Topic: Increasing Bitcoin supply - page 7. (Read 675 times)
At bitkoyna every year produced 1 million Tokens, and while he has a ceiling .. Alts in this plan are much more significant in quantity.
The reason there is a cap to the amount of Bitcoins is to create a design that should increase in value longterm as opposed to decrease forever as FIAT does. No one would want to invest in a new currency that was designed to decrease in value.
[...] Is it impossible to increase the bitcoin supply mining new bitcoins further more ? Thanks in advance
Why would one want to increase the Bitcoin supply?
It is technically possible, but doing so would negatively impact the price. It is likely never going to happen.
It would simply lead to a hardfork that will likely find no community acceptance -- meaning the original side of the fork will stay dominant, leaving increased-supply-Bitcoin-hardfork as an alt. It follows that the price of unchanged-supply-Bitcoin might stay largely unaffected while increased-supply-Bitcoin will be left in the dust.
There seems to be a lot of confusion about this very simple topic.
Is it possible to exceede 21million bitcoin by "mining more coins"?
No, absolutely not, in any way at all. This is phisically impossible. The very protocol, the logic of Bitcoin does not allow for 21 million bitcoin to be mined. With reward halving every n block, rewards will tend to 0 relatively soon, and wll become completely irrelevant (indeed, at one point there will be no coin generation for mining reward at all). At that point, just shy of 21million coins, there will be no way to generate even 1 satoshi, no matter how many terahash you send Bitcoin's way.
Is it possible to modify the fundamental logic of Bitcoin to increase maximum supply?
Yes, but pratically no.
Bitcoin's source is available, and we have seen plenty of people take advantage of this spinning of arbitrary Forks here and there. Bitcoin Cash is a great example. shares Bitcoin's history until a certain block, then deviates. It's an altcoin, it has nothing to do with Bitcoin. The fact that is basically used a "snapshot" of BTC to kick-start everything is nothing more than a convoluted airdrop.
So, someone could easily take the source code, and choose to make the new limit of minable coins 1 trillion. BUT, this would not be bitcoin. for it to be bitcoin, the community at large would have to accept it and recognize it as bitcoin (i.e. change client in order to take part in this new fork). Considering it will most likely have a negative impact on prices, it's easy to imagine that a vast majority of us Bitcoiners will refuse to take part of such a stupid experiment.
We will end up with Bitcoin (normal), and TurkishLiraBitCoin. Nobody's going to let an increase in supply through to mainnet.
Is it possible to exceede 21million bitcoin by "mining more coins"?
No, absolutely not, in any way at all. This is phisically impossible. The very protocol, the logic of Bitcoin does not allow for 21 million bitcoin to be mined. With reward halving every n block, rewards will tend to 0 relatively soon, and wll become completely irrelevant (indeed, at one point there will be no coin generation for mining reward at all). At that point, just shy of 21million coins, there will be no way to generate even 1 satoshi, no matter how many terahash you send Bitcoin's way.
Is it possible to modify the fundamental logic of Bitcoin to increase maximum supply?
Yes, but pratically no.
Bitcoin's source is available, and we have seen plenty of people take advantage of this spinning of arbitrary Forks here and there. Bitcoin Cash is a great example. shares Bitcoin's history until a certain block, then deviates. It's an altcoin, it has nothing to do with Bitcoin. The fact that is basically used a "snapshot" of BTC to kick-start everything is nothing more than a convoluted airdrop.
So, someone could easily take the source code, and choose to make the new limit of minable coins 1 trillion. BUT, this would not be bitcoin. for it to be bitcoin, the community at large would have to accept it and recognize it as bitcoin (i.e. change client in order to take part in this new fork). Considering it will most likely have a negative impact on prices, it's easy to imagine that a vast majority of us Bitcoiners will refuse to take part of such a stupid experiment.
We will end up with Bitcoin (normal), and TurkishLiraBitCoin. Nobody's going to let an increase in supply through to mainnet.
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
Currently, the block rewards are 12.5 Bitcoin, after 4 years it will cut into halves 6.25 Bitcoin and after another 4 years it will cut in into halves again from 6.25 to 3.125 Bitcoin. The total number of 21 million Bitcoin is just fine because the value is higher and it will keep higher due to the scarcity of the coins which is good for us investors.
This is possible, people can mine more bitcoin to add up with the existing. However this will greatly affect the current price if bitcoin negatively. It will cause to even more decreasing value of bitcoin so better to stay at 21M
Well there some speculation that BTC supply isnt really 21M,it maybe more but who knows? we need 150years to mine all of these coins.
No speculation, its in the coding.
We dont need to increase supply of bitcoin, simply accept a smaller amount of bitcoin or use an alternative.
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
Well there some speculation that BTC supply isnt really 21M,it maybe more but who knows? we need 150years to mine all of these coins.
Increasing the amount of available/ minable bitcoins will have a direct impact on it's price. If the Supply is higher than the demand, the price will drop and vice-versa. The point is it's not a good idea to increase the Bitcoin cap.
It is possible to increase the supply of bitcoin but it leads to the deflation of bitcoin and it will become worthless because when the supply increase the price decrease. If it will happen bitcoin will not be valuable and gaining profit will stop. That's why there is only a fixed amount of bitcoin to be mine.
Not unless you change the way Bitcoin was set to be released and this is an awful idea. It isn't bad because the supply changes necessarily but it is bad because you would have a lot of confidence lost and that is literally the last thing you want in an newly emerging asset class.
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
Increasing the bitcoin supply will leads to the decrease in the price because the price of bitcoin is high because the demand is high and the supply is low.If someone increased the supply it will dilute the demand and the price also will fall.
I think bitcoin limited amount can be increased by the creator if he wants but if he does then price will hardly fall so I hope bitcoin amount will be 21 million forever.
It would be a very bad idea to try and increase the supply that is one of the main reasons for the value of bitcoin it is a limited supply which is actually less than the 21 million with the amount of lost coins out there.
As stated before, it is possible, although VERY unlikely. It's not in the best interests of any bitcoin owner to increase the supply, due to the fact and it will only devalue their investment. That being said, most likely almost no one would accept those type of changes.
As it was said above increasing Bitcoin supply will lead to its deflation. It's logic due to economical rules. When there is a lot emission of currency it's inflation that causes drop in price. If there is no emission currency price is eventually going up.
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
Block rewards gets halved every 4 years and eventually it will become ~0, AFAIK it will he around 2132 or something. But I think most of BTC will be mined a lot before that. 
Based on the documentaries that I had watched in youtube, there is only 21M bitcoin only and it will not be increased anymore unless, there is a way that it can be increased. Increasing the supply of bitcoin will give a negative effect to us investors.
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
The number of bitcoins can be increased anytime but that would be against the original design of nakamoto satoshi which is set at 21 million coins. Increasing in the number of bitcoin can cause tremendous deflation in its value. So let us just accept the current bitcoin as it is.
It is technically possible, but doing so would negatively impact the price. It is likely never going to happen.
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