Max # of Bitcoin | Bitcointalksearch.org

stompix

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Quote from: pawanjain on December 23, 2017, 01:07:26 PM

The difficulty level of mining bitcoins is set and it keeps increasing after a specific time.

False
The difficulty is not"set" and it can go down, it does not go only upwards.

Quote from: pawanjain on December 23, 2017, 01:07:26 PM

So the difficulty level drives the transactions and makes it more difficult to mine bitcoins.

False.
Difficulty has nothing to do with transactions.

Quote from: pawanjain on December 23, 2017, 01:07:26 PM

So the time that takes in mining of bitcoins increases and thus the mining date for mining all the 21 M bitcoins is calculated almost accurately.

Again false.
If the difficulty would be rising it would also imply that the time between blocks has been lower than 10 minutes till the next adjustment.
So the time until all coins are mined is actually increasing.

Why do you make posts and give advice when you have no clue what you're talking about?

Quote from: kj3888 on December 23, 2017, 01:01:36 PM

I read that there is a max number of bitcoin around 21M. I'm confused however that the date that the number will be reached is locked in for the year 2033? If bitcoin transactions drive more bitcoin to be mined then if transaction go way up doesn't the date for maxing out start to pull in?

The reward is fixed. No matter how many transactions are made the reward per block stays the same.
https://en.bitcoin.it/wiki/Controlled_supply

777asianinvasian

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Not year 2033 but in year 2140 approximately. The transactions don't drive the mining blocks they are driven by complicated math problems figured out every roughly 10 minutes or so. And after every 4 years or so the reward halves which is what is going to happen in 2020 sometime and the reward will decrease to 6.25 BTC per block.

pawanjain

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Nothing lasts forever

No, the way Satoshi Nakamoto has set the estimated date to mine all the 21 M bitcoins is most likely to be accurate. The difficulty level of mining bitcoins is set and it keeps increasing after a specific time. So the difficulty level drives the transactions and makes it more difficult to mine bitcoins.So the time that takes in mining of bitcoins increases and thus the mining date for mining all the 21 M bitcoins is calculated almost accurately.

kj3888

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I read that there is a max number of bitcoin around 21M. I'm confused however that the date that the number will be reached is locked in for the year 2033? If bitcoin transactions drive more bitcoin to be mined then if transaction go way up doesn't the date for maxing out start to pull in?

Topic: Max # of Bitcoin (Read 131 times)