so I am assuming that this 21 million limit which is sold to the general public as a "golden rule" is not as golden
if reaches consensus it can be changed so bitcoin is just like any government money, government money is printed with "reached consensus" also (considering that democracy is a consensus)
bitcoin is sold to general public as something that will never have the same inflation as government money but it works the same if can be changed with "consensus"
the argument that "people who have bitcoin they will not agree to print more bitcoin" does not make sense and is a fallacy
government also have a lot of money so they would never print more of this money if this logic was true
and when I talk about "regular user" I mean the everyday normal guy, someone who doesnt even know what a Node is
so majority of Nodes is still a very very minority of all people who uses bitcoin
Topic: Questions from a beginner - page 2. (Read 1126 times)
so if "reaches consensus" it can be created more than 21 million bitcoin?
Yes. If you can convince me, and all the other people who will NEVER agree with you to all run your code, then you can have more than 21 million bitcoins. There are far too many people that would rather see bitcoin collapse and fail than increase that limit. It isn't going to happen.
you can estimate how many people need to agree to make such a thing?
No. It doesn't matter. There are MANY that won't agree. It isn't going to happen.
if the coders and the nodes decide that theres nothing the "regular user" can do?
The regular user can refuse to use the new software. They can refuse to do business with merchants that use the new software. They can refuse to use exchanges that use the new software.
Merchants and exchanges need to make a profit. If the users refuse to do business with them, they will switch back to the software the users want them to use.
The regular user can also run a node to enforce the current rules so that the miners will be afraid to change software. If a miner (or mining pool) mines a block that the nodes reject they lose all the bitcoins that they mined.
even with many nodes it will always be a very tiny % compared to all the regular users so its something very crucial that can be changed by a minority, isnt it?
No. It can not be changed by a minority. It requires an overwhelming majority. It isn't going to happen.
The code is all open source. You can read it, and you can change it.
The difficult part is getting other people to agree to use your new code.
Every node on the network checks EVERY transaction and EVERY block to make sure they don't break any of the consensus rules.
If you create your own software that increases the reward for a block that you mine, or reduces the difficulty of the block that you mine, then EVERY node and EVERY miner in the world will simply reject your block as being "invalid" according to the rules in THEIR code. Bitcoin works because there is a consensus reached by all the nodes running the software. In order to change bitcoin, you need to convince an overwhelming majority of all users (nodes, miners, merchants, exchanges, etc) to ALL use your code so you can form a new consensus.
51% isn't enough. With that, you would just split the blockchain into "original bitcoin" and "xaioret bitcoin" forks. If you want to actually change bitcoin, you need an overwhelming majority. Much closer to 90%.
The difficult part is getting other people to agree to use your new code.
Every node on the network checks EVERY transaction and EVERY block to make sure they don't break any of the consensus rules.
If you create your own software that increases the reward for a block that you mine, or reduces the difficulty of the block that you mine, then EVERY node and EVERY miner in the world will simply reject your block as being "invalid" according to the rules in THEIR code. Bitcoin works because there is a consensus reached by all the nodes running the software. In order to change bitcoin, you need to convince an overwhelming majority of all users (nodes, miners, merchants, exchanges, etc) to ALL use your code so you can form a new consensus.
51% isn't enough. With that, you would just split the blockchain into "original bitcoin" and "xaioret bitcoin" forks. If you want to actually change bitcoin, you need an overwhelming majority. Much closer to 90%.
so if "reaches consensus" it can be created more than 21 million bitcoin?
you can estimate how many people need to agree to make such a thing?
if the coders and the nodes decide that theres nothing the "regular user" can do?
even with many nodes it will always be a very tiny % compared to all the regular users so its something very crucial that can be changed by a minority, isnt it?
The code is all open source. You can read it, and you can change it.
The difficult part is getting other people to agree to use your new code.
Every node on the network checks EVERY transaction and EVERY block to make sure they don't break any of the consensus rules.
If you create your own software that increases the reward for a block that you mine, or reduces the difficulty of the block that you mine, then EVERY node and EVERY miner in the world will simply reject your block as being "invalid" according to the rules in THEIR code. Bitcoin works because there is a consensus reached by all the nodes running the software. In order to change bitcoin, you need to convince an overwhelming majority of all users (nodes, miners, merchants, exchanges, etc) to ALL use your code so you can form a new consensus.
51% isn't enough. With that, you would just split the blockchain into "original bitcoin" and "xaioret bitcoin" forks. If you want to actually change bitcoin, you need an overwhelming majority. Much closer to 90%.
The difficult part is getting other people to agree to use your new code.
Every node on the network checks EVERY transaction and EVERY block to make sure they don't break any of the consensus rules.
If you create your own software that increases the reward for a block that you mine, or reduces the difficulty of the block that you mine, then EVERY node and EVERY miner in the world will simply reject your block as being "invalid" according to the rules in THEIR code. Bitcoin works because there is a consensus reached by all the nodes running the software. In order to change bitcoin, you need to convince an overwhelming majority of all users (nodes, miners, merchants, exchanges, etc) to ALL use your code so you can form a new consensus.
51% isn't enough. With that, you would just split the blockchain into "original bitcoin" and "xaioret bitcoin" forks. If you want to actually change bitcoin, you need an overwhelming majority. Much closer to 90%.
the ones writting the code can make something to lower the difficulty of mining?
they can change the reward?
if no, why?
they can change the reward?
if no, why?
Yes, they can to all, but then Node operators must choose to use that new code.
For the new code to be added, it must first reach consensus to be changed.
If they make certain changes without consensus or Nodes using it, they may split
off from the primary chain.
i understand that reward is halfing but it can be changed by someone?
the ones writting the code can make something to lower the difficulty of mining?
or they can change the code increasing the reward?
if no, why?
the ones writting the code can make something to lower the difficulty of mining?
or they can change the code increasing the reward?
if no, why?
...
The 21 million is indeed a coded limit. Without it, it wouldn't really be Bitcoin. You can change that, however, as seen in multiple altcoins.
...
The 21 million is indeed a coded limit. Without it, it wouldn't really be Bitcoin. You can change that, however, as seen in multiple altcoins.
...
No. The 21 million coins is not within the code, but is the the result of the code.
For example, as coins are released and the halvings take place over time,
eventually in 2140, no more coins can be released. It is estimated that the
total number of coins that will be released over time will be about 20,999,949.
I dont get it, if it can be changed how is "limited by code"?
I don't know code good enough to point you to the exact portion of code that decides the dificulty, but maybe this is of some help.
This code can be changed by anyone, as this is open source software.
The 21 million is indeed a coded limit. Without it, it wouldn't really be Bitcoin. You can change that, however, as seen in multiple altcoins.
BTW, there's a section for beginner questions... Although this would probably fit better the Technical Discussion section.
This code can be changed by anyone, as this is open source software.
The 21 million is indeed a coded limit. Without it, it wouldn't really be Bitcoin. You can change that, however, as seen in multiple altcoins.
BTW, there's a section for beginner questions... Although this would probably fit better the Technical Discussion section.
Hi, I have some question that I didnt find the answer anywhere
which code decides the difficulty of mining?
can this code be changed?
if yes, by who?
the 21 million is really a limit or theres some change on the code that can allow lower difficulty and more mining?
Kind Regards
which code decides the difficulty of mining?
can this code be changed?
if yes, by who?
the 21 million is really a limit or theres some change on the code that can allow lower difficulty and more mining?
Kind Regards
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