21 Millions...

[iSleepyFTW]

Hi,
just thinked to that,
when 21 millions BTC will be reached, the price will x2 or /2 ?
I think it'll double but i'm not sure.
What's your opinion ?

Thanks

[1715031462]

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[1715031462]

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[1715031462]

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[Korbman]

Hi,
just thinked to that,
when 21 millions BTC will be reached, the price will x2 or /2 ?
I think it'll double but i'm not sure.
What's your opinion ?

Thanks

Fully depends on the implementation of Bitcoin over the next few decades. The more people that want them, or the more services/products that can be purchased with Bitcoins, the higher the price is going to be in the long run....i.e. High demand, low supply = higher price

[jl2035]

It's probably going up. Let's just hope that bitcoin gets accepted woldwide. At the moment there's still majority of people who didn't hear about bitcoins at all.

[Kuusou]

Bitcoin will always go up over time. That is not to say that in the short term it wont go down for a while, but overall, as bitcoin becomes more popular, the price per bit coin will go up.

You can think of it like gold as most people have and do. Other currencies will devalue and more people will want that gold or bitcoin and the price overall will go up.

There is no way to speculate as to how much it will be worth once all 21m coins are in circulation though. There are just too many factors involved. But it's safe to say that it will always go up in the long run.

[MinorMiner]

Bitcoin will always go up over time. That is not to say that in the short term it wont go down for a while, but overall, as bitcoin becomes more popular, the price per bit coin will go up.

You can think of it like gold as most people have and do. Other currencies will devalue and more people will want that gold or bitcoin and the price overall will go up.

There is no way to speculate as to how much it will be worth once all 21m coins are in circulation though. There are just too many factors involved. But it's safe to say that it will always go up in the long run.

Such is the way with a deflationary currency 

[DobZombie]

how long will it take to reach 21 million BTC?  How is it worked out?  I'm still a little unsure of the whole deal

[flynn]

The 21,000,000th bitcoin will never be reached.

It takes
4 years to go to 10,500,000
8 years to go to 10,500,000+5,250,000
12 years to go up to 10,500,000+5,250,000+2,625,000
16 years to go up to 10,500,000+5,250,000+2,625,000+1,312,500

etc...

[bcpokey]

The 21,000,000th bitcoin will never be reached.

It takes
4 years to go to 10,500,000
8 years to go to 10,500,000+5,250,000
12 years to go up to 10,500,000+5,250,000+2,625,000
16 years to go up to 10,500,000+5,250,000+2,625,000+1,312,500

etc...

I hope that this is just a joke referencing zeno's paradox

[DeathAndTaxes]

The 21,000,000th bitcoin will never be reached.

It takes
4 years to go to 10,500,000
8 years to go to 10,500,000+5,250,000
12 years to go up to 10,500,000+5,250,000+2,625,000
16 years to go up to 10,500,000+5,250,000+2,625,000+1,312,500

etc...

I hope that this is just a joke referencing zeno's paradox

No it is not a joke.  Due to limited significant digits the subsidy will reach 0.00000000 BTC before 21M BTC is reached.

On the 33rd subsidy cut the subsidy will be exactly 0 (and will remain 0 for all future blocks) and  2,099,999,997,795,000 satoshis (20,999,999.97795 BTC) will have been minted.  That is  2,205,000 satoshi's (~0.02 BTC) short of 21M BTC.   If the number of decimal places was increased more coins would be minted but still be short of 21M.

So it is more accurate to say "no more than 21 million BTC will be minted".

Satoshi could have avoided this by working backwards when designing the subsidy.  Design the last block reward and then double it working backwards to get the initial block reward (which would be a power of 2).  Then the sum of coins would be exact.  It doesn't really matter but it is one of those minor annoyances that just bug me.

[bcpokey]

The 21,000,000th bitcoin will never be reached.

It takes
4 years to go to 10,500,000
8 years to go to 10,500,000+5,250,000
12 years to go up to 10,500,000+5,250,000+2,625,000
16 years to go up to 10,500,000+5,250,000+2,625,000+1,312,500

etc...

I hope that this is just a joke referencing zeno's paradox

No it is not a joke.  Due to limited significant digits the subsidy will reach 0.00000000 BTC before 21M BTC is reached.

On the 33rd subsidy cut the subsidy will be exactly 0 (and will remain 0 for all future blocks) and  2,099,999,997,795,000 satoshis (20,999,999.97795 M BTC) will have been minted.  That is  2,205,000 satoshi's (~0.02 BTC) short of 21M BTC.   If the number of decimal places was increased more coins would be minted but still be short of 21M.

So it is more accurate to say "no more than 21 million BTC will be minted".

Satoshi could have avoided this by working backwards when designing the subsidy.  Design the last block reward and then double it working backwards to get the initial block reward (which would be a power of 2).  Then the sum of coins would be exact.  It doesn't really matter but it is one of those minor annoyances that just bug me.

Ah, thanks for that. I had been under the (mistaken) impression that it was infact calculated to mine out exactly 21M by the 22nd century and then once exhausted switch over to transaction fees. That does seem a bit inelegant.