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Author Topic: Who is in charge of controlling the supply of money in bitcoin?  (Read 241 times)
rbys90
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September 25, 2017, 04:21:10 PM
 #1

As I am new into bitcoin, may I know how the money supply of bitcoin is controlled since it has no central repository and it is encrypted? Smiley
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iamTom123
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September 25, 2017, 04:56:12 PM
 #2

As I am new into bitcoin, may I know how the money supply of bitcoin is controlled since it has no central repository and it is encrypted? Smiley

There is no central banking here and that is why this is called as decentralized...meaning there is no one who is empowered to do it for us because it is actually the blockchain technology who makes things going for Bitcoin with the help of the miners located all over the world.

Please make so more research on Bitcoin and its many features and you will realize how beautiful is the distributed ledger technology and this same innovation is now being applied in many industries, organizations and people. Hopefully, you will realize that beauty that blockchain is holding for the use of the humankind.

blazingshockwave
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September 25, 2017, 05:27:46 PM
 #3

As I am new into bitcoin, may I know how the money supply of bitcoin is controlled since it has no central repository and it is encrypted? Smiley
Nobody controls bitcoin, it is up to the community if they will support it and have a demand so the price of bitcoin goes up. The supply of bitcoin is only 21M and can only earn thru mining.
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September 25, 2017, 05:57:21 PM
 #4

As I am new into bitcoin, may I know how the money supply of bitcoin is controlled since it has no central repository and it is encrypted? Smiley

It is called decentralized miney so it means that there are no people who controls bitcoin. The only one who controls the bitcoim is the person who are using it or the one who earning it because the demand of the supply of the bitcoin is depends on the amount or the numbers of the transactions made. If there are a higher demand the price was quite good.

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Sanugarid
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September 25, 2017, 06:00:36 PM
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As I am new into bitcoin, may I know how the money supply of bitcoin is controlled since it has no central repository and it is encrypted? Smiley

There are no person behind the bitcoin that control it. The control or the process of how bitcoi  works was only set by a person but actually he doesn't do anything with it. Becauae the demand of bitcoin is depend on the people that using bitcoin. And sometimes the value of bitcoin jump lower but it will rise at any random time again.

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September 25, 2017, 06:09:51 PM
 #6

As I am new into bitcoin, may I know how the money supply of bitcoin is controlled since it has no central repository and it is encrypted? Smiley

There is no one that controls the money going into or out of Bitcoin. Bitcoin is not backed by any government or any precious metals. It is not owned by or run by a business.

These characteristics are all by design. It is a decentralized way to store money and perform transactions with money. The Bitcoin blockchain is run my miners which are individuals or even a business that wants to use their computers run it.

Bitcoin doesn't belong to a country and it doesn't have a headquarters. It's kind of like the internet. It is self sustaining as long as people want to use it.

farhaan
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September 25, 2017, 06:16:43 PM
 #7

No one is controlling the money in bitcoin as it is a decentralized currency.Bitcoin price is mainly driven by community support.That's the main feature of bitcoin due to which governments are not able to control it.



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pitham1
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September 25, 2017, 06:42:28 PM
 #8

As I am new into bitcoin, may I know how the money supply of bitcoin is controlled since it has no central repository and it is encrypted? Smiley

It is hard coded and fixed at 21 million. The money supply will slowly get there as Bitcoins are mined. We do not have fractional reserves yet in Bitcoin, but companies may do that in the future.

jimbo2000
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September 25, 2017, 06:51:06 PM
 #9

Bitcoin money supply isn't controlled by anyone and it was predetermined, it will be released by mining alone over a period of time, with the difficulty raising at set periods to reduce the rate at which supply can grow.

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October 07, 2017, 07:25:39 AM
 #10

For now I don't no if who of controling of money of bitcoin,but  if I know nothing can hold of money in bitcoin maybe the incharged in this chorum
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October 07, 2017, 07:38:39 AM
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Who does? since the first day in my bitcoin life I know it was decentralized. So it means no central organisation is in control of bitcoin and money itself.

I think I have the idea, it is us and the exchanges itself. In the first place we are the one controlling the price right. The more investors is equivalent to a much higher price. So it’s common sense that we and the wallet provider has the money and bitcoin. Mining is also part of it but they are on supply part.
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October 07, 2017, 07:48:16 AM
 #12

You wil be the one in charge with your money. You will be managing it at your own will. Choices whether when to sell will be your decision. That is what is good about bitcoin. You are tge CEO and the manager and also tge broker of your own investment.
Good luck and welcome.

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October 07, 2017, 07:52:16 AM
 #13

No one is in control except the miners around the globe who constantly solves each blocks which then gives them the block reward of 12.5 BTC/block. The block reward are the newly minted coins, which is where the 'money supply' of bitcoin comes from.

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October 07, 2017, 08:05:25 AM
 #14

As I am new into bitcoin, may I know how the money supply of bitcoin is controlled since it has no central repository and it is encrypted? Smiley

I think you should do some research than posting is this forum first. The whole idea of bitcoin is to prevent any central organisation from controlling the economy - which is what banks used to do all along this time. Bitcoin is powered by the blockchain and there is no central repo as you say for that. Every transaction is transparent in the blockchain and anyone can access it from the internet to view older transactions.

The money supply is fixed for bitcoin and the miners only mine the blocks and get fees for that. As far as control, there is no one controlling the supply and you are in charge of your own money.

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October 07, 2017, 08:19:58 AM
 #15

As I am new into bitcoin, may I know how the money supply of bitcoin is controlled since it has no central repository and it is encrypted? Smiley

Bitcoin main characteristic is being decentralized meaning the reverse word of centralize so there is no one really in control of it if you think it logically, bitcoin is mined by miners every 10 minutes and the first block was mined with a reward of 50 bitcoins back then and it has halving every 4 years so it is 12.5 bitcoin per block mined now I guess. So maybe the miners is the one who is in control in making a single Bitcoin but not the supply itself.

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October 07, 2017, 09:20:07 AM
 #16

Producing bitcoin is only be done by mining and the miners is the one who supplies to the market with its cap of 21 million bitcoin volume, 12.5 newly created bitcoins per blocks will be added to the blockchain and begin its cycle. it is decentralize that no central authority is in charge of its control and management. In bitcoin you are the bank over your smartphone or PC.

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