Lazarus888 (OP)
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November 01, 2017, 01:40:38 PM |
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Afternoon Gents, This is my first post on here so please be kind  Crypto currencies are completely new to me but i'm fascinated by them and not just for monetary reasons! A few people have said that the total amount of Bitcoins that can ever be mined is fixed to 21 Million. The question I have is: Is it theoretically possible to increase the supply of Bitcoins that could be mined using a soft-fork? I know with the up-coming 2X hard fork you would have double your bitcoins (Bitcoin and B2X). But with regards to the original (call it Classic Bitcoin), provided that the core developers/miners completely agree to it, is it possible to increase the supply of Bitcoins? The reason I ask is that this would dictate the valuation of Bitcoins compared to other commodities to me. Many Thanks, Laz |
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Saimabutterfly
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November 01, 2017, 01:45:19 PM |
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As far as I know the maximum supply is set to 21 million only. Lets see what others reply.
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Hanablue
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November 01, 2017, 01:57:37 PM |
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Well its fixed to 21 million but who knows some fork may increase it further more.
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btcprospecter
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November 01, 2017, 02:01:01 PM |
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If the supply is increased it would have a negative affect on the price of bitcoin. When we see coins like doge that have a very high supply we see that the price is reflected by that.
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Majharul Saiif
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November 01, 2017, 02:10:26 PM |
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It is very possible to increase the amount of Bitcoin.We all know that bitcoin is a profitable business. Bitcoin is now world's most known crypto currency. It is very popular. It's price is increasing day by day.Before some days,it has low price but now it's price is high and probably it's price will increase.
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trecore4
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November 01, 2017, 04:40:27 PM |
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If the supply is increased it would have a negative affect on the price of bitcoin. When we see coins like doge that have a very high supply we see that the price is reflected by that.
Increase the bitcoin count and this is what happens. Yup, all the prices for bitcoin will go down because in relation to availability of the coins the market capitalism for the bitcoin will drop heavily. The supply would be a lot even thought the demand increases which mean price will be less. This is also reason why we see the prices very high at current movement, there is more demand and however total circulating supply of bitcoin is very less. So surely we don't want that negative impact and it would be better no developer agrees to introduce more and take out the fun from the story. |
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swaptaker
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November 01, 2017, 04:41:36 PM |
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There are several ways to boost your bitcoin amount in numbers. You can wait for next hard and soft forks, you can make trade, you can make lending. But lending is risky, so pass it. Altcoin trade is amazing to increase the bitcoin number for yourself.
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aa.aep
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November 01, 2017, 04:48:07 PM |
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there must be several ways to increase the amount of your bitcoin in a large and profitable amount. You can wait for the next hard and soft fork, you can trade, you can lend. But the loan is risky, so pay. The Altcoin trade is great for increasing the amount of bitcoin
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Xavofat
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November 01, 2017, 05:33:44 PM |
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Sorry for the collection of morons before me. The question I have is: Is it theoretically possible to increase the supply of Bitcoins that could be mined using a soft-fork?
No. Increasing the supply would involve a hard fork and therefore Bitcoin users would have to choose a client which supports the new fork. Considering how deeply ingrained the 21 million limit is in most BTC users' heads, it's very unlikely that the hard fork would garner much support. I know with the up-coming 2X hard fork you would have double your bitcoins (Bitcoin and B2X).
Not really. You would have two separate chains, both of which call themselves Bitcoin, but you wouldn't really have two coins because they're not the same. But with regards to the original (call it Classic Bitcoin), provided that the core developers/miners completely agree to it, is it possible to increase the supply of Bitcoins?
It would be a new chain. In my view, most users would continue to use the old one in the unlikely scenario that this ever happened. Even if they didn't, you could freely continue to support a chain with 21 million coins. |
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leex1528
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November 01, 2017, 05:42:33 PM |
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I think they way Bitcoin is designed is to make it a hard cap. So no, it is not possible to increase the cap. Assuming The inventor(s) didn't put any back door sort of configuration in there, it seems it would be pretty hard to actually increase the cap.
As a few others said on here, it would have a huge negative impact on the value of Bitcoin.
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InvoKing
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November 01, 2017, 05:46:44 PM |
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-snip-
The question I have is: Is it theoretically possible to increase the supply of Bitcoins that could be mined using a soft-fork? I know with the up-coming 2X hard fork you would have double your bitcoins (Bitcoin and B2X).
-snip-
No need to increase the maximum amount of bitcoin that could be mined since the BTC is in fact unlimited by definition! Let's see : 1 BTC = 100,000,000 Satoshi for example, you can count how much satoshi we have (change satoshi with bits...etc). We can even make a new subunit of satoshi and so on.  |
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SUDARMONO
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November 01, 2017, 05:48:38 PM |
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I think after the amount of bitcoin has run out by 21 million then there will be no more bitcoin burning, with bitcoin depletion the bitcoin becomes increasingly rare and will have a very high price impact, and that's what many people will later do, and maybe we're not can see bitcoin in the ending supply of bitcoin that is estimated to be decades away.
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Karakyli
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November 01, 2017, 05:59:31 PM |
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Mathematically and technically installed in such a way that Bitcoin can only be mined 21 million, and no more. All this talk about how to increase its number by any means is insolvent. By holding the forks, you can get another bitcoin in a different amount. However, in this coin, only the name has something in common with bitcoin. However, this is absolutely another coin, not Bitcoin. The original Bitcoin can be produced only in the amount of 21 million.
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sunny1356
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November 01, 2017, 06:13:20 PM |
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Despite the fact that bitcoin has been fixed to 21 million, i feel it can still be altered later in future if the need be.
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patt0
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November 01, 2017, 06:24:14 PM |
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As far as I know it is possible, but the question is why would anyone do it? The bitcoin protocol is open, so you can change the code and create a fork to change things. Two coins will be created and people can choose which way to go. If such a fork would occur, I don't think anyone would follow that new coin. Bitcoin price is defined by supply and demand, so if you increase it's supply it's price will drop, so no point in doing that.
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s31joemhar
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November 01, 2017, 06:26:00 PM |
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If amount i think no one can add amount of bitcoins
Only the owner satoshi nakamoto can add the amount of bitcoin
But if the amount of price of bitcoin time will tel how much will increase the amount of bitcoin
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SureLockLoans
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November 01, 2017, 06:29:23 PM |
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Not at the moment but from my understanding this could be a thing that is changed in a hard fork? Which closer to the limit the community might favor.
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Lazarus888 (OP)
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November 01, 2017, 09:08:38 PM |
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Fascinating responses guys really appreciate your input.
I agree with most of you who say that increasing the supply would devalue the price of Bitcoin.
My concern was how easy it would be to increase the supply as this "could" devalue the price. But from the replies it looks like it would require a hard-fork and an agreed consensus to continue with the alt coin, so this is more reassuring.
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Aura
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November 01, 2017, 09:15:57 PM |
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It's not possible to increase the total supply.
Bitcoin is developed to half the block reward every 200.000 blocks with a starting reward of 50 BTC.
So an amount of more than 21 million coins can never be reached.
The hardfork that will happen this month is a different thing, it will not increase the supply but create a new thing.
Because it is a fork, the coin won't start from the beginning with a fresh blockchain but instead with an copy of the current blockchain.
The copy of the blockchain will split then after the hardfork happened, so every transaction that will made after that time won't interact with the other blockchain.
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terrific
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November 01, 2017, 09:31:58 PM |
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There's no way to increase the supply of bitcoin, it is what it is. And what you've understand with bitcoin that it has 21 Million supply, yes it will be staying at that supply. Even after these hard forks, the coin will be doubled into another coin but it won't be adding some more supply. Hard forks are more of duplicating the chain of bitcoin but it will never increase it's supply (Classic Bitcoin). And this is the reason why many are staying with bitcoin, getting two coins at the same time while their plan of holding for a long time they get another coin.
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