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Author Topic: Is it possible to increase the amount of bitcoins?  (Read 541 times)
terrific
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November 01, 2017, 09:31:58 PM
 #21

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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EpicFail
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November 01, 2017, 09:34:49 PM
 #22

It is not possible with a soft fork. It is possible with a hard fork, but I doubt many people would accept your new fork. Your fork would probably drop in value very quickly. Who wants an inflationary version of Bitcoin when we already have fiat?
Dan D. Lion
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November 01, 2017, 09:39:22 PM
 #23

A very key and vital component of Bitcoin is that its maximum supply is set at 21 million.  This eliminates the possibility of currency devaluation that accompanies any currency that can continue to be created ad infinitum.  And since it's divisible down to the satoshi, 21 million will be plenty.
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November 01, 2017, 09:41:19 PM
 #24

@Aura

Thanks that cleared alot up for me regarding the 2X hard-fork and the blockchain copy makes sense.
setifien19
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November 01, 2017, 09:47:53 PM
 #25

I don't see any need for unlimited supply ( because it would affect BTC price negatively ) , and what I understood from your post : you wonder if coins released after the fork will rise the supply ; I think they won't because these coins aren't really bitcoin but they are altcoins deriving their name from BTC so they can't increase BTC supply
Lazarus888
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November 01, 2017, 09:54:34 PM
 #26

@EpicFail

Given the decentralized nature of Bitcoin I think it would be near impossible to get a hard-fork alt coin with the majority support.
dsaijz03
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November 01, 2017, 09:55:37 PM
 #27

I think maybe, but as far as I know bitcoin is set to 2 million for now but who knows maybe someday the amount increase because bitcoin is a well known crytocurencies so let us not lose hope either by soft or hard fork as long as there are still others that uses bitcoin and believe in it.
tigervn
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November 01, 2017, 09:58:21 PM
 #28

I think this could have happened if Mr. Satoshi had made an increase in the number of bitcoins by his algorithm. Currently, the number of bitcoins is very small so I think it is important to increase the amount of bitcoin in circulation. This can be fun news for many investors.
Lazarus888
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November 01, 2017, 10:00:41 PM
 #29

@setifien19

No sorry my mention of the up-coming 2X hard-fork may have confused things.

I wanted to know if it was possible in the future that a soft-fork (provided everyone agreed, which I know is a crazy suggestion!) could increase the supply of Bitcoins.

Following this it appears that a few people believe it's possible with a hard-fork but this would require an alt coin (not classic Bitcoin) which would become the dominant coin, but it sounds like this would be extremely unlikely to happen.
Lazarus888
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November 01, 2017, 10:07:24 PM
 #30

@tigervn

Now that's a very interesting comment! Given the multiple disciplines Satoshi had to undertake to create the blockchain, the limited supply of (21 million) compared to the total global asset class ($100T) in todays market, he must have known that this could be an issue in the future.

Btw at this current time i'd call them speculators not investors  Wink
Pixyoxx
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November 05, 2017, 03:49:17 PM
 #31

Well, technically the amount of bitcoin i.e. it quantity cannot be increased. But it can easily be regulated with increase in its user base. For reference, as we today see that we can buy even a fraction of bitcoins, and its not mandatory to by bitcoins in whole number. So this fraction can be increased and relaxed further in future if the user base demands it. There may be introduction of several decimals for ease of transactions with increase in its value and doing so will also eliminate the need of new bitcoins in the system.
Vannie12
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November 05, 2017, 09:49:15 PM
 #32

Yes of course it has, as of now bitcoin value is still increasing day by day so many of us are happy and hoping that it will not decrease. Their is no possible thing if bitcoin still increase just put patience, time and hard wok in what we are doing and sure nothing is impossible. If there is a life keep hoping for a better life in future.

Shamie1002
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November 06, 2017, 02:05:55 AM
 #33

We know that bitcoin has been created by Satoshi I think that it is already fixed. The mining will end when the last bitcoin has been mined.
Though comparing it to the real world, mining can end when gold rich areas are already emptied. Like so, for bitcoin. I don't know if someone can actually extend it. But if it becomes infinite I think prices would not be this high in the first place.
dewi91
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November 06, 2017, 02:29:30 AM
 #34

The one of reason why the prices bitcoin continue to increase because bitcoin have limit.. so, I don't think bitcoin can be more than 21 million, Mr. Satoshi Made itu fixed only 21 million. If Satoshi create bitcoin more than amount fixed, that can interfere stability of bitcoin
aizen10
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November 06, 2017, 03:03:06 AM
 #35

Afternoon Gents,

This is my first post on here so please be kind  Smiley

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

in my own opinion, bitcoin supply is only fixed into 21million and there is no probability to increase or double your bitcoin by this upcoming fork or B2X youve mentioned, the "classic bitcoin" you mentioning above is the original bitcoin and has a own blockchain were circulating worldwide. so the soft fork you telling to double your bitcoin is not the same, they are all separated "bitcoin" and "bitcoin2x" so how the fork can increase the amount of bitcoin if they are in separated server.?
mostkey
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November 06, 2017, 03:14:49 AM
 #36

The one of reason why the prices bitcoin continue to increase because bitcoin have limit.. so, I don't think bitcoin can be more than 21 million, Mr. Satoshi Made itu fixed only 21 million. If Satoshi create bitcoin more than amount fixed, that can interfere stability of bitcoin
this is what makes bitcoin stability, even after the miners stepped on the almost limit limit, this will be one of the good effects for us bitcoin users, and segwit is one of the best options for crypto users to stay active. in doing each transaction
pooya87
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November 06, 2017, 03:39:54 AM
 #37

the thing about bitcoin is that you can change anything you want about it. and i am saying "you" meaning anybody not just certain people since bitcoin is decentralized. the maximum limit, the decimal, block size, mining algorithm,.... and literary anything else. some will require hard fork some soft fork.

but what makes bitcoin, bitcoin is the majority support. if you can get enough support of the whole network then what you propose becomes bitcoin.
now the question is can you get majority support for your proposal (whatever it is)?

ibininja
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November 06, 2017, 03:42:27 AM
 #38

One reason way bitcoin is very popular is that it is scarce; as more and more bitcoins are generated the higher the value. If you keep generating newer coins than already set 21 mil you are making it cheaper to own.

jizenlianyong
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November 09, 2017, 08:44:27 PM
 #39

I draw a parallel with the usual money. Just imagine that the state will constantly print money as long as it pleases. Presented what will happen? Inflation. Since money must be reinforced. I think that the number of created bitcoins has a definite reason. And if there are more and more of them, it is unlikely that something good will come out.
Akash1243
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November 09, 2017, 09:36:40 PM
 #40

I do think that bitcoins number can be increased but only through Hard fork.But i don't see any benefits in increasing the number of bitcoins as being limited is it's one of the advantages because if it is not limited the bitcoins won't be unique and prices of bitcoin will fall quite a much.I think that if bitcoin's number is increased now it would definitely have a deep impact on bitcoins most likely a negative one.
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