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

megynacuna

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Quote from: brontosaurus on November 20, 2017, 09:06:03 AM

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!

What makes you think that all the bitcoins have been mined? Miners are called with this term because they are still mining. People are still mining bitcoins and there is no chance that all the bitcoins will be mined in next 100 years or so. But yes we can say that the pace of mining is too slow than it was around 5 years ago.

it's actually going to end by 2140 and i think that's over 120 yeas time before the last bitcoin block will be mined. Secondly, it seems the OP is at sea with what's going on here, bitcoin is a digital currency being used online without its physical form like the local fiat in your country.

Oilacris

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This table shows it all posted above by stompix. I am mostly got to react on 2023 all bitcoins would be mined and i do believe its just a typo.On the image given it shown on what year would be the last bitcoin to be mined and we are all dead on that year for sure theres no doubt on that. Printable? It isnt. Bitcoin would still remain as virtual and come to think off it do have fixed supply unlike on local fiats.

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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!

Lol. Where you from bruh? You from other universe? Lolol.
Bitcoim clearly hasn't been fully mined yet it is either you are dumb as fck and talk about crappy thing that you don't even know about, lying, or just trolling. Either ways, your reply is still useless and not needed by everyone here in this topic. Better shut up if you know nothing about the subject, lying or just trolling.

stompix

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Quote from: galestorm on November 19, 2017, 08:29:33 PM

I dont think bitcoins are printable. It is a digital currency where its value circulates around the net. Miners are the ones who often generate bitcoins and is then processed and passed on for us users to benefit from it. Bitcoins are definitely high in value and there's nothing that could top off that kind of amount.

You don't think?
You've spent 6 months on this forum and you "don think" ?

And bitcoin are "often" generated by miners , then, oh my god , "processed" and the passed on to users?
You really think bitcoin mining is like a sausage factory?

Quote from: jam22 on November 20, 2017, 12:07:46 AM

I think there is no fixed supply of bitcoin around the world.

Yes it is and it was posted ten times at least already.

Quote from: bellamae on November 20, 2017, 08:39:55 AM

I think it's the supply of bitcoin, not the dollar. Also bitcoin can be transfer with some sort of a hard drive wallet which you can transfer from your bitcoin wallet to that wallet which is more secure because you can take it were ever you want like a usb.

You don't transfer bitcoin anywhere.
Bitcoins are always in the blockchain, in the same spot.
What you change by transferring from a wallet to wallet is the key to access them.

Quote from: nidacoinlove on November 20, 2017, 08:51:44 AM

According to some sources 16 million of the bitcoin are mined and only 5 million are left to be mine till 2140. It's more than a century to mine such a low number of bitcoin which is totally disappointing for the miners and people associated to bitcoin mining. This is I guess the reason for most of the miners switched their hash power to BCH.
I think this is insane if mining bitcoin is become so difficult and expensive. I hope the technology will definitely improve to mine bitcoin and may be then all the available bitcoin may get mined till 2040.

It had nothing to do with the supply.
For at least two years the same reward will be mined every block.
Miners changed to bch for a time because the difficulty on the bch chain was lower and during the pump it was more rewarding to mine there.
But now the hashrate is about 12:1 in favor of BTC.

brontosaurus

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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!

What makes you think that all the bitcoins have been mined? Miners are called with this term because they are still mining. People are still mining bitcoins and there is no chance that all the bitcoins will be mined in next 100 years or so. But yes we can say that the pace of mining is too slow than it was around 5 years ago.

nidacoinlove

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Quote from: HabBear on November 18, 2017, 01:11:53 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 $?

There is not a fixed supply...yet. However, it's not printable...it's minable.

There will only ever by 21 million bitcoins created, mined. And we will not have mined them all until 2120-2140. The exact date depends on transaction volume between now and then.

After that no new bitcoin will ever be mined.

According to some sources 16 million of the bitcoin are mined and only 5 million are left to be mine till 2140. It's more than a century to mine such a low number of bitcoin which is totally disappointing for the miners and people associated to bitcoin mining. This is I guess the reason for most of the miners switched their hash power to BCH.
I think this is insane if mining bitcoin is become so difficult and expensive. I hope the technology will definitely improve to mine bitcoin and may be then all the available bitcoin may get mined till 2040.

Pinkris128

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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 $?

As far as i know, there are only limited amounts of bitcoin in the world. Is is for about 21million. Having this kind of finite amout will change its reputation or value in the near future or if all bitcoin will be mined. Maybe its price will go higher or it will gone to an end that it will be worthless.

brontosaurus

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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 $?

Yes there is a fixed supply of bitcoin which is 21 Million coins which is not a feature available in dollars. Dollars minted in millions or billions every year which make it an inflationary currency. And no its not printable. I mean printing is required for something that does not exists in real. Like the dollars which are merely a promise by federal bank. Bitcoin is stored in blockchain so does not requires any other proof of its existence.

bellamae

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Quote from: AVAMONEY on November 20, 2017, 02:05:37 AM

Based of the total $ 21 millions bitcoins that can be mined, it seems from the existing data https://blockchain.info/charts/total-bitcoins just about $ 16 millions already in mined. There are still $5 millions left. We can not predict how long this remainder will be spent to mining. but obviously supply bitcoins will still continue despite reaching the limit.

I think it's the supply of bitcoin, not the dollar. Also bitcoin can be transfer with some sort of a hard drive wallet which you can transfer from your bitcoin wallet to that wallet which is more secure because you can take it were ever you want like a usb.

AVAMONEY

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Based of the total 21 millions bitcoins that can be mined, it seems from the existing data https://blockchain.info/charts/total-bitcoins just about 16 millions already in mined. There are still 5 millions left. We can not predict how long this remainder will be spent to mining. but obviously supply bitcoins will still continue despite reaching the limit.

Harlot

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Bitcoin itself cannot be printed because it only exist online although he Bitcoin Wallets can be printed physically and you can do it with this tutorial. This can be handy if you don't have internet access on hand but you want to receive Bitcoin as a mode of payment in your transactions. And yes they are right that Bitcoin has a fixed supply but not all of the 21,000,000 has been fully mined yet.

faceoff97

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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 $?

There ia a fix volume of supply, there is actually 21$ bitcoin in total.. We are just in 16$ million mark and there are 5M$ still to be mined. Since the whole supply is not yet obtained, the value is expected to rise. Bitcoin is an ever growing coin. Its actually the law of supply and demand, because the demand is increasing and the supply is becoming limited the value will sure increase and pump.

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Yes, there's a fixed supply of bitcoins around the world.The number of bitcoins supply is 21 million.And yeah it's not printable like paper money

jam22

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I think there is no fixed supply of bitcoin around the world.

galestorm

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I dont think bitcoins are printable. It is a digital currency where its value circulates around the net. Miners are the ones who often generate bitcoins and is then processed and passed on for us users to benefit from it. Bitcoins are definitely high in value and there's nothing that could top off that kind of amount.

Zinkin

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No there isn't, there are only 21 million Bitcoins in the world and the fact that having Bitcoin as the highest value in the market is the proof that its number is dwindling by now. By applying the Economics Law you will understand what I am saying.

By having a fixed 'demand', the value of a specific item will decrease and increase, if the 'quantity' is high and if the quantity is low respectively.

BartS

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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.

I know what you mean, but at the end of the day those forked coins are nothing but copies, think of bitcoin as a known brand of products and think of those forked coins as those Chinese cheap copies that you can buy for a fraction of the price, yes those are cheaper but at the end everyone wants the real thing, so all those forks are destined to fail and bitcoin is destined to keep being the best coin that has been created.

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obviously that bitcoin has a fixed supply, i dont know why you all are saying almost the same because you know that the forks are not affecting the total supply of bitcoins.
There are only 21millions of them in circulation and there will be never more than that amount, because it is impossible, forks are other coins, and bitcoins are just bitcoins.
It is like saying that Euros are going to be Dollars because they are the same thing.
The only altcoin who can be "printed" is Tether, who is almost going to collapse at any time.

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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!

Really bitcoin has all been mined? Is the year now 2140? because if not you need to read and analyze the bitcoin and how mining works the total number of btc that is circulating to the entire planet is 16,684,613 by this time and the total number of it is 21 million so still miners are earning btc as a block reward. So stop saying misinformation as the newbies can read this stuff.

The bitcoin is almost the reverse of the traditional fiat monetary system and we are all living in a digital/internet age so it will never gonna available for printed version for it is solely for blockchain technology, the only printed that you will ever saw that is related to it is a wallet i think you misunderstood wallet from the actual bitcoin.

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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 $?

There is not a fixed supply...yet. However, it's not printable...it's minable.

There will only ever by 21 million bitcoins created, mined. And we will not have mined them all until 2120-2140. The exact date depends on transaction volume between now and then.

After that no new bitcoin will ever be mined.

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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

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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

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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

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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

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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

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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.

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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

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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.

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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

Cryptelo

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

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