Topic: Increasing Bitcoin supply - page 3. (Read 675 times)
The maximum number of Bitcoin that could be mined are 21M Bitcoins that is what I guess Satoshi Nakamoto had said. But even there is a way to increase the number of bitcoins that could be mined were to be increased in coming days wouldn't that affect bitcoin value? Because if the supply increases it affects the demand as well right?
I am asking this question for my knowledge as I don't know the real fact as a newbie, We know that Bitcoin has limited supply compare to new altercoins, As the supply is not too big, Bitcoin price has become very high, My question is ,Is it impossible to increase the bitcoin supply mining new bitcoins further more ? Thanks in advance
This question has already been discussed many times. The number of bitcoins can not be increased. There are only 21 million of them. But even if this is possible, it will not bring much benefit to anyone.
If the bitcoin supply is added, I do not think it will make the bitcoin price go down because we do not know how many bitcoins are lost out there. Similarly, banknotes are reprinted annually, but that does not affect the price because they are not excessively increasing the proportion they need because if excessive then, inflation will occur.
What if the late adopters become a mass majority and all want to increase the 21 million cap (which primarily hurts early adopters) and fork off? Will the early adopters (2008-2018) stick with the original bitcoin with lets say 1/10th the hash rate of the new inflation coin or will they succumb to the market and use the coin that is widely accepted and now more valuable than their non inflation coin that only early adopters care about?
Question is, why would a majority of newcommers want to increase the cap? what benefit would it bring them?
Maybe he/she is looking to lower the price of bitcoin. Or just wanted to avoid the scalability problem right now in bitcoin. But that would'nt be happening.
What if the late adopters become a mass majority and all want to increase the 21 million cap (which primarily hurts early adopters) and fork off? Will the early adopters (2008-2018) stick with the original bitcoin with lets say 1/10th the hash rate of the new inflation coin or will they succumb to the market and use the coin that is widely accepted and now more valuable than their non inflation coin that only early adopters care about?
Question is, why would a majority of newcommers want to increase the cap? what benefit would it bring them?
Thank you everyone who contributed for this thread. I am well aware now..
they are mining from a fixed number of bitcoins.
What if the late adopters become a mass majority and all want to increase the 21 million cap (which primarily hurts early adopters) and fork off? Will the early adopters (2008-2018) stick with the original bitcoin with lets say 1/10th the hash rate of the new inflation coin or will they succumb to the market and use the coin that is widely accepted and now more valuable than their non inflation coin that only early adopters care about?
The supply of bitcoin will increase but not more than the usual. New block releases into the network. Try to
Aileen, I solo mined 50BTC blocks at one point... I think I've got things figured out quite well.
Yes, its impossible to mine bitcoin more than that because the hash rate will not allow to mine any more bitcoins. Its impossible because its the total length of blockchain. So there is no solution to such an increasing price.
It's good to point out that the 21M supply limit has nothing to do with hashrate and nothing to do with blockchain length. Blockchain length increases with every block mined, it's theoretically infinite. Hashing power could also increase 100-fold over night. This would accelerate the production of blocks for a very short ammount of time, but difficulty adjustment mechanism will quickly bring the network back to equilibrium. And even if that didn't happen (which it will, it's a core component of the system), all that would happen is we'd get to 21M faster.
I am asking this question for my knowledge as I don't know the real fact as a newbie, We know that Bitcoin has limited supply compare to new altercoins, As the supply is not too big, Bitcoin price has become very high, My question is ,Is it impossible to increase the bitcoin supply mining new bitcoins further more ? Thanks in advance
Yes, its impossible to mine bitcoin more than that because the hash rate will not allow to mine any more bitcoins. Its impossible because its the total length of blockchain. So there is no solution to such an increasing price.
It is possible but I hope that this wont happen at any chance. This is like it is today with paper money when governments just print them more...and if there is more that mean it is value is lowering.
I am asking this question for my knowledge as I don't know the real fact as a newbie, We know that Bitcoin has limited supply compare to new altercoins, As the supply is not too big, Bitcoin price has become very high, My question is ,Is it impossible to increase the bitcoin supply mining new bitcoins further more ? Thanks in advance
no it can't, but if that happen bitcoin's value wouldn't like this anymore. people will think bitcoin can created as much as the "who controlled" want and it will not have any value anymore
With altcoins things are not so clear, but with bitcoin the supply is strictly programmed.
And more you try to produce them, more difficult become the algorithm to be solved.
And more you try to produce them, more difficult become the algorithm to be solved.
Increasing the supply would depreciate the value of bitcoin right now in the market. It would make a negative impact to its investor. It is better to stay that way.
I am asking this question for my knowledge as I don't know the real fact as a newbie, We know that Bitcoin has limited supply compare to new altercoins, As the supply is not too big, Bitcoin price has become very high, My question is ,Is it impossible to increase the bitcoin supply mining new bitcoins further more ? Thanks in advance
No. it is not possible to increase the number of bitcoin supply because the original bitcoin was written to mined only 21 million bitcoins. To change that, that means you have to write new source code of the bitcoin software and install it on the original bitcoin core which would make bitcoin lose it current credibility in the market.
Increasing People who invests in bitcoin may result to increase of bitcoin supply, this means that bitcoin's price may gradually gain or if ever, may increase too much.
Why would you want the supply to increase?
circulating supply is increasing. But it won't go Beyond 21 million. even if you mine for a millenia.
There is a misunderstanding: bitcoin supply increases every day by mining.
What you can't increase is the speed of production.
So, as anyone knows, in any moment there will be a fixed amount of bitcoin in circulation
What you can't increase is the speed of production.
So, as anyone knows, in any moment there will be a fixed amount of bitcoin in circulation
circulating supply is increasing. But it won't go Beyond 21 million. even if you mine for a millenia.
Yes, everything must happen within the frame of 21 million. It is clear,
The supply of bitcoin will increase but not more than the usual. New block releases into the network. Try to familiarized into mining and you'll know new blocks released new bitcoins.
Why would you want the supply to increase?
circulating supply is increasing. But it won't go Beyond 21 million. even if you mine for a millenia.
There is a misunderstanding: bitcoin supply increases every day by mining.
What you can't increase is the speed of production.
So, as anyone knows, in any moment there will be a fixed amount of bitcoin in circulation
What you can't increase is the speed of production.
So, as anyone knows, in any moment there will be a fixed amount of bitcoin in circulation
circulating supply is increasing. But it won't go Beyond 21 million. even if you mine for a millenia.
Why would you want the supply to increase?
circulating supply is increasing. But it won't go Beyond 21 million. even if you mine for a millenia.
There is a misunderstanding: bitcoin supply increases every day by mining.
What you can't increase is the speed of production.
So, as anyone knows, in any moment there will be a fixed amount of bitcoin in circulation
What you can't increase is the speed of production.
So, as anyone knows, in any moment there will be a fixed amount of bitcoin in circulation
circulating supply is increasing. But it won't go Beyond 21 million. even if you mine for a millenia.
For my opinion about this I think its impossible increasing bitcoin supply because many women will creat or running for this bitcoin.But even though I'm hopping that there would be chance developer to fined way to increasing bitcoin supply. 
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