Is BItcoins supply infinite?? | Bitcointalksearch.org

buwaytress

legendary

Activity: 2800

Merit: 3443

Join the world-leading crypto sportsbook NOW!

Quote from: pooya87 on May 27, 2019, 12:11:56 AM

splitting something into smaller portions doesn't change its supply. imagine you have a bar of gold and you break it in half, you didn't increase the supply of gold you just broke it into smaller components. so when speaking of supply you really can't talk about divisibility.
also on-chain is the important part which will have 1 satoshi as its smallest unit.

Then we're in agreement. Supply is limited for all practical purposes. What will be really interesting for me actually is what happens to this smallest denomination of 1 satoshi if (or should I say, when) Bitcoin were to be one day valued at 1 million USD? It's not too far away, according to a few people, and if Bitcoin maximalism has its way, then it could even happen in my lifetime. That's 1 satoshi at parity with a US cent.

Probably not enough to get people worked out, but with some countries still able to provide for value for that 1 penny, does this mean sub-satoshi payments off-chain will, sooner or later, be just a way of life?

CBANX3

jr. member

Activity: 40

Merit: 1

Bitcoin supply is finite and has to make the proper balance in the market with its mined value. Bitcoin is traded every day either with crypto or with fiat so it depends upon the circulation at the existing supply.

muratsink

sr. member

Activity: 1330

Merit: 256

now we experience Rush money. meaning is inflation. scarcity and the bank's world will be destroyed in the near future.
so if BTC will end in 2150. I think BTC will disappear before the year 2150. And the transaction used is gold. so in my opinion fiat is the first currency that will disappear. then BTC and then gold will survive.

leonair

sr. member

Activity: 1232

Merit: 390

★Bitvest.io★ Play Plinko or Invest!

Technically Bitcoin is finite and limited because Satoshi set it to only have 21 million coins to mine but if the time comes that the last Bitcoin will be mine I think the value of it will become so big then maybe the fraction of it would increase also, 0.00000001 or 8 decimal places is the least use payment that I encountered since I started using Bitcoin.

uneng

hero member

Activity: 2030

Merit: 777

Leading Crypto Sports Betting & Casino Platform

You can split it infinitely through forks, but the total amount will never be infinite.

Even gold is finite. Just because there is a lot of gold undiscovered, it doesn't mean they are infinite for now. The same we can say about unmined bitcoins.

pooya87

legendary

Activity: 3444

Merit: 10558

Quote from: buwaytress on May 26, 2019, 11:19:52 AM

Quote from: bitbollo on May 26, 2019, 11:01:21 AM

Imagine one day ... 0,00000001 btc (1 satoshi) would not be the minimum standard and other decimals will be added

likewise 0,000000000001 btc (1 millisatoshi)
Of course, you can split infinite of times a number, but the total supply will be even the same.

Actually, with the implementation of Lightning Network, sub satoshi payments (fractions of satoshi, that is) are already theoretically possible, since micropayments are suited for that. The bitcoin wiki already describes a 10th of a satoshi for payment purposes.

So yeah, while LN is practically still in beta stages, that already is a reality just not yet in practice.

So no. Bitcoin is not infinite in supply. But theoretically, it is divisible to limitless fractions. Least that's how it seems in my mind.

splitting something into smaller portions doesn't change its supply. imagine you have a bar of gold and you break it in half, you didn't increase the supply of gold you just broke it into smaller components. so when speaking of supply you really can't talk about divisibility.
also on-chain is the important part which will have 1 satoshi as its smallest unit.

franciscoDC

member

Activity: 357

Merit: 10

Bitcoin is tradable and i didnt think before that there a person who choose to hold it after so many time and absolutely no one will stock their bitcoin for a long long time coz they are investor and they need to get profit even at worst market so the circulation of bitcoin is still ongoing everytime.

bittick

hero member

Activity: 2296

Merit: 506

Cryptocasino.com

Quote from: Bitcoins421 on May 26, 2019, 06:04:38 PM

Interesting question. Technically they do.

lol NO, technically the amount of bitcoin will be created is finite, practically it is infinite for us people who lives at early stage of bitcoin development, but it will eventually reach 21 million anyway so that's kinda obvious.
There's nothing we can do about that since that's already decided from early on and we are talking about decentralized currency here.

Reid

hero member

Activity: 2870

Merit: 642

Okay I get it into where you are going but it doesnt make sense actually.
There is no point into what you are explaining here.

Infinite for this lifetime and finite to those who will be born 30 years from now. So what? It is still finite. Pfft.

Bitcoins421

newbie

Activity: 1

Merit: 0

Interesting question. Technically they do.

bitbunnny

legendary

Activity: 2870

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

Quote from: Adriano2010 on May 26, 2019, 04:14:30 PM

I also not agree with term infinite, because as is wrote on whitepaper bitcoin supply is 21 million and because of this and huge demand the price grow and will grow more every time when bitcoin has halving.

That is exactly one of the problems of Bitcoin. The number is limited and as far as I know that can't be changed..It's expect for demand to rise once this number is achieved and consequently the rise of price is expected too but there is still time until that and no one can't know exact scenario. But Bitcoin supply can't be infinite, that is for sure.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: fuckcrypto on May 26, 2019, 12:58:13 AM

We know there will be at some point in time (estimated ~2150) a total amount of 21 million BItcoin in circulation. (minus lost bitcoins etc but all bitcoins will have been mined in the year 2150 or so

So right now we have a life expectancy of about 80 years.

So even if you are born 50 years from now you most likely won't be around when the last bitcoin is mined = when all bitcoins are in circulation.

We even know at what rate we can mine Bitcoin

So my point is, this leaves us in our lifetime with an infinite supply of Bitcoin.

That's faulty logic. The supply can't be infinite since it's literally limited to the amount of circulating bitcoins. Right now, that is ~17.7 million bitcoins.

What you're pointing to is that the supply is still inflating and will continue to do so throughout our lifetime. That's true, and it's why I hesitate to call Bitcoin "deflationary" at this time.

Quote from: fuckcrypto on May 26, 2019, 12:58:13 AM

Same as with Gold. We still find and dig and mine for Gold daily, so we have a daily increase of actual Gold we can use.

Bitcoin takes things a step further than Gold. We can't know what the true gold supply really is -- we can find new areas of supply or new cost-effective ways to mine currently unreachable gold. There is no theoretical limit to the amount of gold. With Bitcoin, there is a predictable limit that we are constantly approaching.

Adriano2010

hero member

Activity: 1414

Merit: 516

I also not agree with term infinite, because as is wrote on whitepaper bitcoin supply is 21 million and because of this and huge demand the price grow and will grow more every time when bitcoin has halving.

cok_elat

full member

Activity: 314

Merit: 100

bitcoin amount will always remain, but the less the number of bitcoins that can be mined, the more blocks you have to pass or in other words, it'll be harder to get bitcoin through mining

AjithBtc

sr. member

Activity: 1666

Merit: 276

Vave.com - Crypto Casino

Bitcoin supply is finite, maybe when years pass if there is in need for more and more bitcoin to the growing population surely advancement in technology will happen taking the bitcoin get used by more people. If there is infinite number of bitcoins surely there won't be any demand for bitcoin which will loss its value.

ralle14

legendary

Activity: 3136

Merit: 1870

Metawin.com

The supply isn't infinite, just because most of us won't live that long to see Bitcoin reach 21 million doesn't mean it's infinite for us. It's true one can't own every Bitcoin because of several reasons like many people own a portion and it's impossible to buy everything because there's no accurate number of Bitcoins in circulation.

Quote from: fuckcrypto on May 26, 2019, 04:35:26 AM

So my point is BItcoin, Ethereum and Gold all have an infinite supply and are being created infinite at least during our lifetime and even people born 50 years from now will never be able to run out of ming neither gold nor bitcoin nor ethereum- its a fact

To describe your meaning of infinite is there's enough supply for all of us to share because everyday there's new Bitcoins being mined but the amount is specific and that's not infinite.

malekbaba

legendary

Activity: 1526

Merit: 1026

SellDefi.com | Earn by selling files

Without Limited supply,Bitcoin would not be precious . 21 Million will be max supply but circulatory supply will not be 21MLNs. Cause some holders will die, some will lose their private keys, some people will not be able to enjoy their btc due to acute illness. And that will make constant demand for btc and always the supply will be limited. Thereby BTC price will grow with times. Hope OP will get basic ideas regarding btc supply and demand .
I think OP failed to describe his thinking, may be he was trying to say something different but failed. Everyone in this forum should at least know the basic of btc and other cryptos.

acroman08

legendary

Activity: 2310

Merit: 1075

You can't call something limited, infinite at the same time just because we can't used it all up no matter
how long it takes something to be used up as long as it has a limitation you can call it infinite even if we
have a supply of bitcoin for several lifetime eventually it will ran out.

buwaytress

legendary

Activity: 2800

Merit: 3443

Join the world-leading crypto sportsbook NOW!

Quote from: bitbollo on May 26, 2019, 11:01:21 AM

Imagine one day ... 0,00000001 btc (1 satoshi) would not be the minimum standard and other decimals will be added

likewise 0,000000000001 btc (1 millisatoshi)
Of course, you can split infinite of times a number, but the total supply will be even the same.

Actually, with the implementation of Lightning Network, sub satoshi payments (fractions of satoshi, that is) are already theoretically possible, since micropayments are suited for that. The bitcoin wiki already describes a 10th of a satoshi for payment purposes.

So yeah, while LN is practically still in beta stages, that already is a reality just not yet in practice.

So no. Bitcoin is not infinite in supply. But theoretically, it is divisible to limitless fractions. Least that's how it seems in my mind.

bitbollo

legendary

Activity: 3248

Merit: 3485

Nec Recisa Recedit

Imagine one day ... 0,00000001 btc (1 satoshi) would not be the minimum standard and other decimals will be added

likewise 0,000000000001 btc (1 millisatoshi)
Of course, you can split infinite of times a number, but the total supply will be even the same.

Topic: Is BItcoins supply infinite?? (Read 545 times)