Is the 21 milion of bitcoin a real limit? - page 3.

Aura

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Quote from: simbax on December 05, 2017, 02:56:46 AM

Good morning
Reading about bitcoin, I've found that there is a maximum of BTC that can be mined: 21 milions
It is said that this limit is due to the source code.

As probably you know more than I do about BTC:
- is it a real limit
- is it a good thing? I think it is but it looks like BTC will become more a commodity and not just a payment system

What do you think?

The max supply of 21 million coins is true. It's a real limit, based on the fact that the reward which brings more units in circulation halves every 200.000 blocks. Starting with a block reward of 50 BTC, that means that the current block reward is 12,5 BTC which is true. Bitcoin halved two times, on 200.000 and 400.000 and is currently on 476.502. It's possible to calculate the limit using 50*0,5^n*200.000+x=x, increment n by one and doing the formula over and over till how precise you want the result to be, but in all cases it will come near 21 million.

samarahewasht

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As i know 21 million is the real limit of bit coin.but we can not tell it's good or not for now because bitcoin accepting is just beginning.

helars2008

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As per program it is the maximum number of coins that can be mine.
But as we all now it will be decreased due to the fact that there has already been a lot of coins that are either lost of forgoten forever.

Roydgon

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Quote from: marcbitcoins on December 05, 2017, 06:34:23 AM

Quote from: simbax on December 05, 2017, 02:56:46 AM

Good morning
Reading about bitcoin, I've found that there is a maximum of BTC that can be mined: 21 milions
It is said that this limit is due to the source code.

As probably you know more than I do about BTC:
- is it a real limit
- is it a good thing? I think it is but it looks like BTC will become more a commodity and not just a payment system

What do you think?

Yes, 21 million is the limit in which this was already estimated and unlock by all mathematician experts with no opposition on the figure but there is a good thing because this will be all mined after 127 years from now therefore we have lot of time to spend to be with bitcoin because no one will still alive after 127 years from now i think. Cheesy

Від чого залежить курс біткоіна?
Від довіри до цієї криптовалюти. Ні від долара, ні від нафти, ні від виборів у Великій Британії курс біткоіна не залежить. Оскільки спочатку в цінність біткоінів нічого не закладали, люди самі контролюють ціну своїм інтересом. Тобто, що більше люди купують криптовалюти, то дорожче вона коштує. Все, як із золотом. Якщо всі раптом вирішать, що золото - це непотрібний метал, то воно перестане чогось коштувати.

penig

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It's a parameter in some code, so of course its not a real limit.

hualangktsld841

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Yes, the total amount is 21 million. This must be an important reason for the constant appreciation of bitcoin. If you can increase at will like a stock, then the bitcoin may have not existed, and it has already been devalued. If encrypted currencies continue to grow, I think some coins will slowly replace some functions of bitcoin. Some coins should circulate slowly and occupy a share in the encrypted money market.

masterman

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Yes it is the limit, However, I think it could be possible that the limit could be increased after couple of years, although, it would be quite a challenge to do it.

Opquar

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Quote from: Pleione527 on December 05, 2017, 08:01:16 AM

I think yes..21 millions is really the limit in supply of bitcoin this one reason why the value of bitcoin needs to be adjusted upward because the increasing demand needs to accomodate by the limited supply and I don't think any hardfork can increase the bitcoin supply they are just there to divert bitcoin market and offers so many alternative coins

Technically, there will always be enough for everybody because bitcoin is divisible. There could be smaller units than satoshis if the market deem it necessary.

nesterpu

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As far as I know, the actual number of bitcoins that exist is only about 16 million bitcoin. Because there are a large number of lost users lost and irrecoverable. This makes bitcoin more scarce and more expensive.

Pleione527

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I think yes..21 millions is really the limit in supply of bitcoin this one reason why the value of bitcoin needs to be adjusted upward because the increasing demand needs to accomodate by the limited supply and I don't think any hardfork can increase the bitcoin supply they are just there to divert bitcoin market and offers so many alternative coins

CryptoTamer

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Quote from: nmax21 on December 05, 2017, 03:42:06 AM

Quote from: simbax on December 05, 2017, 02:56:46 AM

Good morning
Reading about bitcoin, I've found that there is a maximum of BTC that can be mined: 21 milions
It is said that this limit is due to the source code.

As probably you know more than I do about BTC:
- is it a real limit
- is it a good thing? I think it is but it looks like BTC will become more a commodity and not just a payment system

What do you think?

In fact, Bitcoin has no limit, constantly creating forki this crypto currency, thereby uncontrolled emission of new coins, which is unclear on what depends.

I think fork will not affect the supply of Bitcoin.There's only one Bitcoin and only 21 million coins in that network because Bitcoin Forks such as Bitcoin Cash and Bitcoin Gold cannot be spent in the Bitcoin network

bloodyvio

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Yes, bitcoin is designed with max total supply 21M and it can not be added, unless the miners majority approves the design changes of bitcoin(fork).
CMIIW

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Bitcoin is nearly already more like a commodity than a currency more and more are holding instead of spending. The 21 million has already decreased and there is no way for sure to know how many have been lost forever. Once its all mined it all mined by that point we will more than likely have another coin that is the top contender.

Bayoe_noe

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Quote from: simbax on December 05, 2017, 02:56:46 AM

Good morning
Reading about bitcoin, I've found that there is a maximum of BTC that can be mined: 21 milions
It is said that this limit is due to the source code.

As probably you know more than I do about BTC:
- is it a real limit
- is it a good thing? I think it is but it looks like BTC will become more a commodity and not just a payment system

What do you think?

yes, it's true the total bitcoin is only 21M supply in the world, and the circulating supply is 16M until this year. maybe that's a good thing in terms of the price because it will make the price continue to rise, but I'm also curious what if one day the outstanding bitcoin has reached 21M. whether the price will be more expensive and what about the movement of bitcoin in the future....

HeRetiK

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Quote from: khaled0111 on December 05, 2017, 05:45:58 AM

Quote

- is it a good thing? I think it is but it looks like BTC will become more a commodity and not just a payment system

For now, everything is OK and we are not facing any problems, but when all bitcoins are being mined many expect troubles.
Miners will be the first to be effected since there will be nomore block rewards and you can imagine the negative effects of miners quitting mining
due to low profitability. Consequently, the Bitcoin network will be more centralized.

How so? In 10-20 years transaction fees will already be a major part of mining income. Which means that miners have more than half a century to adjust to mining for transaction fees instead for block rewards.

Quote from: RoommateAgreement on December 05, 2017, 04:00:10 AM

Quote from: simbax on December 05, 2017, 02:56:46 AM

- is it a good thing? I think it is but it looks like BTC will become more a commodity and not just a payment system

a currency doesn't have to be unlimited to be able to perform as a payment system!
you are comparing bitcoin to fiat (which is unlimited) and that is why you are confused.

also you are missing the fact that there are 8 decimal places after 1 bitcoin which makes it bigger for usage in case price was too high. it is something like an ingot of gold versus 1 gram of gold or gold dust for example.

It's not quite that simple. The amount of decimal places doesn't stop Bitcoin from being a deflationary currency. The way we understand economics today, inflationary (fiat) currencies are necessary to allow for economic growth via credit. The latter is up for debate of course, but human history seems to agree. It doesn't detract from Bitcoin's value either way though.

zais

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Quote from: simbax on December 05, 2017, 02:56:46 AM

Good morning
Reading about bitcoin, I've found that there is a maximum of BTC that can be mined: 21 milions
It is said that this limit is due to the source code.

As probably you know more than I do about BTC:
- is it a real limit
- is it a good thing? I think it is but it looks like BTC will become more a commodity and not just a payment system

What do you think?

Bitcoin is like real gold in the real world, and like valuables, Bitcoin can not be created just like that. Gold must be mined out of the ground, while Bitcoin must be mined through digital means. Associated with the process, this is a provision established by the founders of Bitcoin and it has a fairly limited supply.

bitorama

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yes it's a real limit, but we can not tell it's good or not for now because bitcoin accepting is just beginning

Digitalbitcoin

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As per Bitcoins whitepaper there will be 22 million bitcoins will be mined by 2145. But now with updates 21 million bitcoins by 2130. Well have any one notice while making bitcoin transaction that how much amount is charged for transaction in form of size ad fees per byte. I noticed it carefully even anyone can check that transaction fees and price per byte is increasing. It means when mining will finish, there is only way to earn transaction fees from sender to verify that transaction and circulation will be in same manner.

marcbitcoins

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Quote from: simbax on December 05, 2017, 02:56:46 AM

Good morning
Reading about bitcoin, I've found that there is a maximum of BTC that can be mined: 21 milions
It is said that this limit is due to the source code.

As probably you know more than I do about BTC:
- is it a real limit
- is it a good thing? I think it is but it looks like BTC will become more a commodity and not just a payment system

What do you think?

Yes, 21 million is the limit in which this was already estimated and unlock by all mathematician experts with no opposition on the figure but there is a good thing because this will be all mined after 127 years from now therefore we have lot of time to spend to be with bitcoin because no one will still alive after 127 years from now i think. Cheesy

JohnsonX

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Quote from: partysumo on December 05, 2017, 03:38:51 AM

21 million is the hard cap now, bıt wouldn't it be technically possible to increase this cap with a hard fork, assuming the majority of the people wanted it. I know this is close to impossible, just asking whether it is technically possible.

yes it is possible with a hard fork, on the technical side it should be fairly easy. The hard part would be coming up with a good reason to increase the cap and then convincing the majority to upgrade.

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