Topic: Why was 21 million ? (Read 1618 times)
Yeah it's effectively an amount that Satoshi deemed appropriate. He had to consider block-halving times and thus the slow fading-out of block rewards for miners, in transition to transaction fees that 'pay' the miners.
6 blocks per hour
* 24 hours per day
* 365 days per year
* 4 years per cycle
= 210,240
~= 210,000
Sum all the block reward sizes:
50 + 25 + 12.5 + 6.25 + 3.125 + ... = 100
Multiply the two:
210,000 * 100 = 21 million
* 24 hours per day
* 365 days per year
* 4 years per cycle
= 210,240
~= 210,000
Sum all the block reward sizes:
50 + 25 + 12.5 + 6.25 + 3.125 + ... = 100
Multiply the two:
210,000 * 100 = 21 million
True, but as Danny mentioned, the choices of these "magic constants" are still unexplained.
Why was the block time set at 10 minutes not 5? Why was the block reward set at 50 btc not 100? etc.
because there are totally 210000 tons of gold on earth
100BTC == 1 ton of gold
100BTC == 1 ton of gold
nice ,BTC is digital golden !!!BTC is probably digital gold 2.0
Maybe it is more simple that you would like it to be. It is just a good number of 21 and million is just because many had atleast 1 BTC
because there are totally 210000 tons of gold on earth
100BTC == 1 ton of gold
100BTC == 1 ton of gold
nice ,BTC is digital golden !!!
if true 21 million BTC is now circulating in the world, then maybe the BTC will be the number one crypto currencies in the world, because a lot of the wear BTC, it could have an impact on the exchange rate of BTC which will further increase, hopefully this will soon happen ... 
If the number of coins was any different, would bitcoin have been less popular/more problematic?
I guess not!
I guess not!
because there are totally 210000 tons of gold on earth
100BTC == 1 ton of gold
100BTC == 1 ton of gold
nice ,BTC is digital golden !!! Why was 21 million the number of bitcoins to be created?
Because that's how the mathematics worked out.
More specifically, it isn't 21 million. It's actually 20999999.9769. It's just easier for everyone to remember and say "There will never be more than 21 million created" than is is to say, "The maximum that could potentially have been created is twenty million nine hundred ninety-nine thousand nine hundred ninety-nine and nine thousand seven hundred sixty-nine ten-thousandths".
What Satoshi actually did was choose a reasonable sounding number 50 and decide that the block reward would be 50 bitcoins per block for the first 210,000 blocks. Then he decided that in order to have a fixed quantity, but not have a sudden drop off, the block reward would be cut in half every 210,000 blocks. If you do this cutting in half and adding up all the blocks (rounding down to the nearest satoshi value every time), you'll find that the exact amount of bitcoins that are created by the time the 6,930,000 the block is created is 20999999.9769
thanks a lot, DannyHamilton
May be Nokamoto created or thought of bitcoin while he was 21 years old.That's is unknown mystery
because there are totally 210000 tons of gold on earth
100BTC == 1 ton of gold
100BTC == 1 ton of gold
Because it had to some number.
Why you shirt is black/white/wharever color, and why it is 12:42:26 when I made this post?
Is there any hidden stuff about these facts?
Why you shirt is black/white/wharever color, and why it is 12:42:26 when I made this post?
Is there any hidden stuff about these facts?
Why was 21 million the number of bitcoins to be created?
I think it's difficult to say since no one here actually created Bitcoin.
6 blocks per hour
* 24 hours per day
* 365 days per year
* 4 years per cycle
= 210,240
~= 210,000
Sum all the block reward sizes:
50 + 25 + 12.5 + 6.25 + 3.125 + ... = 100
Multiply the two:
210,000 * 100 = 21 million
* 24 hours per day
* 365 days per year
* 4 years per cycle
= 210,240
~= 210,000
Sum all the block reward sizes:
50 + 25 + 12.5 + 6.25 + 3.125 + ... = 100
Multiply the two:
210,000 * 100 = 21 million
This is something that always had me wondering, why was it 21? If I didn't know for sure or had not seen replies in this thread I would be certain that the reason was just a random number he chose. Never heard of any conspiracy theories myself however I agree there is always someone making a conspiracy theory out of something.
Isn't it a completely arbitrary number?
Why was 21 million the number of bitcoins to be created?
Some people look for conspiracy theories behind every simple thing.
There's also the fact that 21 million is within an order of magnitude of the maximum number (67,108,863.99999999) that can be precisely represented to 8 decimal places in double-precision floating-point format. That's probably not a coincidence.
21 million because it pays to be rich! lol idk but honestly....
it is because 21 million has a significant number, the legal drinking age in most states of U.S.A. Satoshi is also my uncle.
it is because 21 million has a significant number, the legal drinking age in most states of U.S.A. Satoshi is also my uncle.
well, 21 is one of the perfect numbers
Quote
The 21 chapters of the Gospel of saint John, totaling 879 verses.
The 21 attributes of the Wisdom. (Ws 7,22-23)
Number of chapters of the book of Judges in the Old Testament.
During 21 days the Prince of the kingdom of Persia (protective angel of the enemy nations) resisted to the Michael Archangel as well as to the angel of the prophet Daniel. (Dn 10,13)
Jacob worked three times seven years to keep the herds of his uncle Laban to obtain two wives and two maidservant, who were used to him also as concubines as it was the habit to the period. (Gn 29,15-30)
The 21 attributes of the Wisdom. (Ws 7,22-23)
Number of chapters of the book of Judges in the Old Testament.
During 21 days the Prince of the kingdom of Persia (protective angel of the enemy nations) resisted to the Michael Archangel as well as to the angel of the prophet Daniel. (Dn 10,13)
Jacob worked three times seven years to keep the herds of his uncle Laban to obtain two wives and two maidservant, who were used to him also as concubines as it was the habit to the period. (Gn 29,15-30)
this is also interesting
Quote
For Claude of Saint-Martin, "the number 21 is the number of destruction or rather of universal termination, because, as 2 is separated from 1, it is necessary that it has a means of to unite there if it wants it. This number shows at the same time the command of the production of things and their end, as well in the spiritual one as in the corporal one."
Quote
Represent the harmony of the creation.
Source
http://www.ridingthebeast.com/numbers/nu21.php
arbitrary number i guess, or maybe he started from the block value, so why 50?
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