Topic: "Satoshi set the total supply of bitcoins to 21 Million" is nonsense - page 2. (Read 392 times)
May 13, 2021, 01:28:37 PM
Rules are necessary and those rules are enough to maintain the bitcoin network. Without any rule, there will only be chaos. Look at fiat, government keeps printing money making the inflation rate increase significantly over years. Being capped at 21mil makes bitcoin become stronger, invulnerable from the inflation (actually, there is only deflation in bitcoin)
May 13, 2021, 12:43:02 PM
You hear it in every video of someone explaining Bitcoin. Isn't it more accurate to say that the reward will keep halving so that there will never be more than 21 million bitcoins?
There has to be a better way to put it. But from my understanding there is no direct rule within bitcoin's code/protocols that limits bitcoins to 21 Million other than the mathematical rules that govern the mining reward.
It bothers me to hear this over and over to be honest.
The reward is havling for every certain period, not for the every block after it was mined so definitely its possible to mine the 21 million bitcoins which is expected to happen in 2140 by that time no one who are discussing about this will be alive.There has to be a better way to put it. But from my understanding there is no direct rule within bitcoin's code/protocols that limits bitcoins to 21 Million other than the mathematical rules that govern the mining reward.
It bothers me to hear this over and over to be honest.
Why only 21 million? Only satoshi knows the reason, probably it was his lucky number!
May 13, 2021, 12:37:31 PM
There has to be a better way to put it. But from my understanding there is no direct rule within bitcoin's code/protocols that limits bitcoins to 21 Million other than the mathematical rules that govern the mining reward.
I don't want to be pedantic, but there is a line that limits the units to 21,000,000 on amount.h:
Code:
static const CAmount MAX_MONEY = 21000000 * COIN;
I get your point, but that static constant does limit the maximum number of coins. It isn't just the mathematical rules of the block reward that restricts it, but that variable too. If you fork Bitcoin Core, and create your own altcoin that will have more than 21M coins, you should also change that line.
It bothers me to hear this over and over to be honest.
It doesn't bother me, personally. They say that there will be. It doesn't matter that much if you understand the nature of it and its deflationary chart:
May 13, 2021, 12:28:41 PM
That rule is enough, if no more than 21 million bitcoins can be created, then the maximum supply is 21 million. Bitcoin is not like gold that can be found on asteroids or other planets, mining is the only possible source of new coins. It would be redundant to keep track of existing supply with every new block, Satoshi did not implement it, because it would be a waste of space and processing power.
May 13, 2021, 12:23:06 PM
You hear it in every video of someone explaining Bitcoin. Isn't it more accurate to say that the reward will keep halving so that there will never be more than 21 million bitcoins?
There has to be a better way to put it. But from my understanding there is no direct rule within bitcoin's code/protocols that limits bitcoins to 21 Million other than the mathematical rules that govern the mining reward.
It bothers me to hear this over and over to be honest.
There has to be a better way to put it. But from my understanding there is no direct rule within bitcoin's code/protocols that limits bitcoins to 21 Million other than the mathematical rules that govern the mining reward.
It bothers me to hear this over and over to be honest.
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