Where do Bitcoins Came from?

[Jemzx00]

Out of curiosity I just thought where do bitcoins came from??

[Mickeyb]

They come from mining, period.

[eddyubachs]

if you are new to bitcoin then you should read bitcoin whitepaper
https://bitcoin.org/bitcoin.pdf

so you know how bitcoin works and bitcoin mining.

[Blind Legs Parker]

What is bitcoin? Whence does bitcoin come? Where does bitcoin go?
Another set of question for bitcoin philosophers.

[Jemzx00]

If bitcoin came from mining does it mean that it's an unlimited currency and if that's the case why does bitcoin price going up instead of going down

They come from mining, period.

[Amph]

they are created each time the previous block is solved, a block is the reward from which miners have access to the coins

all started from the first block the genesis block, that did not require a creation was already there issued by the client

[Mickeyb]

If bitcoin came from mining does it mean that it's an unlimited currency and if that's the case why does bitcoin price going up instead of going down

They come from mining, period.

Only 21million coins can be created, the block reward, which currently is 25 BTC, gets halved every four year(?or so). Bitcoin price goes up instead of down due to halving and other trading factors.

[gripflierGO]

If bitcoin came from mining does it mean that it's an unlimited currency and if that's the case why does bitcoin price going up instead of going down

They come from mining, period.

its not unlimited
only 21 million bitcoins will mined ever

[Kprawn]

The total amount of coins that can ever be mined is cemented into the protocol and cannot be changed without full consensus from the people running the

protocol/code. This will never change, because it will decrease the value of the coins already mined. Who will want to do that, if it decrease your profits?

Just imagine you own 10 bitcoins and it's valued $400 per bitcoin now... if the total supply change, that value will go down, because more bitcoins will be

entering the supply.

[bargainbin]

Out of curiosity I just thought where do bitcoins came from??

They're mined, currently at a rate of 25 BTC every 10 minutes. In other words, "printed out of thin air"

...
Just imagine you own 10 bitcoins and it's valued $400 per bitcoin now... if the total supply change, that value will go down, because more bitcoins will be
entering the supply.

As a holder of 10BTC, you have no say in the system. You can only vote with your feet -- by trying to sell your 10 BTC.
Miners mine BTC, and sell it. Their interests are not necessarily aligned with the holders of BTC. For instance, if they could double their block reward, and by doing so devalue BTC by 45%, it would be in their [pragmatic] self-interest to do so (BTC will be worth 45% less, but they'd make twice as much of it).

[BellaBitBit]

There is a pinned and informative post at the top of this section "New to Bitcoin".  I was told they come from unicorns, but reading this forum set me straight.

[DannyHamilton]

Out of curiosity I just thought where do bitcoins came from??

Technically, bitcoins don't exist. Therefore, they don't "come from" anywhere.

The concept of "a bitcoin" is an abstraction that we humans use to make it easier to discuss the concept of transfer of control over value within the bitcoin protocol.  There is nothing in your wallet or in the blockchain that can be pointed to as uniquely identifying a specific bitcoin.  Instead, there is permanent record of outputs being created, and a set of protocol rules that say that any valid output can be used once and only once as an input into an entry that creates new outputs.

Those that are securing the permanent record are rewarded for their efforts by the protocol with a rule that allows them to create a specific total value of outputs in excess of the total inputs in the block that they create. This rule is enforced by every peer on the network to prevent any single individual or group from attempting to create a larger value of outputs than allowed.

The protocol rules decrease the size of this "subsidy" (cuts it in half) every 210,000 blocks until block number 6930000 where the "subsidy" is permanently reduced to 0.

[thejaytiesto]

Bitcoin has predictable inflation rate:



As you can see we are getting closer to the next halving, this means Bitcoin miners will make half of the coins they make now, so this means the price will go up if the demand stays the same, and a lot higher if the demand grows which is expected. This summer is going to be a fun one.

[howelzy]

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[commandrix]

If bitcoin came from mining does it mean that it's an unlimited currency and if that's the case why does bitcoin price going up instead of going down

They come from mining, period.

It's limited to 21 million Bitcoin, which is expected to happen in (I think) the year 2148. After that, mining rigs will either be turned off or run entirely on transaction fees.

[BTCBinary]

By the time you joined this forum you should already know where do bitcoins come from.
But ok, Bitcoins come from mining, but the act of mining is the continuos verification and resolution of an algorithmic figure that efectively is made upon transactions. so in a way bitcoins are the proof of all transaction that a specific bitcoin has had since its first transaction.
So this is the point where you ask. so, how was the first bitcoin made?
The first bitcoins ever made were inprinted on the genisis block and represent the 50 coins award for finding a block which is a chain of transactions.
so, for the first transaction to be made was the award for solving the mathematical puzzle which was then included on the first block. A transaction of +-50 coins.

[romero121]

If bitcoin came from mining does it mean that it's an unlimited currency and if that's the case why does bitcoin price going up instead of going down

They come from mining, period.

It's limited to 21 million Bitcoin, which is expected to happen in (I think) the year 2148. After that, mining rigs will either be turned off or run entirely on transaction fees.

Is there any possibilities, so to get involved in extra mining of bitcoins when years get passed. If so what changes need to be done for such addition.

[pearnapple]

miners solve the mathematical problems and get awarded with bitcoins, thats the way it gets produced

[Ueshiba]

Out of curiosity I just thought where do bitcoins came from??

Are you at all curious where the US Dollar comes from?

Person A deposits $100 in a bank, which means he has $100 he can spend. In accordance with Federal Reserve regulations, the bank is allowed to loan up to 90% of this money to someone else, say, Person B.

Once Person B has $90 in his bank account, this makes a total of $190 available to be spent. But his bank can loan up to $81 (90% of $90) to someone else. Now a total of $271 is available to be spent. And so on.

Source

[bargainbin]

Out of curiosity I just thought where do bitcoins came from??

Are you at all curious where the US Dollar comes from?
...

Everyone knows that fiat toilet paper is printed out of thin air. Just like BTC