Bitcoin Forum

Other => Off-topic => Topic started by: platorin on May 01, 2014, 10:15:42 AM



Title: Bitcoin 21 million cap - when?
Post by: platorin on May 01, 2014, 10:15:42 AM
Could anyone tell me when will the 21 million bitcoin cap be reached?


Title: Re: Bitcoin 21 million cap - when?
Post by: railzand on May 01, 2014, 10:16:30 AM
prolly google


Title: Re: Bitcoin 21 million cap - when?
Post by: platorin on May 01, 2014, 10:23:38 AM
prolly google
Yeah, well, I found something like that, but it's a little unclear to me:

https://en.bitcoin.it/wiki/Controlled_supply

Could you explain the meaning of year 2024 and the global amount of bitcoins then? Below on that site is a reward list up to 2140 year. How do I read that


Title: Re: Bitcoin 21 million cap - when?
Post by: iHeartSmartArt on May 01, 2014, 10:27:32 AM
Could anyone tell me when will the 21 million bitcoin cap be reached?


 In the year 2140.
we want small supply, high price, and to be mining for a long time.
http://www.youtube.com/watch?v=1f-3r9L1a0k&feature=youtu.be (http://www.youtube.com/watch?v=1f-3r9L1a0k&feature=youtu.be)


Title: Re: Bitcoin 21 million cap - when?
Post by: platorin on May 01, 2014, 10:34:54 AM
Understood. Thx, mates and all the best to you!


Title: Re: Bitcoin 21 million cap - when?
Post by: railzand on May 01, 2014, 10:36:39 AM
by 2024 near as dammit all btc from the 21 million will already be mined (96.#%)

because block reward halves every ~4 years. like it's on 25btc nowadays (line 2), 12.5 bts soon enough.

so miners get less block rewards for mining towards 2100 and beyond. but they continue mining in order to collect transfer fees and to strengthen the blockchain


Title: Re: Bitcoin 21 million cap - when?
Post by: sgk on May 01, 2014, 11:18:09 AM
Hmm..  a slightly off-topic: Why did Satoshi choose 21 million over any other number? Is it explained anywhere in his whitepaper?


Title: Re: Bitcoin 21 million cap - when?
Post by: durrrr on May 01, 2014, 09:39:57 PM
I don't know why satoshi chose 21 million but in reality won't people stop mining eventually? Like it will be to hard and not profitable?


Title: Re: Bitcoin 21 million cap - when?
Post by: Equate on May 01, 2014, 09:53:30 PM
I don't know why satoshi chose 21 million but in reality won't people stop mining eventually? Like it will be to hard and not profitable?

or Bitcoin price will be that high and we could be having 28 picometer Asics for making mining still profitable :P


Title: Re: Bitcoin 21 million cap - when?
Post by: durrrr on May 01, 2014, 10:36:37 PM
I don't know why satoshi chose 21 million but in reality won't people stop mining eventually? Like it will be to hard and not profitable?

or Bitcoin price will be that high and we could be having 28 picometer Asics for making mining still profitable :P

Lol that is true of price keeps going up then mining will stay profitable and maybe that was satoshis goal and btw what happens when they are all mined up? Don't we need miners?


Title: Re: Bitcoin 21 million cap - when?
Post by: austin on May 01, 2014, 11:11:53 PM
I don't know why satoshi chose 21 million but in reality won't people stop mining eventually? Like it will be to hard and not profitable?

or Bitcoin price will be that high and we could be having 28 picometer Asics for making mining still profitable :P

Lol that is true of price keeps going up then mining will stay profitable and maybe that was satoshis goal and btw what happens when they are all mined up? Don't we need miners?
In 2140, when there are no more bitcoins left to mine, the miners will only receive the transaction fees paid by other bitcoin users. We still need them to continue mining and processing transactions. At that point, the fees should be significant enough to keep mining profitable.


Title: Re: Bitcoin 21 million cap - when?
Post by: Bitcoin Magazine on May 01, 2014, 11:14:07 PM
I don't know why satoshi chose 21 million but in reality won't people stop mining eventually? Like it will be to hard and not profitable?

or Bitcoin price will be that high and we could be having 28 picometer Asics for making mining still profitable :P

Lol that is true of price keeps going up then mining will stay profitable and maybe that was satoshis goal and btw what happens when they are all mined up? Don't we need miners?
In 2140, when there are no more bitcoins left to mine, the miners will only receive the transaction fees paid by other bitcoin users. We still need them to continue mining and processing transactions. At that point, the fees should be significant enough to keep mining profitable.

fees?  significant enough?

so fees of like 0.1 because bitcoin is pretty much worthless at that point?


Title: Re: Bitcoin 21 million cap - when?
Post by: austin on May 01, 2014, 11:23:41 PM
I don't know why satoshi chose 21 million but in reality won't people stop mining eventually? Like it will be to hard and not profitable?

or Bitcoin price will be that high and we could be having 28 picometer Asics for making mining still profitable :P

Lol that is true of price keeps going up then mining will stay profitable and maybe that was satoshis goal and btw what happens when they are all mined up? Don't we need miners?
In 2140, when there are no more bitcoins left to mine, the miners will only receive the transaction fees paid by other bitcoin users. We still need them to continue mining and processing transactions. At that point, the fees should be significant enough to keep mining profitable.

fees?  significant enough?

so fees of like 0.1 because bitcoin is pretty much worthless at that point?
I should have worded that differently. :)
The network and number of users will be significantly larger by then. The fees may or may not stay the same, but many more people will be paying them.


Title: Re: Bitcoin 21 million cap - when?
Post by: bangi on May 02, 2014, 02:21:48 AM
Its not anytime soon thats what I know of.

But then again we can that crazy swing back in 2 years ago where it hit from $200 - $1,000 in a matter of hours.


Title: Re: Bitcoin 21 million cap - when?
Post by: Loophole on May 02, 2014, 04:37:31 AM
Its not anytime soon thats what I know of.

But then again we can that crazy swing back in 2 years ago where it hit from $200 - $1,000 in a matter of hours.

Hours? It took almost 2 months to go from $200 to $1000 lol.  :)


Title: Re: Bitcoin 21 million cap - when?
Post by: Loophole on May 02, 2014, 04:38:54 AM
I don't know why satoshi chose 21 million but in reality won't people stop mining eventually? Like it will be to hard and not profitable?

or Bitcoin price will be that high and we could be having 28 picometer Asics for making mining still profitable :P

Or most of the miners have left and the difficulty will be so low that you can mine a dozen of blocks a day with a CPU. :)


Title: Re: Bitcoin 21 million cap - when?
Post by: Equate on May 02, 2014, 06:13:42 AM
I don't know why satoshi chose 21 million but in reality won't people stop mining eventually? Like it will be to hard and not profitable?

or Bitcoin price will be that high and we could be having 28 picometer Asics for making mining still profitable :P

Or most of the miners have left and the difficulty will be so low that you can mine a dozen of blocks a day with a CPU. :)


that's completely opposite but it could happen , nobody can tell for sure .


Title: Re: Bitcoin 21 million cap - when?
Post by: pseudonymdude on May 02, 2014, 06:49:46 AM
As has been said, 2140 is the predicted date.