Is the 21 milion of bitcoin a real limit? - page 4.

khaled0111

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- is it a real limit

Indeed, Bitcoin Max supply is 21.000.000 BTC, to allow for a larger supply, the Bitcoin's protocol has to be changed.

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- 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.

worldofcoins

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Yes, 21 milion is limit and you cant mine more. On the other side some value of bitcoin is lost because people forgot private keys from their wallet and coins on their wallets out of circulation. So real limit slightly less.

According to reported data, there are about 5 million bitcoins lost in cyberspace, so about 16 million coins will be in cirulation once it reaches the limite cap. Lets hope more people keep losing there bitcoins

madentopere

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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?

No , real limit less than 21 max limit is 21 milions.

yes it’s good and will make price increase in future especially after 2100

RoommateAgreement

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Bazinga!

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

- is it a real limit

why shouldn't it be real?!!
there is a limit for the maximum number that is allowed to be created and it is a consensus. and that amount is 21 million

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- 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.

nmax21

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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?

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

partysumo

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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.

cfkvfyjd

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Accordingly, its quantity can be reprogrammed and increased.

cfkvfyjd

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I think this is the limit, but when all the bitcoins are bought out, by this time bitcoin will be recognized all over the world, and will be regulated by the states.

charlotte04

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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, think of it as a collection, when it runs out, you'll never going to have it again, so the price may go up extremely. So watch out.

benmartin613

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Yes 21 million bitcoin is the limit and after that there wont be any bitcoin that can be mined by the miners, about you question if its a good thing then my is yes because with the limit of bitcoin it will have more value once the limit has been reach.

pootutus

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Bitcoin 21 million may not be a bad thing. If there is no total limit, maybe bitcoin is now gone. It seems that some stocks are continuously issuing shares, which will seriously hurt investors. I agree with this design.

bitcoinveda

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Bitcoin is like gold in many ways. Like gold, Bitcoin cannot simply be created arbitrarily. Gold must be mined out of the ground, and Bitcoin must be mined via digital means. Linked to this process is the stipulation set forth by the founders of Bitcoin that, like gold, it has a limited and finite supply. In fact, there are only 21 million Bitcoins that can be mined in total. Once miners have unlocked this many Bitcoins, the planet's supply will essentially be tapped out, unless Bitcoin's protocol is changed to allow for a larger supply. Supporters of Bitcoin say that, like gold, the fixed supply of the currency means that banks are kept in check and not allowed to arbitrarily issue fiduciary media.

jseverson

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

- is it a real limit

Yes. Once the last of the 21 million is mined, you can't mine any anymore. It's more than a century away though. If someone comes in here and says that forks increase the limit, don't believe them because they're talking about some altcoin.

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

It's a good thing if you want Bitcoin's value to soar, because that makes it deflationary. It would still work as a payment system, but the rising price could, and is already discouraging people from spending it. It has already become much more of a commodity than it is a payment system, with everyone raving about its growth rather than its features as a currency, but who knows. Some future development might change that.

simbax

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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?

Topic: Is the 21 milion of bitcoin a real limit? - page 4. (Read 1064 times)