The supply of bitcoins is fixed and only 21 million bitcoins
can be mined with no additional increase in supply can be
made. It can be changed but then it will lead to a hard fork
which won't be bitcoin.
If the supply of bitcoin could be changed, then it would defeat
its purpose and basically be just like fiat. It has a fixed supply
just like gold which makes it lucrative.
Topic: Maximum supply of Bitcoins : Can it be changed? If not why? - page 2. (Read 639 times)
This number was hardcoded by satoshi himself, and whoever wants to participate on the network should accept it to be part of it, that can actually be worked out, with BIP process. And this definitely a hard fork, and won't achieve sufficient consensus for it. If they force it they'll make an alt.
i'm thinking what would happen if at some point devs will decide to increase the BTC cap, not with another fork but BTC itself.. what would happen? how the community will reach to this? It can be an interesting point of discussion and i don't know how it can affect the current market community.
Maybe it can be change and increase the supply of bitcoin but that's only possible if they can go over to the software of bitcoin made by its developer but I don't think it can be reiterate that easy because if that is easy in the previous years someone must already try doing that instead preparing hard fork and offering alternative coins to divert the increasing market and demand for bitcoin
Many here say it would require a hard fork "and that many don't want to see that" but perhaps at some point it will be the condition for Bitcoin to survive.
Not saying right now, but in one or two years.
A good product has to evolve and adapt to current markets, this is true for any product and any industry, why would it not be the case for Bitcoin?
Not saying right now, but in one or two years.
A good product has to evolve and adapt to current markets, this is true for any product and any industry, why would it not be the case for Bitcoin?
There would be a problem when the supply of bitcoin would increase same as fiat money. The problem would be, if they increase the supply or production of bitcoins, the value will decrease and when they decrease the supply of bitcoin the value would increase. The effect is the sameto fiat money.
The effect is the same as fiat money. If you observe, when our fiat money has increased supply the value of it becomes lesser or lower but when the supply it cut off or there is a maximum supply then its value has a lot of possibilities to increase.
Just like how you can modify a software programme the same way you can modify bitcoins its not a great deal.
We have software updates like android updates..and stuff they all do the same...
Changing the bitcoin system will need... Consent of every authority related with bitcoins especially the creators and offcourse the public support because bitcoins is genuinely run by the public.
Thus I don't think that they will (the people) agree tp change Bitcoins maximum supply because in the future they can be benifited from it a lot !
But yes its possible
We have software updates like android updates..and stuff they all do the same...
Changing the bitcoin system will need... Consent of every authority related with bitcoins especially the creators and offcourse the public support because bitcoins is genuinely run by the public.
Thus I don't think that they will (the people) agree tp change Bitcoins maximum supply because in the future they can be benifited from it a lot !
But yes its possible
anything about bitcoin can change. it is just code that you can change to do something else. change the cap for example. but the trick is to change something without breaking the whole system, in other words have a solid reason for that change not just a guess about possible price. and also to get the whole system to agree to it so that the hard fork required for that change is accepted as bitcoin not just a useless altcoin.
you can look at all these recent altcoins: the controversial forks of bitcoin such as bitcoin cash, bitcoin gold, bitcoin silver, bitcre,... they have proven that you can change anything but when you don't have the support, you are creating an altcoin that will die slowly because of lack of interest.
you can look at all these recent altcoins: the controversial forks of bitcoin such as bitcoin cash, bitcoin gold, bitcoin silver, bitcre,... they have proven that you can change anything but when you don't have the support, you are creating an altcoin that will die slowly because of lack of interest.
Bitcoins (BTC) has a maximum supply of 21 million coins. Lets say as some people predict on a future date a Bitcoin hits USD $1,000,000. During this scenario, is there any chance that someone can change the software program that restricts the supply of Bitcoins to mine more coins. Can someone give technical details if possible.
Thank you!
vnck25
It would require a fork, which is something that anyone can do but no-one has to use if they don't want to. This is the same thing for Bitcoin; people can make forks which change the supply from 21m to 21 trillion Bitcoins, but it doesn't mean that anyone has to actually use whatever is on that blockchain, and they won't be able to use those extra coins unless there is someone that they can send the Bitcoin to.Thank you!
vnck25
It is impossible to change the supply without the community knowing, essentially. And the markets would be able to react accordingly, such as crashing because the limited supply no longer exists.
is there any chance that someone can change the software program that restricts the supply of Bitcoins to mine more coins.
Changing the block-generation reward to allow more than an asymptotic limit of 21 million coins would require a hard fork. It would be a contentious hard fork, because many people strongly believe that the original plan should not be changed to dilute existing coins.Lets say as some people predict on a future date a Bitcoin hits USD $1,000,000.
Then the smallest unit of bitcoin (1 satoshi) would be worth $0.01. It is possible to hard-fork Bitcoin to allow further subdivisions; this would be far less controversial than increasing the maximum coin supply.
Bitcoins (BTC) has a maximum supply of 21 million coins. Lets say as some people predict on a future date a Bitcoin hits USD $1,000,000. During this scenario, is there any chance that someone can change the software program that restricts the supply of Bitcoins to mine more coins. Can someone give technical details if possible.
Thank you!
vnck25
Thank you!
vnck25
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