So basically, the maximum 21M supply will never be changed when the first block was mined.
Correct. 
Topic: Increasing Supply Limit. - page 2. (Read 487 times)
What processes or steps in order for the creator to increase its Supply Limit?
The maximum number of Bitcoins ever to be created is more or less an arbitrary choice. That choice has been made before the first block was mined, and it will never be changed.
Good Day Everyone!
I think this is the most appropriate section where I can post my question regarding the development of Bitcoin.
I just read the Bitcoin whitepaper and most of it content are difficult for me to understand, lots of them are Mathematical Equation and programs. Upon reading there is only one question. that pops in my mind.
What processes or steps in order for the creator to increase its Supply Limit? [I am also pertaining to Alternative Coins not just Bitcoins]. Someone says that it is complicated.
Can you cite some relevant previous post or links?
This thing is only possible on forking it but changing the total supply of bitcoin itself wont really be changed since the first block been mined just like the same on those guys posted above. Why wont bother such thing? Just leave bitcoin as it should be I think this is the most appropriate section where I can post my question regarding the development of Bitcoin.
I just read the Bitcoin whitepaper and most of it content are difficult for me to understand, lots of them are Mathematical Equation and programs. Upon reading there is only one question. that pops in my mind.
What processes or steps in order for the creator to increase its Supply Limit? [I am also pertaining to Alternative Coins not just Bitcoins]. Someone says that it is complicated.
Can you cite some relevant previous post or links?
To answer your exact question (bolded) I think if Satoshi Nakamoto suddenly showed up and asked everybody to increase the Supply Limit, it might happen.
Not that it's a good idea or a bad idea.
Not that it's a good idea or a bad idea.
Could he even prove who he was any more? Moving coins from the appropriate blocks only proves that person has control over those private keys and nothing else.
And I'm sure a large proportion of Bitcoin fans would take great pleasure in ignoring the opinion of one person just to prove a point.
As for the original question, a hard fork with overwhelming consensus would be required to raise the supply. It would take a truly epic PR campaign and probable mass hypnosis to get it through.
Just like any other network rules, the block reward could be modified through hard forks. If you convince everyone to run your client with the new block rewards, then you have effectively increased the supply limit. Anyone can do this, not limited to the creator. The whole point of Bitcoin is for anyone to be able to make changes and people can choose to or not to follow you.
Anyways, there is no economic incentives to do so. It would just devalue Bitcoin.
Anyways, there is no economic incentives to do so. It would just devalue Bitcoin.
Good Day Everyone!
I think this is the most appropriate section where I can post my question regarding the development of Bitcoin.
I just read the Bitcoin whitepaper and most of it content are difficult for me to understand, lots of them are Mathematical Equation and programs. Upon reading there is only one question. that pops in my mind.
What processes or steps in order for the creator to increase its Supply Limit? [I am also pertaining to Alternative Coins not just Bitcoins]. Someone says that it is complicated.
Can you cite some relevant previous post or links?
I think this is the most appropriate section where I can post my question regarding the development of Bitcoin.
I just read the Bitcoin whitepaper and most of it content are difficult for me to understand, lots of them are Mathematical Equation and programs. Upon reading there is only one question. that pops in my mind.
What processes or steps in order for the creator to increase its Supply Limit? [I am also pertaining to Alternative Coins not just Bitcoins]. Someone says that it is complicated.
Can you cite some relevant previous post or links?
To answer your exact question (bolded) I think if Satoshi Nakamoto suddenly showed up and asked everybody to increase the Supply Limit, it might happen.
Not that it's a good idea or a bad idea.
For bitcoin, you would have to make hard fork, meaning you would have to convince whole network to increase total supply of coins in order to make it happen. Otherwise, if only part of the network agrees, you would end up with separate chain, another "bitcoin", a worthless copy with higher supply.
Regarding other coins, it's really case to case basis but for most of them, the same rules as for bitcoin, applies.
For most ERC20 tokens, it's impossible since it would require new smart contract and in practice new coin.
Overall it's very difficult thing to do and if you don't have really good reason and will convince whole network, you won't be able to do it.
Regarding other coins, it's really case to case basis but for most of them, the same rules as for bitcoin, applies.
For most ERC20 tokens, it's impossible since it would require new smart contract and in practice new coin.
Overall it's very difficult thing to do and if you don't have really good reason and will convince whole network, you won't be able to do it.
Good Day Everyone!
I think this is the most appropriate section where I can post my question regarding the development of Bitcoin.
I just read the Bitcoin whitepaper and most of it content are difficult for me to understand, lots of them are Mathematical Equation and programs. Upon reading there is only one question. that pops in my mind.
What processes or steps in order for the creator to increase its Supply Limit? [I am also pertaining to Alternative Coins not just Bitcoins]. Someone says that it is complicated.
Can you cite some relevant previous post or links?
For you to change the total supply of the Coins that can be mined it can be done with a hard fork but, another coin would just be made with the name Bitcoin on it. it's imposible for you to change the supply it's made only to have 21m on it (BTC). I think this is the most appropriate section where I can post my question regarding the development of Bitcoin.
I just read the Bitcoin whitepaper and most of it content are difficult for me to understand, lots of them are Mathematical Equation and programs. Upon reading there is only one question. that pops in my mind.
What processes or steps in order for the creator to increase its Supply Limit? [I am also pertaining to Alternative Coins not just Bitcoins]. Someone says that it is complicated.
Can you cite some relevant previous post or links?
What processes or steps in order for the creator to increase its Supply Limit?
The maximum number of Bitcoins ever to be created is more or less an arbitrary choice. That choice has been made before the first block was mined, and it will never be changed.
Good Day Everyone!
I think this is the most appropriate section where I can post my question regarding the development of Bitcoin.
I just read the Bitcoin whitepaper and most of it content are difficult for me to understand, lots of them are Mathematical Equation and programs. Upon reading there is only one question. that pops in my mind.
What processes or steps in order for the creator to increase its Supply Limit? [I am also pertaining to Alternative Coins not just Bitcoins]. Someone says that it is complicated.
Can you cite some relevant previous post or links?
I think this is the most appropriate section where I can post my question regarding the development of Bitcoin.
I just read the Bitcoin whitepaper and most of it content are difficult for me to understand, lots of them are Mathematical Equation and programs. Upon reading there is only one question. that pops in my mind.
What processes or steps in order for the creator to increase its Supply Limit? [I am also pertaining to Alternative Coins not just Bitcoins]. Someone says that it is complicated.
Can you cite some relevant previous post or links?
Jump to: