Is there a fixed supply of bitcoins around the wolrd or is it printable like $? - page 2.

LeGaulois

copper member

Activity: 2940

Merit: 4101

Top Crypto Casino

Quote from: martina14 on November 15, 2017, 02:30:39 PM

the maximum numbers of bitcoin is 21million pieces and all bitcoin has been mined! bitcoin now is just circulating on the market and most of it are stored in many peoples wallet ! thats why bitcoin is so votality and have more demand than supply!

It's a big lie and you have no idea what you are talking about, the number of bitcoins that are already mined is about 16 million only https://blockchain.info/charts/total-bitcoins
The full amount of bitcoins (21 million) won't be mined before 2140 depending on the mining technology improvements
Please don't spread false information

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: dothebeats on November 18, 2017, 12:06:22 PM

Quote from: stompix on November 18, 2017, 10:39:22 AM

Since no one can change the supply limit , how can there be a consensus in changing the supply limit?

The developers can create their own version of bitcoin wih more than 21 million fixed supply and a different algo apart from PoW-SHA-256. It needs to fork off the main chain and the voting (lol) process begin. That's not a paradox in any way but a possibility that might occur in the future.

I know how the cap supply can be changed the problem was with the way he put it.
He said from the start:

Quote

so there is no one who can be given the responsibility to supply more

With this condition it's impossible to find somebody to fork the coin since it's obviously he would have the power to "supply" more.
So, in an environment where there is nobody capable of doing something it's impossible to find somebody cable of doing that thing > paradox.

Either way, let's not bring the "forking" again in discussions, I've already seen far too many forks this months apart from the ones in my kitchen to get really tired of them

dothebeats

legendary

Activity: 3542

Merit: 1352

Quote from: stompix on November 18, 2017, 10:39:22 AM

Since no one can change the supply limit , how can there be a consensus in changing the supply limit?

The developers can create their own version of bitcoin wih more than 21 million fixed supply and a different algo apart from PoW-SHA-256. It needs to fork off the main chain and the voting (lol) process begin. That's not a paradox in any way but a possibility that might occur in the future.

mriansa

full member

Activity: 560

Merit: 105

Quote from: Cryptelo on November 15, 2017, 01:35:05 PM

Is there a fixed supply of bitcoins around the wolrd or is it printable like $?

I think not, the total supply of bitcoin is still very limited and less than the dollar, the supply is very much and the price of 1 dollar is not as expensive as 1 bitcoin.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: Glorious04 on November 15, 2017, 04:45:34 PM

Quote from: avikz on November 15, 2017, 01:49:56 PM

We will have only 21 million bitcoins in supply by the end of 2023. That is the maximum cap for bitcoins in circulation. So it can't be printed like a government regulated currency. Only a fixed numbers will be mined and will be circulated.

May i know who determines the said amount to be mined by 2023? And after 2023 what will happen if the demand will still continue and the mining will stop after reaching the said amount?

I knew I had to save this graph

And I don't have a clue why he claimed 2023, more like 2123.

About the mining, it has been discussed 21 million times.
Once the block reward goes to 0 or close to 0 , tx fees will make most of the reward, those who will still make a profit are going to leave their s56(or whatever versions we're going to have at that time) still running.

Quote from: HiringYou on November 16, 2017, 08:08:57 AM

Bitcoin is known for its limited supply.There are only 21 million of Bitcoin's which are supplied.As it is decentralized in nature i.e it cannot be controlled by a person or government so there is no one who can be given the responsibility to supply more. Moreover, I don't think that algorithm will be changed and thus the supply will remain limited unless their is a major consensus wanting increased BTC supply.

Paradox detected.
Since no one can change the supply limit , how can there be a consensus in changing the supply limit?

TheCoinGrabber

sr. member

Activity: 994

Merit: 302

Quote from: player514 on November 15, 2017, 02:25:36 PM

Quote from: TheCoinGrabber on November 15, 2017, 02:19:44 PM

As others here have said, there'll only ever be 21m coins that can be mined. Considering that there are probably a lot of satoshis there forgotten in unclaimed web faucets from the time those were still viable (they require a minimum to cash out), the actual amount might be smaller.

By the time we ever get to that though, the price would probably already be too high that a few satoshis would be enough for transactions.

I can only assume that at that point, people looking for every single bit of money they can get will cause a little bit of a shitshow.

Even though there is a max amount of coins that can be mined, there are multiple possibilities of what could happen in the future. If bitcoin actually ends up failing, it's very possible that another altcoin will come up and take its place. Otherwise, if we see bitcoin rising like crazy, transactions would probably be much smaller in bitcoin amounts, and at that point, it's very likely that bitcoin would be sustained well.

I don't know how they are done but maybe there would also be several forks too along the way. I mean, they'd find ways to make money. I'm going to also assume that there would already be other stable cryptos by then, not just the pump and dump we are seeing today, but actual cryptos that function just as well as bitcoins.

ralle14

legendary

Activity: 3374

Merit: 1922

Shuffle.com

Quote from: Glorious04 on November 15, 2017, 04:45:34 PM

Quote from: avikz on November 15, 2017, 01:49:56 PM

We will have only 21 million bitcoins in supply by the end of 2023. That is the maximum cap for bitcoins in circulation. So it can't be printed like a government regulated currency. Only a fixed numbers will be mined and will be circulated.

May i know who determines the said amount to be mined by 2023? And after 2023 what will happen if the demand will still continue and the mining will stop after reaching the said amount?

It was just his guess, by the end of 2023 there will be another halving that would take place and it should reduce the block reward from 6.25 to 3.125 there's still bitcoins left to mine. It will take more than 6 years to reach 21 million . If there's no more bitcoin left to produce miners would still continue mining and they'll get rewarded by the fees.

HiringYou

sr. member

Activity: 574

Merit: 256

Bitcoin is known for its limited supply.There are only 21 million of Bitcoin's which are supplied.As it is decentralized in nature i.e it cannot be controlled by a person or government so there is no one who can be given the responsibility to supply more. Moreover, I don't think that algorithm will be changed and thus the supply will remain limited unless their is a major consensus wanting increased BTC supply.

d0flaming0

sr. member

Activity: 402

Merit: 250

Quote from: VanDeinsberg12 on November 15, 2017, 06:03:11 PM

Quote from: Cryptelo on November 15, 2017, 01:35:05 PM

Is there a fixed supply of bitcoins around the wolrd or is it printable like $?

The fixed supply of the bitcoin was 21 million but in another calculation, the maximum supply of the bitcoin will be less than 21 million and why? due to the various reason just like hacked exchange site like mtgox.
And another personal case which makes the bitcoin loss in the wallet due to the forgetting their password or passphrase.
The supply of the bitcoin will not increase anymore.

yes i do agree too. besides if the supply was fixed it really do means that whatever happens to the rest of those bitcoins that are lost, forgotten passwords or even those hacked, it doesn't change the supply of what we have right now, and theres a still a little supply that wasn't mined and is yet to be mined.

VanDeinsberg12

hero member

Activity: 1540

Merit: 507

Quote from: Cryptelo on November 15, 2017, 01:35:05 PM

Is there a fixed supply of bitcoins around the wolrd or is it printable like $?

The fixed supply of the bitcoin was 21 million but in another calculation, the maximum supply of the bitcoin will be less than 21 million and why? due to the various reason just like hacked exchange site like mtgox.
And another personal case which makes the bitcoin loss in the wallet due to the forgetting their password or passphrase.
The supply of the bitcoin will not increase anymore.

BartS

sr. member

Activity: 980

Merit: 255

Quote from: Cryptelo on November 15, 2017, 01:35:05 PM

Is there a fixed supply of bitcoins around the wolrd or is it printable like $?

The maximum amount of coins there are going to ever exist is fixed an it is not going to change, however not all of those coins have been mined yet so bitcoin has a little bit of inflation as every block that the miners find generates new coins, however we cannot print bitcoin at will and that is one of the things that makes bitcoin one of the strongest currencies of the world.

Glorious04

full member

Activity: 392

Merit: 113

Quote from: avikz on November 15, 2017, 01:49:56 PM

We will have only 21 million bitcoins in supply by the end of 2023. That is the maximum cap for bitcoins in circulation. So it can't be printed like a government regulated currency. Only a fixed numbers will be mined and will be circulated.

May i know who determines the said amount to be mined by 2023? And after 2023 what will happen if the demand will still continue and the mining will stop after reaching the said amount?

cindygirl

full member

Activity: 280

Merit: 105

Quote from: Alns on November 15, 2017, 04:35:29 PM

Everytime that there is a fork i wonder if bitcoin supply is really increasing because of them, i mean, having bitcoin in another coin, i dont know if you understand what i mean.
But it makes sense at all, obviously that "bitcoin" can not increase its max supply, but there are other forks who are trying to do it by giving you 1:1 of your total coins, in their coin. So there are only 21 million bitcoins for a max supply, and there are less than 17m in circulation at the moment, and they are going to be mined in more than dozens of years from now.

It is an interesting point of view and one which I feel in time could hold back the price of bitcoin, though for transfers of funds the price of bitcoin is fairly irrelevant. The idea that if bitcoin grows too much and the price is 'high' due to great demand you could simply make a complete duplicate of the coin is strange, it would be interesting to discuss with persons how this could happen and in what scenarios it may occur.

Alns

sr. member

Activity: 602

Merit: 250

Everytime that there is a fork i wonder if bitcoin supply is really increasing because of them, i mean, having bitcoin in another coin, i dont know if you understand what i mean.
But it makes sense at all, obviously that "bitcoin" can not increase its max supply, but there are other forks who are trying to do it by giving you 1:1 of your total coins, in their coin. So there are only 21 million bitcoins for a max supply, and there are less than 17m in circulation at the moment, and they are going to be mined in more than dozens of years from now.

martina14

full member

Activity: 1190

Merit: 111

the maximum numbers of bitcoin is 21million pieces and all bitcoin has been mined! bitcoin now is just circulating on the market and most of it are stored in many peoples wallet ! thats why bitcoin is so votality and have more demand than supply!

player514

legendary

Activity: 1414

Merit: 1039

Quote from: TheCoinGrabber on November 15, 2017, 02:19:44 PM

As others here have said, there'll only ever be 21m coins that can be mined. Considering that there are probably a lot of satoshis there forgotten in unclaimed web faucets from the time those were still viable (they require a minimum to cash out), the actual amount might be smaller.

By the time we ever get to that though, the price would probably already be too high that a few satoshis would be enough for transactions.

I can only assume that at that point, people looking for every single bit of money they can get will cause a little bit of a shitshow.

Even though there is a max amount of coins that can be mined, there are multiple possibilities of what could happen in the future. If bitcoin actually ends up failing, it's very possible that another altcoin will come up and take its place. Otherwise, if we see bitcoin rising like crazy, transactions would probably be much smaller in bitcoin amounts, and at that point, it's very likely that bitcoin would be sustained well.

TheCoinGrabber

sr. member

Activity: 994

Merit: 302

As others here have said, there'll only ever be 21m coins that can be mined. Considering that there are probably a lot of satoshis there forgotten in unclaimed web faucets from the time those were still viable (they require a minimum to cash out), the actual amount might be smaller.

By the time we ever get to that though, the price would probably already be too high that a few satoshis would be enough for transactions.

jmiro1

member

Activity: 235

Merit: 11

No it's not printable. 1 of the basis of decentralized currency is that it's supply is fixed. The total amount is currently known to the world as 21 millions.

avikz

legendary

Activity: 3080

Merit: 1500

We will have only 21 million bitcoins in supply by the end of 2023. That is the maximum cap for bitcoins in circulation. So it can't be printed like a government regulated currency. Only a fixed numbers will be mined and will be circulated.

allthingsluxury

legendary

Activity: 1540

Merit: 1029

There is a fixed amount of Bitcoins that will ever be mined, however, Bitcoin is incredibly divisible, making micro transactions a reality.

Topic: Is there a fixed supply of bitcoins around the wolrd or is it printable like $? - page 2. (Read 678 times)