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Author Topic: Bitcoin Total Supply  (Read 818 times)
Osarman
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September 19, 2017, 10:00:00 AM
 #21

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.

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The_Dark_Knight
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September 22, 2017, 03:01:53 AM
 #22

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.

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September 22, 2017, 01:19:43 PM
 #23

Is truly amazing if you think the limited supply. But when you know that it can break into trillions, then the hard cap supply of Bitcoin is just unlimited. Thats why I believe it will continue to rise.

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The_Dark_Knight
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September 25, 2017, 09:42:57 PM
 #24

Is truly amazing if you think the limited supply. But when you know that it can break into trillions, then the hard cap supply of Bitcoin is just unlimited. Thats why I believe it will continue to rise.
Technically speaking the true unit of bitcoin is the satoshi since it does not exist a lower unit than that, so if you look at it from that perspective we have always been limited in the amount of satoshis that are going to exists, so like you see there is not an unlimited amount of subdivisions of bitcoin there are limits and have been present from the very beginning that is why I think that at some point in the future we will need to stop talking about bitcoin and instead use mBTC as the unit of bitcoin.

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xypos
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September 26, 2017, 12:18:19 AM
 #25

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

I'd buy and hold!

Technically we can never ever even hit 21 million because we will be infinitely close to that figure but never be able to actually reach it as each halving comes by. However you make a great point still of why bitcoin is worth a buy.

It is a store of value that everyone can access for cheap, essentially. Bitcoin is pretty much like digital gold.

Except it is more convenient and you don't need to worry about "fake bitcoins".














 

 

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jseverson
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September 26, 2017, 01:41:13 AM
 #26

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?

Satoshi, the founder of Bitcoins is believed to have accumulated around 1 million Bitcoins. He disappeared from the scene a couple of years ago, and his Bitcoins are assumed to have disappeared with him.

This is all speculation though. It should also be kept in mind that there are plenty of cases of people losing their Bitcoins forever. Once the last Bitcoin is mined, we'd probably have markedly less than 21m. It's divisible into multiple decimal places though, so it should not pose too much of a problem.

Ultegra134
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September 26, 2017, 01:58:10 AM
 #27

We will be dead by the time the total amount of BTC in circulation reaches 21 million. It will take many decades for that to happen. Sure, holding is one "Safe" option when it comes to Bitcoin investments, but I wouldn't consider holding just because the supply is limited, because that cap will take a vastly long time to be reached.
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October 01, 2017, 03:25:45 AM
 #28

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?

Satoshi, the founder of Bitcoins is believed to have accumulated around 1 million Bitcoins. He disappeared from the scene a couple of years ago, and his Bitcoins are assumed to have disappeared with him.

This is all speculation though. It should also be kept in mind that there are plenty of cases of people losing their Bitcoins forever. Once the last Bitcoin is mined, we'd probably have markedly less than 21m. It's divisible into multiple decimal places though, so it should not pose too much of a problem.
And those are only satoshi coins, how many stories we have hear of people losing their bitcoin, there was a very famous story of a person that threw away a hard drive containing a lot of bitcoin and he did not realize until months later, as bitcoin becomes more valuable we are going to come to the point that those coins are going to be a like a lost treasure.

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