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Title: How many bitcoins will there be? Post by: bitman123321 on December 19, 2013, 06:29:34 PM I'm new ;D
When I first began researching bitcoins, I read that the total number of bitcoins that could be mined was 12 million... But today I was reading an article that said it was 21 million? Was that just a typo, or has the number risen? Title: Re: How many bitcoins will there be? Post by: iglasses on December 19, 2013, 06:35:50 PM It has not nor can it ever rise. It is, was and always will be 21 million.
Title: Re: How many bitcoins will there be? Post by: hilariousandco on December 19, 2013, 06:37:38 PM I'm new ;D When I first began researching bitcoins, I read that the total number of bitcoins that could be mined was 12 million... But today I was reading an article that said it was 21 million? Was that just a typo, or has the number risen? https://en.bitcoin.it/wiki/FAQ#How_long_will_it_take_to_generate_all_the_coins.3F Quote The last block that will generate coins will be block #6,929,999 which should be generated at or near the year 2140. The total number of coins in circulation will then remain static at 20,999,999.9769 BTC. Even if the allowed precision is expanded from the current 8 decimals, the total BTC in circulation will always be slightly below 21 million (assuming everything else stays the same). For example, with 16 decimals of precision, the end total would be 20,999,999.999999999496 BTC. Title: Re: How many bitcoins will there be? Post by: trollcoin on December 19, 2013, 06:39:43 PM Wouldn't it keep infinitely dividing and getting closer to 21 mil but never reaching?
Title: Re: How many bitcoins will there be? Post by: bitman123321 on December 19, 2013, 06:39:48 PM It has not nor can it ever rise. It is, was and always will be 21 million. Thanks for clearing that up. :) I have a few more questions. After all 21 million bitcoins have been mined, will there be no more bitcoin mining. I've read about people that have accidentally had hard drives destroyed that have bitcoins stored in them. What happens to those bitcoins? Are they lost forever, or are they put back into circulation some how? Title: Re: How many bitcoins will there be? Post by: Bitconorama on December 19, 2013, 06:41:48 PM After all 21 million bitcoins have been mined, will there be no more bitcoin mining. I've read about people that have accidentally had hard drives destroyed that have bitcoins stored in them. What happens to those bitcoins? Are they lost forever, or are they put back into circulation some how? Mining will continue. Miners' rewards will be entirely based on transaction fees once all new coin is minted. And those coins are lost forever. Unless the owner can miraculously recover the wallet data file, those coins are simply no longer available for circulation. Title: Re: How many bitcoins will there be? Post by: BurtW on December 19, 2013, 06:43:25 PM Lost coins = less coins to go around = coins that are left become more valuable.
Just taking a guess at your next question, since it seems to always be the next question: No, Bitcoin will not be changed in order to somehow recover lost coins. BTW this forum does have a search function, please give it a try! |