There is one problem with Bitcoins supply - it's transaction fees, or a minimum transaction fee amount to be more specific. Today you the minimum rate you have to pay for your transaction is 1000 satoshi. Obviously today fees are much higher, but if in the future Bitcoin will keep growing and will try to become universal currency, than this limitation will become a serious issue. Here's a short example:
1 BTC = 50 000 USD, than the minimum fee of any transaction (0.00001 BTC) is worth $0.5, which makes BTC a very expensive currency to use, because even if people pay this minimum fee, it will still add up to a big amount, if you do 200 transactions per month it will be $100 in fees.
Topic: Will the final number of bitcoins become a serious limitation? - page 2. (Read 1406 times)
It may be an issue if people lose access to their private keys or if more exchanges keep getting hacked. If this situation arises and since bitcoin is limited supply, it causes deflation which is different in terms of bitcoins. Since there is a cap of 21 million coins, the coins would be more precious for those who have been holding it for years but the market size/volume may reduce if there are less coins available for trading. It would then just be some "foreign currency" or a "treasure". That's the reason we see price fluctuations unlike fiat that's stable as they have no cap.
I don't think this is ever going to be an issue due to the fact that bitcoin is a fractional currency so this sort of issue isn't going to play a factor in the least, as the thing is that supply and demand will play a big role over this entire thing. So the final number of Bitcoins in my opinion isn't going to do anything in the least nor is it going to affect anything, it may play a factor in the exact # of bitcoins being transacted but the overall value is probably going to be the same. Maybe I'm the only one that thinks that, but that's me.
I'd think about it in these terms, so we'll have a LOT OF TIME and a LOT OF BITCOINS to go around. People may lose wallets, stolen shit and so on but that's not going to play a huge factor IMO.
The last 0.00000001 BTC won't be mined until 2140.
At that point, a total of 2,100,000,000,000,000 spendable units will have been created. That's 2.1 QUADRILLION!
I don't think the limit will be a problem.
At that point, a total of 2,100,000,000,000,000 spendable units will have been created. That's 2.1 QUADRILLION!
I don't think the limit will be a problem.
I'd think about it in these terms, so we'll have a LOT OF TIME and a LOT OF BITCOINS to go around. People may lose wallets, stolen shit and so on but that's not going to play a huge factor IMO.
Simple calculation - Now population is 7 billion people, in ~2100 world population may be 12 billions. So, then by average, one person may have 0.00175 btc. In reality, it may be smaller amountdue to lost bitcoins. But we don't have forget that not everyone will use bitcoins - we have to exclude kids, poors and etc. So, I think it will be enough bitcoins for everyone. Another question, how people will have to send small amounts of bitcoins, when fee will be much higher than transacted amount.
Use a bit of common sense.
People pay right now 80 000 satoshi for a tx or 2$.
If bitcoin will reach that usage and will evolve (scale) normally people will still pay 2$ but that probably would only be 2 or 4 satoshi.
You know what i think op? I think that you should not worry about this thing anymore. Coz it would probably take years before that happens. And by years, i mean so many god damn years! Lol, we all would probably long gone by the time that this limitation that your ralking about rises as a problem. But then again, bitcoins can be divided into many parts, so that would also take a lot of years and i dont even wanna count how long. Haha.. but really, you shouldn't be making a problem in the future a problem for today, that's just unhealthy for all of uszz haha
I like the fact BTC number of coins is limited. More people will use it and it will have a greater value... this is one of the main qualities BTC has..it's rare! Yes, rare for such a big world.
Even when all the coins will be mined many years distance from now it will not be a serious limitation. People will continue to trade and exchange this number of bitcoins and transaction will go on normally. I don't believe that all people then will hold bitcoins and not do transactions. At that far away time it is supposed that bitcoin to have become mainstream currency.
I will never believe that the government most developed countries will allow bitcoin was the main currency. Most likely if the popularity of bitcoin will continue to grow they will try to make their cryptocurrency. Who owns the money owns the world, and bitcoins to own impossible. The last 0.00000001 BTC won't be mined until 2140.
At that point, a total of 2,100,000,000,000,000 spendable units will have been created. That's 2.1 QUADRILLION!
I don't think the limit will be a problem.
At that point, a total of 2,100,000,000,000,000 spendable units will have been created. That's 2.1 QUADRILLION!
I don't think the limit will be a problem.
You gotta luv this guy, even if he hate sig members.
Yes, Danny... once again you have it spot on with your answer. Have you calculated what will happen if we decide to divide it even further? 0.0000000001 {Because this is also a viable option, if it comes down to it} I just doubt
that we will ever get consensus to do it, because we cannot even reach consensus to scale the bloody thing.
One Bitcoin is not what you spend. It's just the default unit of the reference client and the one which is traded on exchanges.
You could equally say "are there enough kilograms of gold in the world?". The answer is yes, because you can use grams, and milligrams, and so on...
One single "Bitcoin" does not actually exist. It's just a term that we're using to refer to 100,000,000 spendable units.
You could equally say "are there enough kilograms of gold in the world?". The answer is yes, because you can use grams, and milligrams, and so on...
One single "Bitcoin" does not actually exist. It's just a term that we're using to refer to 100,000,000 spendable units.
Simple calculation - Now population is 7 billion people, in ~2100 world population may be 12 billions. So, then by average, one person may have 0.00175 btc. In reality, it may be smaller amountdue to lost bitcoins. But we don't have forget that not everyone will use bitcoins - we have to exclude kids, poors and etc. So, I think it will be enough bitcoins for everyone. Another question, how people will have to send small amounts of bitcoins, when fee will be much higher than transacted amount.
Use a bit of common sense.
People pay right now 80 000 satoshi for a tx or 2$.
If bitcoin will reach that usage and will evolve (scale) normally people will still pay 2$ but that probably would only be 2 or 4 satoshi.
Simple calculation - Now population is 7 billion people, in ~2100 world population may be 12 billions. So, then by average, one person may have 0.00175 btc. In reality, it may be smaller amountdue to lost bitcoins. But we don't have forget that not everyone will use bitcoins - we have to exclude kids, poors and etc. So, I think it will be enough bitcoins for everyone. Another question, how people will have to send small amounts of bitcoins, when fee will be much higher than transacted amount.
I had wondered about this possibility when I was a noob, 21 million limited supply, and then when all the bitcoins have been mined at least 20% would be accounted for lost coins and if a large percentage of people adopt bitcoins would there be a shortage? Nope, simply because bitcoin is divisible, up to 8th decimal point, 1 satoshi. So by 2140, 1 satoshi would be worth a lot than it is now. Limited supply is why bitcoin is compared to gold, store of value.
I think it will happen in 20-30 years or even faster. Depending on how much the bitcoins limit is in fact.
The amount limitation is actually one of the Bitcoin's advantages.
In oppose to fiat money, that can be printed by the central bank at any time, and though lose its value,
Bitcoin has this limit that will maintain its value of purchase.
and anyway, it will happen in more then 100 years, so don't worry about it
In oppose to fiat money, that can be printed by the central bank at any time, and though lose its value,
Bitcoin has this limit that will maintain its value of purchase.
and anyway, it will happen in more then 100 years, so don't worry about it
Interestion your point
I don't think so, because every day that is passing by, the bitcoin population is always increasing, its demand is increasing, that is why the miners and investors are keeping the bitcoin on recycling to prevent this bitcoin limitation that you are thinking. In the near future, I'm pretty sure that there will be even more bitcoin users because that time, bitcoin would be the world's currency that we are all using, fiat will be useless.
Interestion your point
I don't think so, because every day that is passing by, the bitcoin population is always increasing, its demand is increasing, that is why the miners and investors are keeping the bitcoin on recycling to prevent this bitcoin limitation that you are thinking. In the near future, I'm pretty sure that there will be even more bitcoin users because that time, bitcoin would be the world's currency that we are all using, fiat will be useless.
Don't worry at all just wait another month for the Ant emperor the nefarious Wu to create us another 16.5M Bitcoins out of his majestic and tiny little ass, half a lol here.
Are you going to buy a few millions and that's why you are asking? when I first started here I used to ask newbie questions such as: what if some body is willing to buy 20M Bitcoins, will the development team accelerate the mining process and provide the buyer with the demanded amount? full lol.
Are you going to buy a few millions and that's why you are asking? when I first started here I used to ask newbie questions such as: what if some body is willing to buy 20M Bitcoins, will the development team accelerate the mining process and provide the buyer with the demanded amount? full lol.
The final number of bitcoins is always limited, because only with that the supply to demand can be calibrated in a perfect manner. If situation persists several changes might happen in the coin mining too. Importantly the limitations in the coin mined will be good and cause the price increase.
The last 0.00000001 BTC won't be mined until 2140.
At that point, a total of 2,100,000,000,000,000 spendable units will have been created. That's 2.1 QUADRILLION!
I don't think the limit will be a problem.
At that point, a total of 2,100,000,000,000,000 spendable units will have been created. That's 2.1 QUADRILLION!
I don't think the limit will be a problem.
Every four years the number of bitcoins generates decrease with a 50 percent reduction. Now The supply growth is 12.5 bitcoin every ten minutes. In 2020 that number will be reduce to 6.25. This halving continues till 2140 when There will be 21 million coins. As a result there is long time to reach that point. In that time miners will be paid with only fees and there will be no generated coins.
We cannot predict what will happen. But I guess that is the time when the price of bitcoin will be more stable. In my opinion there is no reason for any limitation.
We cannot predict what will happen. But I guess that is the time when the price of bitcoin will be more stable. In my opinion there is no reason for any limitation.
Jump to: