far as the big mining pools and DEV agree.
Change it, compile new, voila 10000000000000000000 bitcoin max supply. Then you get a fork of course. But as I say, for any reason support by miners will change it.
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it. I mean, 21 million isn't much.
This cannot be changed by the developers.
If a decision like that will be heard we will possible have a hard fork and two separate chains.
And also 21m isn't much but this is said to be the main advantage of Bitcoin. Scarcity is a good thing for the cryptocurrency industry.
The community has nothing to decide in Bitcoin, as far as the big mining pools and DEV agree.
The limited supply is the one that makes it to be valued high than other currencies. That will make bitcoin to be same as that of the dollar and other currencies that were printed on need and they'll never disclose how much has been printed and what's the limit. As one of the user suggested maybe splitting further within the 21 million into decimal points seems fair than the unlimited.
Unlimited supply just like dogecoin? It will just decreased its price have you heard of demands and supply? the lower the number of bitcoin and the higher the demand the higher its price will be. If you want to have more bitcoin you need a fork and improve the bitcoin or create a new coin out of it.
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it. I mean, 21 million isn't much.
This cannot be changed by the developers.
If a decision like that will be heard we will possible have a hard fork and two separate chains.
And also 21m isn't much but this is said to be the main advantage of Bitcoin. Scarcity is a good thing for the cryptocurrency industry.
The community has nothing to decide in Bitcoin, as far as the big mining pools and DEV agree.
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it. I mean, 21 million isn't much.
This cannot be changed by the developers.
If a decision like that will be heard we will possible have a hard fork and two separate chains.
And also 21m isn't much but this is said to be the main advantage of Bitcoin. Scarcity is a good thing for the cryptocurrency industry.
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it. I mean, 21 million isn't much.
Unlimited or adding up supply of Bitcoin isn't that possible.It do only have fixed 21M supply.If it do happen that there are some alteration with the entire supply then I would believe that bitcoins value would come to worthless.I don't know why stressing too much on things
we aren't possible to happen.
If they succeeded in that then there will be no value left of bitcoin like fiat currency. Like if you take an example many supercars they make limited cars like 100 cars in the whole world so their price don't go down and they can sell their car as high price as they can so the same case may fall on BTC too If they can create more BTC then its value will fall down day by day until it becomes zero.
its eight decimal places now. that can easily be extended to 16 (or whatever) or more decimal places as needed. so, no need for more than 21 million. just add more decimal places.
8 decial places is the smallest amount you can use in a transaction. So going to 16 dp would require code changes. You are just making more satoshis as opposed to more bitcoins.
thats the point. divide btc into smaller pieces as needed. a code change to add decimal places does not violate the 21 million hard cap, that stays immutable. adding more than 21 million btc violates the whole point of btc.. 21 million btc, and thats it. period.
as for a satoshi being the smallest unit right now, thats just a name. call the new smallest unit a microsatoshi (or whatever) or something. theres no real limit as to how small a unit of btc can be made.
I mean, 21 million isn't much.
That there are just 21 million units is a common misconception, which we should get rid of.
We can start saying that there are 21000 million mBTC (or mBTC), which is true.
Actually mBTC would be a much more useful unit. As mBTC is currently only about 11$. It would be much easier for new investors to start investing by buying a "WHOLE" mBTC and not worrying if they do not have 11000$ to invest in one full BTC
But yeah. the developers could fork bitcoin and create a new one that has more coins. they probably couldn't change that from bitcoin without everyone agreeing with them.
yup right, the core bitcoin developers can't decide unilaterally about how bitcoin will be developed. Bitcoin has a big name and already has a lot of investors, if they change the supply of bitcoin unilaterally, there will be many people who go from bitcoin. I personally prefer genuine bitcoin where only 21 million is available, no need to be added and reduced.
The reason why bitcoin brings change? why does bitcoin become the king of crypto? yes, it does not escape the amount of supply. The amount of supply has given great value to the development of bitcoin so far.
I mean, 21 million isn't much.
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.7.7 billion people in the world and 21 million bitcoin. You do the maths. That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that. That only gives you a few decimal places to play with. If you actually want people to use bitcoin, then you need to make sure there is enough to go round.
not every single person on the planet is supposed to use bitcoin! best case scenario is somewhere around 50% of the population to use bitcoin. not to mention that the 0.002BTC may look small when you report it this way but it is big when you see it this way: 200,000 satoshi.
and again as i said before you are trying to discuss about and solve a problem that doesn't exist yet and may not exist for another 100 years!
I know. Just trying to get some decent discussions on here.
I mean, 21 million isn't much.
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.7.7 billion people in the world and 21 million bitcoin. You do the maths. That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that. That only gives you a few decimal places to play with. If you actually want people to use bitcoin, then you need to make sure there is enough to go round.
its eight decimal places now. that can easily be extended to 16 (or whatever) or more decimal places as needed. so, no need for more than 21 million. just add more decimal places.
8 decial places is the smallest amount you can use in a transaction. So going to 16 dp would require code changes. You are just making more satoshis as opposed to more bitcoins.
I mean, 21 million isn't much.
That's too much to be honest, it just happened why it seems we feel lack of supply because of not equal distribution. If in the real world there is a life between rich and poor people then in cryptosphere also got the same version — the life between the whales and small hodlers. Even though it is not fair from our own perspective, we can't do anything but to accept it. Maybe another reason also why we are feeling this is because of the lost bitcoins which is approximately 3-4 millions in total, what a wasteful!Anyway, there are still remaining 3M+ to be mined, if you are not yet satisfied to your holdings then you should invest more
. 
I mean, 21 million isn't much.
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.7.7 billion people in the world and 21 million bitcoin. You do the maths. That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that. That only gives you a few decimal places to play with. If you actually want people to use bitcoin, then you need to make sure there is enough to go round.
not every single person on the planet is supposed to use bitcoin! best case scenario is somewhere around 50% of the population to use bitcoin. not to mention that the 0.002BTC may look small when you report it this way but it is big when you see it this way: 200,000 satoshi.
and again as i said before you are trying to discuss about and solve a problem that doesn't exist yet and may not exist for another 100 years!
I mean, 21 million isn't much.
I do not want to give the wrong idea about the possibility. But, consider that not all of the 21 million have been mined, how many of the 17,819,550 (according CMC) BTCs do you have? IMO there is enough amount for you in the exchanges. On the other hand, as friends have pointed out, BTC doesn't have to be 1, but if you see it as 0.000000001 BTC, there's more than you want. 
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it. I mean, 21 million isn't much.
From what perspective did you say this?that 21 million bitcoin wasn’t enough?did you even check the market to find how many altcoin are there waiting to be adopted by the world.?21 million bitcoin is more than enough in circulation and we don’t need another million sets just to be used .or hold by these whales that manipulates the market Jump to: