Is bitcoin creators able to increase the limit of the number of bitcoins?

[coolfunjnx]

Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?

When you answer, if possible please also let  me know how sure are you about the answer.  I need some advise on this. Thanks.

[Amph]

yeah it is possible with a fork, but it will not be done ever, there is no reason to do it, the limit is perfectly fine

also the bitcoin creator, satoshi, isn't working on the original client anymore

[Xialla]

Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?

When you answer, if possible please also let  me know how sure are you about the answer.  I need some advise on this. Thanks.

uhh...bitcoin is "just software", you can even check source code on github so yes...technically it is possible, but practically, it is imho totally out of the question..

[Kyraishi]

Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?

When you answer, if possible please also let  me know how sure are you about the answer.  I need some advise on this. Thanks.

Yes, the development team (not the creator Satoshi who is now "retired") can change a few lines of code and increase/decrease the limit.

[redsn0w]

Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?

When you answer, if possible please also let  me know how sure are you about the answer.  I need some advise on this. Thanks.

Yes, the development team (not the creator Satoshi who is now "retired") can change a few lines of code and increase/decrease the limit.

You are wrong, everyone can increase the limit of bitcoin but if the other 'people' are using a different versione of bitcoin client they will refuse the increase of the limit (I hope you understand).

Basically I can create another version of bitcoin with 21 bln of BTC and convince the others to use it, then in this case I have increase the limit of that bitcoin 'client' and all the people who will use that version known and agree with me.

[ajareselde]

Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?

When you answer, if possible please also let  me know how sure are you about the answer.  I need some advise on this. Thanks.

Bitcoin creator has just the same ability to change something like you and i. AFAK any such change would require a fork, and it is the 51% of the network hash that
is needed to do this. Dont worry, 21 million bitcoins is the max, there is no chance anyone would agree to change this, and every day there are new "lost" coins and wallets,
so the number can only go lower than 21 mil, not higher.

cheers

[NaSCasino.com]

its 100% possible and 100% unlikely

[MicroGuy]

Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?

When you answer, if possible please also let  me know how sure are you about the answer.  I need some advise on this. Thanks.

The correct answer is, "Yes". Not only can this number be increased, I believe that sometime in the future it will be increased.

[Kyraishi]

Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?

When you answer, if possible please also let  me know how sure are you about the answer.  I need some advise on this. Thanks.

Yes, the development team (not the creator Satoshi who is now "retired") can change a few lines of code and increase/decrease the limit.

You are wrong, everyone can increase the limit of bitcoin but if the other 'people' are using a different versione of bitcoin client they will refuse the increase of the limit (I hope you understand).

Basically I can create another version of bitcoin with 21 bln of BTC and convince the others to use it, then in this case I have increase the limit of that bitcoin 'client' and all the people who will use that version known and agree with me.

There is nothing wrong about what I said.
The OP asked if it can be done by the creator.
Since the creator is now a goner all is left to the development team.
And we are talking about Bitcoin.
It is obvious that anyone can fork Bitcoin and create their own alt-coin, that is not what the OP asked though.

[redsn0w]

Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?

When you answer, if possible please also let  me know how sure are you about the answer.  I need some advise on this. Thanks.

Yes, the development team (not the creator Satoshi who is now "retired") can change a few lines of code and increase/decrease the limit.

You are wrong, everyone can increase the limit of bitcoin but if the other 'people' are using a different versione of bitcoin client they will refuse the increase of the limit (I hope you understand).

Basically I can create another version of bitcoin with 21 bln of BTC and convince the others to use it, then in this case I have increase the limit of that bitcoin 'client' and all the people who will use that version known and agree with me.

There is nothing wrong about what I said.
The OP asked if it can be done by the creator.
Since the creator is now a goner all is left to the development team.
And we are talking about Bitcoin.
It is obvious that anyone can fork Bitcoin and create their own alt-coin, that is not what the OP asked though.

So also the dev team can fork the actual 'bitcoin' ... it is always the same thing. If I will change the code and a lot of people will start to use my client, I have basically increased the limit of the coin (but all we knot that it can't exist to chan for a long time).

I have replied that everyone can increase the limit of bitcoin, but the hard is that coinvince the other to use your client (like what Gavin wants to do in these days/months  : http://sourceforge.net/p/bitcoin/mailman/message/34155307/).

[bornil267645]

Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?

When you answer, if possible please also let  me know how sure are you about the answer.  I need some advise on this. Thanks.

It is possible to increase the amount by virtue of different client, but then again who in the world can afford to go through that. So it is very unlikely to increase the amount.

[countryfree]

This would be the safest way to kill BTC. A lot of its value comes from the fact that the supply is limited, if it isn't, then BTC is just a worthless string of data.

[jmurjeff]

This would be the safest way to kill BTC. A lot of its value comes from the fact that the supply is limited, if it isn't, then BTC is just a worthless string of data.

True but it is also based on demand. If the amount that is demanded goes way beyond the 21 million, they would either have to accept the rising costs of bitcoin, or they would have to increase the amount of bitcoin. I think if they even do come to an increase it would have to be many years from now and only if it becomes mainstream enough that it can be used piratically everywhere.

[ticoti]

yes,of course, core devs could even destroy bitcoin if they wanted to

[LiteCoinGuy]

yeah it is possible with a fork, but it will not be done ever, there is no reason to do it, the limit is perfectly fine

also the bitcoin creator, satoshi, isn't working on the original client anymore

iam sure Nick is still working on it.

[jaberwock]

No dev and no creator or anything can do it.

Only the users can. If they all agree and use the new limit, it will going to happens.

But of course it is impossible since many people won't change just for the sake of laziness

[JohnnyBTCSeed]

Its the year 2025. The world has gone through some changes. Bitcoin is now $100000 a coin. The us government has just made a law that all wallstreet bitcoin exchanges must use new version bicoinxt 42. Ie: old versions are now illegal. Version 42 is the one that chancellor gavin has raised the total number of coins.

"It has come to the attention of the gov that bitcoins are just to expensive for the modern man. In an effort to help combat poverty we have decided to increase the number of bitcoins. This move is approved by cheif economist green spam. Starting nov 5 bitcoin will have 10% inflation per year."
- Chancellor Gavin


"This new bitcoin version will be a great help to the average worker"
-Newyork times

"Once again, Gavin saves the day"
Wall street Journal

[MakingMoneyHoney]

Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?

When you answer, if possible please also let  me know how sure are you about the answer.  I need some advise on this. Thanks.

The correct answer is, "Yes". Not only can this number be increased, I believe that sometime in the future it will be increased.

Why do you think it will be increased in the future? I'm sure some people out there would not want to buy into bitcoin based on believing that alone. Would you be ok if it was increased in the future?

[MicroGuy]

Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?

When you answer, if possible please also let  me know how sure are you about the answer.  I need some advise on this. Thanks.

The correct answer is, "Yes". Not only can this number be increased, I believe that sometime in the future it will be increased.

Why do you think it will be increased in the future? I'm sure some people out there would not want to buy into bitcoin based on believing that alone. Would you be ok if it was increased in the future?

I think Gavin's answer would be "never to rule out anything regarding future development."

Increasing the cap could be a good thing for a variety of reasons. It would depend on the circumstances at that point in time.

[achow101_alt]

Its the year 2025. The world has gone through some changes. Bitcoin is now $100000 a coin. The us government has just made a law that all wallstreet bitcoin exchanges must use new version bicoinxt 42. Ie: old versions are now illegal. Version 42 is the one that chancellor gavin has raised the total number of coins.

"It has come to the attention of the gov that bitcoins are just to expensive for the modern man. In an effort to help combat poverty we have decided to increase the number of bitcoins. This move is approved by cheif economist green spam. Starting nov 5 bitcoin will have 10% inflation per year."
- Chancellor Gavin


"This new bitcoin version will be a great help to the average worker"
-Newyork times

"Once again, Gavin saves the day"
Wall street Journal

But even if the US government required this, that would not necessarily mean that everyone using Bitcoin around the world would follow. In fact, that could devalue the new fork because there would be less users and those using that fork would not be able to send and use Bitcoin internationally, one of the main draws of Bitcoin.