Well I don't think that the supply of bitcoin will ever be increased since Satoshis itself can be used for payments.
But yeah I do think that when all the bitcoins will be mined the transaction fees will increase a lot.
I think miners would not validate transactions with low fees and the network would get congested and hence we will have to pay the higher transaction fees. I think that the lightning network would be used for regular payments and only large transactions would be done with bitcoin directly.
Topic: Will the need to increase BTC's max supply arise in the future? - page 4. (Read 790 times)
August 09, 2020, 09:43:12 AM
August 09, 2020, 07:56:31 AM
I'm a newcomer on Bitcoin. My interest is not to specullate or technical but holding it for the future because I firmly believe that Fiat money is going to crash with the current debt policy.
One of the main appeals for Bitcoin is its scarcity. Raise the number of Bitcoins and you're killing it. Of course I would leave from Bitcoin as hell as soon as this idea would even be seriously considered.
There are hundreds of ways, by sure, to keep happy the miners, the developers or anyone.
One of the main appeals for Bitcoin is its scarcity. Raise the number of Bitcoins and you're killing it. Of course I would leave from Bitcoin as hell as soon as this idea would even be seriously considered.
There are hundreds of ways, by sure, to keep happy the miners, the developers or anyone.
August 09, 2020, 05:44:18 AM
I believe the ability to divide existing coins into smaller fractions should be enough. The more pressing matter is making sure we can accomodate the growing number of users and their daily transactions. We know that we can keep generating wallets indefinitely and have enough coins, but if Bitcoin is to fail somewhere I'd say it's going to be in transaction time and cost.
We're not ready for a real adoption boom yet.
We're not ready for a real adoption boom yet.
August 08, 2020, 06:56:07 PM
Do you think that the need to increase BTC's max supply will arise in the future? Or will Bitcoin be able to "live" just fine with a max supply of 21 million coins? Your input will be greatly appreciated. 
I think for now, the amount of Bitcoin that is available can cover all transactions every day? I am not sure in the future Bitcoin will be increased to the max supply. In numbers, 21 million Bitcoin cannot cover billions of human transactions. However, we do know that Bitcoin transactions can be further divided into 'satoshi' parts. Suppose a person wants to buy an item that costs 10000sats or 0.0001 BTC.Therefore, even though the number of Bitcoin is limited, the BTC transaction system can be divided. And that's the advantage Bitcoin can cover its limited amount. Ja
August 08, 2020, 06:55:07 PM
I don't think is needed, instead of increse max supply why not try different consensus from PoW to PoS or something new. 
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August 08, 2020, 06:53:58 PM
This will cause a problem for sure and the fact that Bitcoin is deflationary will now be diminished because there is a chance that they can increase the total supply of it if they want too.
One of the reasons why people like to use Bitcoin or at least hold is the fact that it is deflationary unlike cash where they can print and print whenever they want, in Bitcoin that is not the case. Increasing the total supply of Bitcoin will surely affect the price of it. Bitcoin can be transferred or used in smaller bits too (satoshi) so I don't think that it will be scarce enough for the people not to have it.
One of the reasons why people like to use Bitcoin or at least hold is the fact that it is deflationary unlike cash where they can print and print whenever they want, in Bitcoin that is not the case. Increasing the total supply of Bitcoin will surely affect the price of it. Bitcoin can be transferred or used in smaller bits too (satoshi) so I don't think that it will be scarce enough for the people not to have it.
August 08, 2020, 04:25:25 PM
For long, Bitcoin has been touted as the "store of value" of the crypto/Blockchain space with its limited supply of 21 million coins. Based on estimates, all Bitcoin will be mined by 2100. Now, what if developers decide to increase that hard cap in supply? If at that point in time, Bitcoin's prices stay just the way they are right now (less than $1m), it may become unprofitable for miners to continue supporting the Blockchain. With no block reward, they'll be living off fees. If prices are too low, earned fees won't be able to sustain miner's operations. By then, developers would need to raise the limit of 21 million coins to a higher value, re-introducing a block reward in order to attract miners into the Blockchain. Otherwise, the security of the Bitcoin blockchain will be at risk.
Do you think that the need to increase BTC's max supply will arise in the future? Or will Bitcoin be able to "live" just fine with a max supply of 21 million coins? Your input will be greatly appreciated.
For me Bitcoin could live just fine with a max supply of 21 Million and the creator already knew it that is why we have Mbits,Bits and Sats to make sure that it is enough.Do you think that the need to increase BTC's max supply will arise in the future? Or will Bitcoin be able to "live" just fine with a max supply of 21 million coins? Your input will be greatly appreciated.
The price could expend and it wouldn't matter because we could always send small amounts or use small amounts for every transaction it is not required to have 1 BTC so why would we need to increase the max supply?
August 08, 2020, 04:19:55 PM
I think it's a bad idea to increase the Bitcoin max supply, because Bitcoin is trustworthy and different from other currencies
the reason is because the Bitcoin supply is limited to only 21 million coins. If Bitcoin increase the supply again, what's the
difference with fiat, which can be printed continuously.I am sure Satoshi Nakamoto never planned to increase the Bitcoin
max supply, because if it was done he needed to change the code. And it can make Bitcoin lose trust. In conclusion Bitcoin
will be fine with a max supply of 21 million coins.
the reason is because the Bitcoin supply is limited to only 21 million coins. If Bitcoin increase the supply again, what's the
difference with fiat, which can be printed continuously.I am sure Satoshi Nakamoto never planned to increase the Bitcoin
max supply, because if it was done he needed to change the code. And it can make Bitcoin lose trust. In conclusion Bitcoin
will be fine with a max supply of 21 million coins.
August 08, 2020, 03:52:23 PM
The question then is how much of a block reward is necessary to prevent a 51% attack, and will fees be enough? The answer to that question is unknown. We have seen 51% attacks against other coins, so we know how much is not enough. We just don't know how much is enough.
any POW coin that shares mining algorithms (eg SHA256) and has a weaker hash rate is vulnerable to a 51% attack. every SHA256 coin is extremely vulnerable to attack by bitcoin miners. this is one of the reasons why minority hard forks are not particularly viable---minority miners must live in constant fear of rollbacks by majority miners.
unfortunately, that doesn't tell us much about the hash rate required to keep bitcoin secure from 51% attacks.
Do you think that the need to increase BTC's max supply will arise in the future? Or will Bitcoin be able to "live" just fine with a max supply of 21 million coins? Your input will be greatly appreciated.
No. There is no benefit to increasing the limit.what is your reaction to this assertion made by peter todd? https://twitter.com/peterktodd/status/697532042553065472
Quote
IMO Bitcoin should have had an explicit 1%/year or so security tax, implemented via inflation.
August 08, 2020, 03:39:49 PM
A more realistic and still viable solution would be to mainly deal with satoshis rather than Bitcoins and perhaps split satoshis into smaller bits. This, however, would only make sense if the scalability issue is solved, and transactions can cost 1 Satoshi or less.
Lightning networks can do that. You can divide a satoshi by another 1000. The question is whether they'll solve all the other stuff like being simple, safe and appealing enough to become the de facto front end for Bitcoin. I certainly ain't convinced yet.
August 08, 2020, 11:37:54 AM
For long, Bitcoin has been touted as the "store of value" of the crypto/Blockchain space with its limited supply of 21 million coins. Based on estimates, all Bitcoin will be mined by 2100. Now, what if developers decide to increase that hard cap in supply? If at that point in time, Bitcoin's prices stay just the way they are right now (less than $1m), it may become unprofitable for miners to continue supporting the Blockchain. With no block reward, they'll be living off fees. If prices are too low, earned fees won't be able to sustain miner's operations. By then, developers would need to raise the limit of 21 million coins to a higher value, re-introducing a block reward in order to attract miners into the Blockchain. Otherwise, the security of the Bitcoin blockchain will be at risk.
Do you think that the need to increase BTC's max supply will arise in the future? Or will Bitcoin be able to "live" just fine with a max supply of 21 million coins? Your input will be greatly appreciated.
If Bitcoin becomes widely adopted, what we'll need to ensure that there's enough BTC to cover people's needs. However, I don't think the problem should be solved with making a bigger supply. A more realistic and still viable solution would be to mainly deal with satoshis rather than Bitcoins and perhaps split satoshis into smaller bits. This, however, would only make sense if the scalability issue is solved, and transactions can cost 1 Satoshi or less. Otherwise, people would not be able to own these really small bits of BTC and use them. All this also depends on what kind of future we see for Bitcoin. It's difficult if it's the future of money, but all these concerns can be avoided if Bitcoin is to become the new gold or something like that. Do you think that the need to increase BTC's max supply will arise in the future? Or will Bitcoin be able to "live" just fine with a max supply of 21 million coins? Your input will be greatly appreciated.
August 08, 2020, 10:12:42 AM
at best, the supply should not change if we want to keep the value of bitcoin, and bitcoin can be counted towards a very small number, so no worry about whether the supply should be increased or not.
August 08, 2020, 10:12:11 AM
Increasing the supply will not be a solution because it is not going to change the value of bitcoin since price of bitcoin is proportional to demand and supply so increasing the supply will result in the drop of value.Well more people using bitcoin means more transaction then more transaction fee for them so it will give enough profits based on the fiat value and it will be more than enough for their expenses.
August 08, 2020, 06:32:03 AM
I am neutral. I am confused what should be the right thing to do. Both choices of increasing or not increasing the bitcoin's supply does have advantages and disadvantages.
I guess, that should be resolved when the max supply is reached.
I trust the final decision that will be made regarding this matter. It's for the betterness ofcourse.
I guess, that should be resolved when the max supply is reached.
I trust the final decision that will be made regarding this matter. It's for the betterness ofcourse.
August 08, 2020, 06:11:21 AM
It will not. . .
actually its been debated before and there are those people that love to increase the supply of btc and there are those who dont . its ok if you disagree on the movement but decision depends on the devs or the ones that create btc . Actually the reason of why many people think the price is rising over the time if because of the limited maximum supply.
its one of thier reason but there are other reasons too like btc is too trusted or too old so people invest on it . There will never needed to increase maximum supply because soon after bitcoin reaching higher prices people will only trade satoshis instead of the bitcoins.
whats the connect ? if they want to increase theyl increase it . price is high now but it depends on the people capacity if theyl trade with satoshi only or with full bitcoin 
August 08, 2020, 05:33:10 AM
It will not. Actually the reason of why many people think the price is rising over the time if because of the limited maximum supply. Imagine there will only 21 million bitcoins and 21 million people how can have latest one bitcoin in all over the world. This greed to collect more bitcoin is the reason the demand and price rising. There will never needed to increase maximum supply because soon after bitcoin reaching higher prices people will only trade satoshis instead of the bitcoins.
August 08, 2020, 03:31:01 AM
Its fixed supply makes it a unique coin, miners would charge higher transaction fees when it comes to that angle of 2100; it would be interesting to watch as when it is completely mined in the next halving. Increasing the supply means breaching the security more as it is one of the things your being anxious of and aggrieved with.
1. If they supply is increased it means there is no fixed supply of the coin which makes it more difficult for nodes and traceable in times of scam and fraud.
1. If they supply is increased it means there is no fixed supply of the coin which makes it more difficult for nodes and traceable in times of scam and fraud.
August 08, 2020, 03:26:54 AM
The limited supply is what made it more valuable. It's very limited but its also divisible up to 8 decimals which 0.00000001 BTC might still have a value one day. if the price can extremely explode up. I guess the transaction fees would have to adjust that we'd be able to send a satoshi. Miners do have an option to mine other coins too if they feel like its not worth mining anymore.
August 08, 2020, 03:04:35 AM
If anyone wants to see Bitcoin plummet and never survives it, they should increase the total supply above the 21 million. I have no iota of doubt that it's the limited supply of the coin coupled with its pathfinder's status that has given it the value and patronage it currently enjoys despite all the delayed transactions and backlogs that characterized it. Nothing else, IMHO. If coins like LTC or ETH enjoys the same limited 21million supply as Bitcoin; they would've beaten Bitcoin to the number one spot long time ago. So, I think the devs won't for any reason want to adjust Bitcoin supply because they should know there will be grave consequences if they do.
August 08, 2020, 03:00:19 AM
Even if it arises, I think due to the decentralization, it will never be supported by the majority of the persons. As a result, we will see another shit fork of bitcoin claiming to be the real bitcoin. I would oppose to such a proposal if I keep alive.
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