Bitcoin Total Supply

[Actor_Tom_Truong_]

Bitcoin total supply is limited.
There's only 21,000,000 Bitcoins

I'd buy and hold!

[Realist247]

There can be 1 bitcoin split up into trillions of pieces.  21 million means nothing.

Let's pretend that there is one piece of gold on Earth and it's the only form of currency.  This currency will be needed for countless transactions.  Scientists find ways to slice the single piece of gold into increasingly small pieces to buy or sell an increasing number of things.  Eventually paper notes are issued on the promise of the actual gold for those who are willing to store their microns of gold in a depository or bank.

BTC is no different.  Banks can turn BTC into fiat as long as there are people willing to store it there.  They can offer a higher return for those willing to store it there for longer terms.

I don't understand why so few people seem to be able (or willing) to figure this out.

[Realist247]

That's because most people prefer to own whole Bitcoin. The more whole Bitcoins they hold on to, the higher its value! Simple math!

People care about money.  They don't care if it's 0.0000001% of a full bitcoin or 1 Bitcoin.  If it's worth the SAME AMOUNT, that's all that matters to them. Simple logic.

Let's go back to school here.  Prove to me how whole BTC holds any greater value than a fraction of a BTC given periods in history.

I'll give you mine:  In 2010 it took 1000 BTC to buy a pizza.  Today it only takes maybe 0.0001 BTC to buy the same pizza.

I'd love to see your simple math that explains why holding 1 BTC matters more than a fraction of 1 BTC if the value is the same.

[Realist247]

he spent 1000 bitcoins to buy a pizza in 2010.
If he did not spend and hold onto 1000 bitcoins, today he would've had 1000 bitcoins X $3000 per bitcoin = $3,000,000 USD.

simple math.

LOL...seriously....LOL.

Let's focus on YOU.  YOU have "x" amount of money to spend to buy BTC or a fraction thereof.  My guess is that you don't have enough to buy 1 BTC.  So you put whatever money you have to spend into BTC and wind up with 0.05% of 1 BTC.  You now have $150 worth of BTC.  Let's pretend that, in the future, that 0.05% of 1 BTC increases in value by 10,000%.  You now have $15,000 worth of BTC or about 4-5 BTC at current prices.

Tell me....do you really care that you still only hold 0.05% of 1 BTC or that you have profited 10,000%?  Simple logic (and math).

You only get to make 1 choice since you are not an alchemist.

[The_Dark_Knight]

There can be 1 bitcoin split up into trillions of pieces.  21 million means nothing.

Let's pretend that there is one piece of gold on Earth and it's the only form of currency.  This currency will be needed for countless transactions.  Scientists find ways to slice the single piece of gold into increasingly small pieces to buy or sell an increasing number of things.  Eventually paper notes are issued on the promise of the actual gold for those who are willing to store their microns of gold in a depository or bank.

BTC is no different.  Banks can turn BTC into fiat as long as there are people willing to store it there.  They can offer a higher return for those willing to store it there for longer terms.

I don't understand why so few people seem to be able (or willing) to figure this out.

The difference is that the old justification to store gold in banks is not longer there anymore, in the past people stored their money in a bank because it was safer but now a bank is more insecure than if you store your own bitcoin so while they may try, many people are not going to let deceive themselves and store their bitcoin in a bitcoin bank.

[Realist247]

There can be 1 bitcoin split up into trillions of pieces.  21 million means nothing.

Let's pretend that there is one piece of gold on Earth and it's the only form of currency.  This currency will be needed for countless transactions.  Scientists find ways to slice the single piece of gold into increasingly small pieces to buy or sell an increasing number of things.  Eventually paper notes are issued on the promise of the actual gold for those who are willing to store their microns of gold in a depository or bank.

BTC is no different.  Banks can turn BTC into fiat as long as there are people willing to store it there.  They can offer a higher return for those willing to store it there for longer terms.

I don't understand why so few people seem to be able (or willing) to figure this out.

The difference is that the old justification to store gold in banks is not longer there anymore, in the past people stored their money in a bank because it was safer but now a bank is more insecure than if you store your own bitcoin so while they may try, many people are not going to let deceive themselves and store their bitcoin in a bitcoin bank.

Let's assume that the day comes where the price of BTC stabilizes to not rise or fall more than 1% or so on average each year.  Let's go further and assume that BTC doesn't rise more than 1% per year relative to fiat.  If banks offer 5-6% to have it stored with them, you can bet your bottom dollar that most people will "sell out" and put it in a time deposit or some form of bank bond.  If the greed and Ponzi scheme mentality that permeates this forum alone is any indication of human nature, you are on the wrong side of the idealistic argument that says that average people won't stampede toward banks with BTC just like they do with cash.

[HabBear]

Bitcoin total supply is limited.
There's only 21,000,000 Bitcoins

I'd buy and hold!

Holy Shit!

Tom, this is the first thing you've said that's made sense! What happened to your racist charged political rants? (I haven't been over to Politics & Society for a long while.)


Guys, I know you're new but let's get the story straight. The pizza transaction was for 10,000BTC (not 1,000). Get it straight, kids!

In 2010 it took 1000 BTC to buy a pizza.  Today it only takes maybe 0.0001 BTC to buy the same pizza.

he spent 1000 bitcoins to buy a pizza in 2010.

Here's the ORIGINAL PIZZA FOR BITCOIN POST, friends. Enjoy.

[Herbert2020]

he spent 1000 bitcoins to buy a pizza in 2010.
If he did not spend and hold onto 1000 bitcoins, today he would've had 1000 bitcoins X $3000 per bitcoin = $3,000,000 USD.

simple math.

LOL...seriously....LOL.

Let's focus on YOU.  YOU have "x" amount of money to spend to buy BTC or a fraction thereof.  My guess is that you don't have enough to buy 1 BTC.  So you put whatever money you have to spend into BTC and wind up with 0.05% of 1 BTC.  You now have $150 worth of BTC.  Let's pretend that, in the future, that 0.05% of 1 BTC increases in value by 10,000%.  You now have $15,000 worth of BTC or about 4-5 BTC at current prices.

Tell me....do you really care that you still only hold 0.05% of 1 BTC or that you have profited 10,000%?  Simple logic (and math).

You only get to make 1 choice since you are not an alchemist.

double LOL.
what else were you expecting? did you think you can invest $150 in bitcoin and then own $1,000,000,000 after the price rise? you reap what you sow. if you invest $1 you will be left with a smaller profit. and if you invest $100000000 then you will be left with a bigger profit.

[Lion BItcoin Shop]

in other chase, i spend my bitcoin to buy some hardware mining and trade it too.
i knowmy usd value is decreased at this momenth, but my bitcoin rising, just sell some and buy back at lower price

[Pursuer]

Bitcoin total supply is limited.
There's only 21,000,000 Bitcoins

I'd buy and hold!

pretty soon the rest of topics we are seeing here will change subject to "I can't afford 1 whole bitcoin" when the FUD clears up and the recovery starts. in the long run when more people start understanding basics of supply and demand they will learn how 21 million is too small to even want to afford 1 while bitcoin and only early adopters like us who bought coins these days can own 1 whole bitcoin.

just sell some and buy back at lower price

it is way too late to "sell" some. you would be selling at the bottom or even if by any chance there were more drop, it wouldn't be that big to give you any profit that warrants a sell at this point.

[willamddmaddy]

he spent 1000 bitcoins to buy a pizza in 2010.
If he did not spend and hold onto 1000 bitcoins, today he would've had 1000 bitcoins X $3000 per bitcoin = $3,000,000 USD.

simple math.

If this is true then people like those are sure hitting their head for eating pizza. Really if I had known about bitcoin earlier then I would have stashed it.

[SUDARMONO]

that's a very good idea, the amount of bitcoin to be mined is very limited at 21,000,000 bitcoin, and now the bitcoin price is not too expensive to buy and when the amount of bitcoin is exhausted it certainly costs so much higher than the current price, bitcoin investment is very promising and profitable later on,

[free accounts]

to be honest bitcoin and other virtual money is so risky let say if

WAR III start or bitcoin system hacked it will loss it value and will be Zero

[TheGodson]

There can be 1 bitcoin split up into trillions of pieces.  21 million means nothing.

Let's pretend that there is one piece of gold on Earth and it's the only form of currency.  This currency will be needed for countless transactions.  Scientists find ways to slice the single piece of gold into increasingly small pieces to buy or sell an increasing number of things.  Eventually paper notes are issued on the promise of the actual gold for those who are willing to store their microns of gold in a depository or bank.

BTC is no different.  Banks can turn BTC into fiat as long as there are people willing to store it there.  They can offer a higher return for those willing to store it there for longer terms.

I don't understand why so few people seem to be able (or willing) to figure this out.

The difference is that the old justification to store gold in banks is not longer there anymore, in the past people stored their money in a bank because it was safer but now a bank is more insecure than if you store your own bitcoin so while they may try, many people are not going to let deceive themselves and store their bitcoin in a bitcoin bank.

I'd like to add that people can't create more bitcoin to lower its value. The dollar and other currencies can be printed making a larger supply. This in return makes your supply less in comparison.

So if you hold 1 Bitcoin. Your amount in comparison to the total supply is 1/21,000,000. 7 years from now, if you never touch it, your comparison is still 1/21,000,000. If you have $10,000 and the total is $5,000,000,000,000. Your comparison is 1/500,000,000. 7 years from now, you still have $10,000. However the total supply may increase to $10,000,000,000,000. Your comparison is now 1/1,000,000,000. So basically the value of your money has halved itself. With Bitcoin, this doesn't happen.

[willamddmaddy]

to be honest bitcoin and other virtual money is so risky let say if

WAR III start or bitcoin system hacked it will loss it value and will be Zero

I read that the system can not be hacked. Wallets can be.

And if world war 3 starts then many paper currencies will be zero price. But before that there won't be many countries left. Most of the world would be US and Eu and Russia type countries.

[garytheasshole]

1 million bitcoins are lost forever, or until quantum computing can break sha256

[willamddmaddy]

1 million bitcoins are lost forever, or until quantum computing can break sha256

I did not understand. Can you please explain how 1million bitcoin is lost?

[garytheasshole]

1 million bitcoins are lost forever, or until quantum computing can break sha256

I did not understand. Can you please explain how 1million bitcoin is lost?

From intentionally burned by the likes of counterparty.io, lost private keys/passwords, thrown away/dead disks, and nobody knows if satoshi is still alive or if anyone has access to his ~million coins.

[Osarman]

he spent 1000 bitcoins to buy a pizza in 2010.
If he did not spend and hold onto 1000 bitcoins, today he would've had 1000 bitcoins X $3000 per bitcoin = $3,000,000 USD.

simple math.

If this is true then people like those are sure hitting their head for eating pizza. Really if I had known about bitcoin earlier then I would have stashed it.

I have also heard about this guy. Really, he must be killing himself for such a stupid act. That was so ignorant of him and most probably the biggest mistake of his life.
There are people who have even given away their bitcoins for free but not that big of an amount. If I were him, I wouldn't have done this for sure.

[The_Dark_Knight]

There can be 1 bitcoin split up into trillions of pieces.  21 million means nothing.

Let's pretend that there is one piece of gold on Earth and it's the only form of currency.  This currency will be needed for countless transactions.  Scientists find ways to slice the single piece of gold into increasingly small pieces to buy or sell an increasing number of things.  Eventually paper notes are issued on the promise of the actual gold for those who are willing to store their microns of gold in a depository or bank.

BTC is no different.  Banks can turn BTC into fiat as long as there are people willing to store it there.  They can offer a higher return for those willing to store it there for longer terms.

I don't understand why so few people seem to be able (or willing) to figure this out.

The difference is that the old justification to store gold in banks is not longer there anymore, in the past people stored their money in a bank because it was safer but now a bank is more insecure than if you store your own bitcoin so while they may try, many people are not going to let deceive themselves and store their bitcoin in a bitcoin bank.

Let's assume that the day comes where the price of BTC stabilizes to not rise or fall more than 1% or so on average each year.  Let's go further and assume that BTC doesn't rise more than 1% per year relative to fiat.  If banks offer 5-6% to have it stored with them, you can bet your bottom dollar that most people will "sell out" and put it in a time deposit or some form of bank bond.  If the greed and Ponzi scheme mentality that permeates this forum alone is any indication of human nature, you are on the wrong side of the idealistic argument that says that average people won't stampede toward banks with BTC just like they do with cash.

But that is not going to be possible at least as directly as you state, the bank will need to pull the same sleight of hand they did to gold, they will need to make people accept pieces of paper for their gold, so they will need to create something similar to banking money, lets call it banking bitcoin and at that point you no longer have or receive interest rates on bitcoin but on banking bitcoin.