Limited supply of Bitcoin more of a disadvantage than an advantage.

Kliss

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Quote from: Jon pyagbara on June 15, 2024, 03:00:12 PM

My people una good evening, this matter they bother me.

Limit supply in Bitcoin refers to the maximum number of bitcoin that will be Everly mined, it is designed to have only 21million bitcoins in existence, and now as of the latest statistics we already have 19million Bitcoins mined already, remaining only 2million Bitcoin available for mining, to me tho this design of having only 21million bitcoins is of advantage when it comes to preventing inflation, but I still see some disadvantage associated with it. Which are

1. This 21million design will prevent a wider spread of Bitcoin adoption,
2. It will cause larger price movements and reduced the liquidity of Bitcoin,
I know this design was aimed at promoting the value and scarcity of Bitcoin, but it will hinder the growth and wider spread of Bitcoin from generations to come,

So my people how una see am?

The limited supply of Bitcoin is actually advantageous. It creates scarcity, which can potentially drive up the value of Bitcoin over time. This scarcity is a major factor in Bitcoin's value theory and is one of the reasons why some investors see it as a valuable asset to hold onto for the long term. The limited supply of Bitcoin plays a significant role in influencing its value. Due to the fixed supply cap of 21 million coins, scarcity is created, similar to precious metals like gold. This scarcity can potentially drive up the value of Bitcoin over time as demand increases and the available supply decreases. Investors often view this scarcity as a positive attribute as it can contribute to long-term value appreciation. So there for it is important to remember that the limited supply is designed to maintain the value and scarcity of Bitcoin.

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Quote from: Jon pyagbara on June 15, 2024, 03:00:12 PM

to me tho this design of having only 21million bitcoins is of advantage when it comes to preventing inflation, but I still see some disadvantage associated with it. Which are

Bitcoin can be split into satoshi so this one no fit be disadvantage, na only advantage to you as an early adopter because time go come wey be say to afford one Bitcoin go be a very big problem as e go dun cost but that one no go stop people from owning Bitcoin as we fit dey buy am small small. You dey look the matter from another view but this limited supply na wetin dey make Bitcoin sell pass. You dun reason am say if Bitcoin was limitless like fiats, what advantage wey Bitcoin for get over fiats. Na this limited supply follow dey make people dey invest inside Bitcoin so na actually an advantage and not a disadvantage.

Quote from: Justbillywitt on June 18, 2024, 11:43:47 AM

What exactly do you mean by saying it will hinder the wide spread of bitcoin? Has there ever been a time you went to an exchange be it cex or Dex and you didn't see bitcoin to buy? You can always buy bitcoin in fraction, if you can't afford a whole.

Dissatisfaction can be observed in everything because nobody will accept the fact that something that they didn't create is perfect. People will always look for things that aren't necessary a problem for them to criticized. As perfect as Bitcoin can be yet people aren't contended and wants more to be present. If Bitcoin had more supply it would had still being a problem to some people because you can never satisfy everybody. I keep saying Bitcoin is perfect the way it is, only the delay in confirmation is the only problem for me and nothing more. The supply is perfect and so is the decentralization of the blockchain.

adultcrypto

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Quote from: Jon pyagbara on June 15, 2024, 03:00:12 PM

My people una good evening, this matter they bother me.

Limit supply in Bitcoin refers to the maximum number of bitcoin that will be Everly mined, it is designed to have only 21million bitcoins in existence, and now as of the latest statistics we already have 19million Bitcoins mined already, remaining only 2million Bitcoin available for mining, to me tho this design of having only 21million bitcoins is of advantage when it comes to preventing inflation, but I still see some disadvantage associated with it. Which are

1. This 21million design will prevent a wider spread of Bitcoin adoption,
2. It will cause larger price movements and reduced the liquidity of Bitcoin,
I know this design was aimed at promoting the value and scarcity of Bitcoin, but it will hinder the growth and wider spread of Bitcoin from generations to come,

So my people how una see am?

This is not correct if you ask me and the opposite of your position is what I think is right. Bitcoin can be purchased in fraction of it so the issue of limited supply does not stop as many people as possible from owning a fraction of it as their finances can carry. The limited supply is actually to the advantage of bitcoin and not otherwise. There are several reasons to support this some of which include:

The limited supply reduces inflation in bitcoin
It helps in checking fraud and sharp practices because if bitcoin is unlimited, bad players can take advantage of any loopholes to mint excess coin
Like you said, it will create more demand for bitcoin as a result of the limited supply which means that investors in bitcoin will always make good profits on the long run

Fiasem20

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Bitcoin limited supply fit look like disadvantage,dem say something no fit good finish,wetin get more advantage no forget say that thing still get disadvantage sef.Satoshi Nakamoto invent Bitcoin make e look different from our normal traditional currency,check am out fiat get unlimited supply and e still get disadvantage and the disadvantage be say the supply dey outweigh the demand and inflation wan finish am but Bitcoin limited supply con make am scarce wey the demand dey outweigh the supply nai make na hedge against inflation.
The reason why bitcoiners dey feel say the limited supply na disadvantage because say when miners don mine 210,000 BTC which na every 4 years dem dey take their rewards which na the halving season and when dem don mine all the 21 million BTC dem go dey take their rewards from transaction fees.And when dem don mine the fixed amount Bitcoin go con scarce,when Bitcoin scarce the demand go increase more and more and the adoption sef go choke, nothing fit discourage you to buy Bitcoin if only you know say Bitcoin dey divisible(Sat).

Cryptoprincess101

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Well OP 21 million Bitcoins is not a child's play, so anyone who want to acquire Bitcoin will still do so despite the fraction of it that they will own and we still have about 115 years for the last blocks to be mined which means that within the time frame the awareness would have gone viral and it must have approached a point of full adoption because before 115 from now, none of us here may live to witness when the last blocks will be mined and the limited supply of 21 million Bitcoins will reduce inflation and boast investors confidence spirit unlike when it becomes excessive.
It won't cause a wider price movement because at that time the price of Bitcoin may become stable even if there may still be some fluctuations but it won't be much and 115 years from now is a very long time so the adoption will continue from generation unto generations.

Justbillywitt

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What exactly do you mean by saying it will hinder the wide spread of bitcoin? Has there ever been a time you went to an exchange be it cex or Dex and you didn't see bitcoin to buy? You can always buy bitcoin in fraction, if you can't afford a whole. My brother Satoshi who made bitcoin is never a fool, it was a well calculated something. Even if the entire population on earth want to buy bitcoin, it will be enough for everyone. Do you prefer the situation that's happening in the fiat system where government can print money whenever they want and enrich themselves and cause the inflation? You should take time and study the bitcoin white paper so you can actually understand why there is only 21 million of bitcoin that's ever going to exit. The more the price is increasing, people are going to buy what they can afford, it is indeed an advantage and never a disadvantage. Just imagine instead of your money reducing in value, it will be appreciating as more and more people adopt it. So what's the disadvantage there?

Pi-network314159

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I don't think you should border yourself about bitcoin limited in supply, what you should be thinking right now is to noture the mind of accumulating more bitcoin. The limited in supply of bitcoin is what makes it relatively scarce and makes the price more expensive. The law of demand and supply states that if the supply supercede demand the price will fall. And if the deman exceeds the supply that the price rises. This invariably mean that bitcoin has advantage of being limited in supply and the demand is also high. Bitcoin is also divisible which means people can buy in fractions instead of buying a whole. As the demand keep increasing so do the fraction you normally buy cheap becomes more expensive, for example if you normally buy 0.00081BTC at $55 at the price of 1 bitcoin at $65k, when bitcoin climbs to $k130k you will buy that same 0.00081BTC at $110. Just keep accumulating the future is bright with Bitcoin.

DubemIfedigbo001

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One thing that makes me worry its the fact that bitcoin developers seem less concerned about the transaction fees pumping from time to time. These are really discouraging people from using bitcoin for their transactions, because they cannot pay the high fee.

Even locally, most of my friends are exploring the TON network, Solana network and TRC-20 network seriously and they prefer doing their transactions in these shit coins, rather than bitcoin because of their cheap rates and faster transaction time.

With the way these projects are getting popularity, Being realistic here, they might gain more mass adoption in the near future and lead to a crypto industry revolution.

I feel its time bitcoin developers pay serious attention to lightening network, and other transaction mediums, so people can have various options for cheaper transactions on the bitcoin block chain.

Obari

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Personally I think I wouldn’t be a bad idea to move this thread to the bitcoin discussion board to get a broader discussion and response from the community rather than limiting your response to just the local board.
Frankly I once stubbed on something like this and I was also wondering what next might happen with bitcoin after the 21 million target is been achieved but I didn’t think much of it because I already know that, there will still be greater opportunities when we get to that very point as I think there are already limitless opportunities in cryptocurrency and bitcoin.

But sincerely I go really want to know the fate of bitcoin after it gets the actual mining figure and I think it will make it very difficult for people to want to invest as the price will be very high which isn’t a great idea.

Kelward

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Di limited supply of Bitcoin mean say e no be like fiat wey get infinite supply, di limited supply go make sure say di value go still de go up. If Bitcoin get infinite supply dat one go mean say e no go de necessary to hodl am because people go get di mindset say in di future di value go reduce, unto say e go become common and ordinary asset.

Di reason why gold and diamond still get high value till today be say dem de scarce, if person de dig gold and diamond for gutter everyday e no go get value again. As some experienced members don emphasize for dis thread, e no de necessary say person must get up to 1 Bitcoin in the future when di price go de higher, dat na why we get Satoshi, wey be units of Bitcoin. One of di best features wey make to be a store of value na because of di limited supply.

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Quote from: Jon pyagbara on June 15, 2024, 03:00:12 PM

1. This 21million design will prevent a wider spread of Bitcoin adoption

I understand this coming to the fact that if the price of Bitcoin is hypothetically at $1M, it would be very difficult for the average man or civil servant to buy. Na very valid point. But we must all understand say, na why Satoshi dey for Bitcoin in that you no necessarily need to be a wholecoiner to be part of the ecosystem. Even now, not even Bitcoin holder is a wholecoiner and that's fine. You fit just dey stack sats till e reach whole bitcoin.

Quote from: Jon pyagbara on June 15, 2024, 03:00:12 PM

2. It will cause larger price movements and reduced the liquidity of Bitcoin,

As the price of Bitcoin becomes high, say $1M,the volatility won't be that much compared to the early days where bitcoin was extremely volatile (market can swing +/- 50 to 100% in a single 24 hour candle). As far as liquidity goes, the books will always be liquid anyone for anyone that wants to buy and sell.

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Quote from: Jon pyagbara on June 15, 2024, 03:00:12 PM

1. This 21million design will prevent a wider spread of Bitcoin adoption,

Having a limited supply of Bitcoin can not limit it's wider spread of Bitcoin, because one thing about how this decentralized digital currency works is that the higher the demand, the more it's value increases, so as to enable people have access to its limited supply. So the more people get to know about Bitcoin and buy it, the more it's price value will keep on increasing

Quote

2. It will cause larger price movements and reduced the liquidity of Bitcoin,

Yes, the more scarce it becomes, the more valuable it gets and price increases in the general market, hence inasmuch as there are enough buyers and sellers available, allowing transactions to occur quickly at stable prices, the liquidity of Bitcoin can never drop, as the liquidity of Bitcoin is always base on it's trading volume, market depth, and the availability of exchanges and trading platforms to enable users execute transactions smoothly.

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Quote from: Jon pyagbara on June 15, 2024, 03:00:12 PM

and now as of the latest statistics we already have 19million Bitcoins mined already, remaining only 2million Bitcoin available for mining,

Almost 20 million BTC has been mined. Around 19.71 BTC have been mined.

Quote from: Jon pyagbara on June 15, 2024, 03:00:12 PM

1. This 21million design will prevent a wider spread of Bitcoin adoption

How? Remember that people can spend satoshi.

Quote from: Jon pyagbara on June 15, 2024, 03:00:12 PM

2. It will cause larger price movements and reduced the liquidity of Bitcoin,

These are also not right. Bitcoin will remain as bitcoin and these are not new.

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Quote from: Jon pyagbara on June 15, 2024, 03:00:12 PM

1. This 21million design will prevent a wider spread of Bitcoin adoption,
2. It will cause larger price movements and reduced the liquidity of Bitcoin,
I know this design was aimed at promoting the value and scarcity of Bitcoin, but it will hinder the growth and wider spread of Bitcoin from generations to come,

So my people how una see am?

The 21 million can go round to whoever wants to buy bitcoin because bitcoin can be bought in fraction. You must not buy one whole bitcoin but you can buy in Satoshi. That is if you have $10 you can buy bitcoin. This is where bitcoin is unique because it is divisible.

You should also take note that it is not everybody that will love to buy bitcoin, because no matter bitcoin becomes more valuable some people will prefer the old fiat currency because that is what they are used to. So don't let that bother you because the 21 million is enough to go round to whoever wants to buy bitcoin. It is just the price that will be more expensive overtime and this is why you need to start accumulating your own bitcoin.

Jon pyagbara

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My people una good evening, this matter they bother me.

Limit supply in Bitcoin refers to the maximum number of bitcoin that will be Everly mined, it is designed to have only 21million bitcoins in existence, and now as of the latest statistics we already have 19million Bitcoins mined already, remaining only 2million Bitcoin available for mining, to me tho this design of having only 21million bitcoins is of advantage when it comes to preventing inflation, but I still see some disadvantage associated with it. Which are

1. This 21million design will prevent a wider spread of Bitcoin adoption,
2. It will cause larger price movements and reduced the liquidity of Bitcoin,
I know this design was aimed at promoting the value and scarcity of Bitcoin, but it will hinder the growth and wider spread of Bitcoin from generations to come,

So my people how una see am?

Topic: Limited supply of Bitcoin more of a disadvantage than an advantage. (Read 171 times)