Bitcoin is like gold in many ways. Like gold, bitcoin cannot simply be created arbitrarily. Gold must be mined out of the ground, and bitcoin must be mined via digital means. Linked with this process is the stipulation set forth by the founders of bitcoin that, like gold, it must have a limited and finite supply.
In fact, there are only 21 million bitcoins that can be mined in total.1 Once miners have unlocked this many bitcoins, the planet's supply will essentially be tapped out, unless bitcoin's protocol is changed to allow for a larger supply. Supporters of bitcoin say that, like gold, the fixed supply of the currency means that banks are kept in check and not allowed to arbitrarily issue fiduciary media. What will happen when the global supply of bitcoin reaches its limit? This is the subject of much debate among the followers and aficionados of all things cryptocurrency.
Currently, about 18 million bitcoin have been mined, leaving under three million more to be introduced into circulation. To better understand what will happen with these remaining bitcoin as well as when and how the network will have mined its last tokens, we'll need to explore some of the details of the mining process itself.
Topic: How difficult is it to change total bitcoin's 21 million suppply? (Read 648 times)
January 24, 2020, 05:04:49 AM
What kind of process have to go through? Who make the final votes? I guess the change is similar to implementing BIP.
I heard many posts here said "Economic Majority" vote decides. Does this mean who hold the most bitcoins decide? Maybe not. I guess BIP is determined by Bitcoin Core developers, so the total bitcoin supply (21 million) is also determined by Bitcoin Core developers.
Also, the argument against the "Economic Majority" is it is often the case we can't find holder for the addresses with a lot of bitcoins. How can we contact them for vote?
Thank you indeed!
Call Blockstream , tell them you are a new bank, offer them a few million bucks and your request will be soft forked in within a year or two.
Hey, it how segwit and LN got shoved down bitcoin users throats when no one wanted it.
Results vary by how much fiat you throw at them.
FYI:
On a more serious note, it is nothing more than a number coded into the software.
Change the number in the code is all that is required,
oh that all of the other nodes need to upgrade to your new code for it actually to change it for everyone.
I believe this answer is quite correct and noteworthy.
January 07, 2020, 01:21:22 PM
1 BTC is divisible by 8. That's a lot of BTC already and if we still experience shortage there is ETH and all other cryptocurrency which is more than 3500 that is listed on CMC, that's more than 42M. You might be thinking the digital world's wealth is distributed unfairly but just as how you see it, we also see it that way. Take our chance to altcoins.
January 07, 2020, 01:08:49 PM
I don’t think there is possibility to change the total supply of 21 million bitcoin, last one of which will be mined in 2140. Satoshi designed the algorithm in a manner that bitcoin will have a controlled inflation. As per my knowledge there is no one who can change this supply.
I think what the author wants to know is if there is any way bitcoins can be reduced to create an artificial shortage on the market to mess with it's price. The answer is no, there is no known way as of now to digitally render bitcoins generated by Satoshi Nakamoto useless, but every 4 years we have what we call hving where we reduce the amount of bitcoin that could be mined. In these period usually bitcoin increases in price. 
January 07, 2020, 12:24:36 PM
What kind of process have to go through? Who make the final votes? I guess the change is similar to implementing BIP.
I heard many posts here said "Economic Majority" vote decides. Does this mean who hold the most bitcoins decide? Maybe not. I guess BIP is determined by Bitcoin Core developers, so the total bitcoin supply (21 million) is also determined by Bitcoin Core developers.
Also, the argument against the "Economic Majority" is it is often the case we can't find holder for the addresses with a lot of bitcoins. How can we contact them for vote?
Thank you indeed!
In my opinion, we need to hack bitcoin or crack the bitcoin technology in order to change the supply of bitcoin. I think developers could do this but in the case of bitcoin, we don't really know if Satoshi Nakamoto is still alive or even if he is alive we don't know if he could do it.
January 07, 2020, 11:55:51 AM
What if magically, the real Satoshi would come back to the living, confirm he is the one and state:
"Dear all, you misunderstood the purpose of the creation of Bitcoin. It was supposed to be a cryptoCURRENCY, not cryptoINVESTMENT, and we need to go back to the roots, let's double the supply!"
Do you think people could follow him?
"Dear all, you misunderstood the purpose of the creation of Bitcoin. It was supposed to be a cryptoCURRENCY, not cryptoINVESTMENT, and we need to go back to the roots, let's double the supply!"
Do you think people could follow him?
January 07, 2020, 10:44:42 AM
What kind of process have to go through? Who make the final votes? I guess the change is similar to implementing BIP.
I heard many posts here said "Economic Majority" vote decides. Does this mean who hold the most bitcoins decide? Maybe not. I guess BIP is determined by Bitcoin Core developers, so the total bitcoin supply (21 million) is also determined by Bitcoin Core developers.
Also, the argument against the "Economic Majority" is it is often the case we can't find holder for the addresses with a lot of bitcoins. How can we contact them for vote?
Thank you indeed!
Considering the nature of the entire cryptocurrency network and the blockchain platform, its quite easy to change the total supply of bitcoin but doing that will go beyond the intended purpose for the creation of bitcoin and the principle of scarcity. Also, the value of bitcoin might be down graded when the total supply of bitcoin is changed.
January 06, 2020, 05:55:28 AM
I think bitcoin supply is not raise about 21 million because many holder loss their private key and increase of bitcoin supply, last year I found website link where some one loss their data and have more than 10k bitcoin in his wallet, every time bitcoin will increase lower than 21 million because many investor have other reason about their assets lost by pass away and some loss their data.
January 06, 2020, 05:45:03 AM
How difficult it is?It's impossibe. Limited suppy is the way how Bitcoin is created and designed and that can't be changed. The whole Bitcoin technology and functioning is based on that and that is also the reason why we have halving and similar. You can't change just number of mined coins without intervening into whole Bitcoin system and functioning, so that is not possible.
January 06, 2020, 05:20:32 AM
If there is a way to change 21 million supply of bitcoin then many other parameters of bitcoin can also be changed like coin halving and no of transactions a block can accommodate. There is no way to change total supply of 21 million bitcoin. 21 million is quite enough and those who cant buy 1 bitcoin can buy many satoshis.
January 05, 2020, 02:30:02 PM
The number of bitcoin is limited but there is one problem. Futures opened. The number of Bitcoins is technically stable but in practice it seems to have increased. Bitcoin is a great technology in every condition. The last mining activity for Bitcoin will continue until 2140.
January 05, 2020, 01:14:37 PM
I don’t think there is possibility to change the total supply of 21 million bitcoin, last one of which will be mined in 2140. Satoshi designed the algorithm in a manner that bitcoin will have a controlled inflation. As per my knowledge there is no one who can change this supply.
Always remember in every circumstances there is always a possibility to change the total supply of 21 million Bitcoin but I believe it is not that simple. Bitcoin is just a code so if majority of the supporters believe that there is need for modification of Bitcoin total supplies then it can be done. The only thing that keeps it in that current total supply is its economy. Changing the supply will possibly devastate the economic progress of Bitcoin so developer dare not to change it.
It will end up having a fork again. Its not that simple to change the supply for miners will have to mine the blocks from where they will start the fork. This is going to divide the miners who will support the 21M and who will support the 42M. In the end another BTCXX will be produced in the market. They get what they want but that wouldn't be the real chain since the 21M-BTC-chain will still exist.
January 05, 2020, 05:20:34 AM
I don’t think there is possibility to change the total supply of 21 million bitcoin, last one of which will be mined in 2140. Satoshi designed the algorithm in a manner that bitcoin will have a controlled inflation. As per my knowledge there is no one who can change this supply.
Always remember in every circumstances there is always a possibility to change the total supply of 21 million Bitcoin but I believe it is not that simple. Bitcoin is just a code so if majority of the supporters believe that there is need for modification of Bitcoin total supplies then it can be done. The only thing that keeps it in that current total supply is its economy. Changing the supply will possibly devastate the economic progress of Bitcoin so developer dare not to change it.
January 04, 2020, 10:04:12 PM
I don’t think there is possibility to change the total supply of 21 million bitcoin, last one of which will be mined in 2140. Satoshi designed the algorithm in a manner that bitcoin will have a controlled inflation. As per my knowledge there is no one who can change this supply.
Always remember in every circumstances there is always a possibility to change the total supply of 21 million Bitcoin but I believe it is not that simple. Bitcoin is just a code so if majority of the supporters believe that there is need for modification of Bitcoin total supplies then it can be done. The only thing that keeps it in that current total supply is its economy. Changing the supply will possibly devastate the economic progress of Bitcoin so developer dare not to change it.
January 04, 2020, 09:47:34 PM
What kind of process have to go through? Who make the final votes? I guess the change is similar to implementing BIP.
I heard many posts here said "Economic Majority" vote decides. Does this mean who hold the most bitcoins decide? Maybe not. I guess BIP is determined by Bitcoin Core developers, so the total bitcoin supply (21 million) is also determined by Bitcoin Core developers.
Also, the argument against the "Economic Majority" is it is often the case we can't find holder for the addresses with a lot of bitcoins. How can we contact them for vote?
Thank you indeed!
By economic majority, they do not refer to the people who have more bitcoins but rather to the nodes, one node one vote. If the nodes reject a change in the number of Bitcoins, it will simply create a fork that will take away a part of the miners and create a shitcoin like Bitcoin Cash or Bitcoin SV.
Seriously, I don't understand why you're asking this kind of question if the 21 million limit is what makes Bitcoin so attractive.
January 03, 2020, 12:32:39 PM
I don’t think there is possibility to change the total supply of 21 million bitcoin, last one of which will be mined in 2140. Satoshi designed the algorithm in a manner that bitcoin will have a controlled inflation. As per my knowledge there is no one who can change this supply.
January 03, 2020, 11:25:14 AM
the devs are the ones that decide if they will make changes on thier coin . for bitcoin , bitcoin core developers and not the majority or the ones that hold alot of bitcoin .
but i dont know if its possible to change the supply of the coin once they were already released and running . if yes then i still think that it was not easy . laslty , i dont think that its beneficial to up the supply of btc because that will only make its price lesser but that would make bitcoin more stable .
but i dont know if its possible to change the supply of the coin once they were already released and running . if yes then i still think that it was not easy . laslty , i dont think that its beneficial to up the supply of btc because that will only make its price lesser but that would make bitcoin more stable .
No, if its not accepted people won't upgrade their nodes and the network would remain with the current rules. Its not as simple as developers simply pushing the change. Most improvements are minor and tacitly accepted, but if something this controversial would come you can expect a hell lot more of resistance.
Yes its technically 21 000 000 x 100 000 000 = 2100000000000000 satoshis, to be objective the OP would be asking, if they could change this into 4200000000000000 satoshis.
Everyone knows 42 is the answer. As for the question, you'd have to read a book, actually a guide... Something about mice running an experiment... (Douglas Adams actually said he didn't pick 42 for any specific reason, but this joke is endless).
As for the reason Satoshi used 21, i guess, it was the same (arbitrary). But most importantly, it was set and accepted as the rules. If it were 42 since the beginning, the result would be identical, bitcoin price would be exactly half, and people would have exactly twice of them. You could also do the opposite but i see no reason to change the rules at this point.
Wouldn't this be a centralized coin if only the devs are to have the power to decide?
As far as I know the miners will have to vote for it whether they are going to support the fork and it means they will have to make a lot of changes before all these will take place. The community might just be divided actually and will have BTC and probably BTC42
January 03, 2020, 11:12:11 AM
the devs are the ones that decide if they will make changes on thier coin . for bitcoin , bitcoin core developers and not the majority or the ones that hold alot of bitcoin .
but i dont know if its possible to change the supply of the coin once they were already released and running . if yes then i still think that it was not easy . laslty , i dont think that its beneficial to up the supply of btc because that will only make its price lesser but that would make bitcoin more stable .
but i dont know if its possible to change the supply of the coin once they were already released and running . if yes then i still think that it was not easy . laslty , i dont think that its beneficial to up the supply of btc because that will only make its price lesser but that would make bitcoin more stable .
No, if its not accepted people won't upgrade their nodes and the network would remain with the current rules. Its not as simple as developers simply pushing the change. Most improvements are minor and tacitly accepted, but if something this controversial would come you can expect a hell lot more of resistance.
Yes its technically 21 000 000 x 100 000 000 = 2100000000000000 satoshis, to be objective the OP would be asking, if they could change this into 4200000000000000 satoshis.
Everyone knows 42 is the answer. As for the question, you'd have to read a book, actually a guide... Something about mice running an experiment... (Douglas Adams actually said he didn't pick 42 for any specific reason, but this joke is endless).
As for the reason Satoshi used 21, i guess, it was the same (arbitrary). But most importantly, it was set and accepted as the rules. If it were 42 since the beginning, the result would be identical, bitcoin price would be exactly half, and people would have exactly twice of them. You could also do the opposite but i see no reason to change the rules at this point.
January 03, 2020, 05:54:40 AM
Change supply just like that?
I guess you'd need the consent of all stakeholders, both small and big to do this.
If changing things on Bitcoin is that easy, Bitcoin would lose one of its most cherished values.
All stakeholders should determine major changes, and the purposes for the changes have to be well explained to them.
I think there should be long discussion between the majority and those elected to represent Bitcoin interest and it's principles. If these representatives are discovered to be going against the laid down rule, they are quickly remove by all stakeholders.
By the way, small group representing Bitcoin without the input of majority, is quite risky. They can easily be influenced.
I guess you'd need the consent of all stakeholders, both small and big to do this.
If changing things on Bitcoin is that easy, Bitcoin would lose one of its most cherished values.
All stakeholders should determine major changes, and the purposes for the changes have to be well explained to them.
I think there should be long discussion between the majority and those elected to represent Bitcoin interest and it's principles. If these representatives are discovered to be going against the laid down rule, they are quickly remove by all stakeholders.
By the way, small group representing Bitcoin without the input of majority, is quite risky. They can easily be influenced.
January 03, 2020, 04:53:26 AM
the devs are the ones that decide if they will make changes on thier coin . for bitcoin , bitcoin core developers and not the majority or the ones that hold alot of bitcoin .
but i dont know if its possible to change the supply of the coin once they were already released and running . if yes then i still think that it was not easy . laslty , i dont think that its beneficial to up the supply of btc because that will only make its price lesser but that would make bitcoin more stable .
but i dont know if its possible to change the supply of the coin once they were already released and running . if yes then i still think that it was not easy . laslty , i dont think that its beneficial to up the supply of btc because that will only make its price lesser but that would make bitcoin more stable .
It is not possible to change because it is fix and whatever they created it is only thing that they will. I think if something they will create or change the supply, it have a bigger change and a huge effect for all.
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