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Author Topic: Questions, and what is going to happened when the BTC 21 millon  (Read 499 times)
donbu7
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November 05, 2013, 10:10:36 PM
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I am new in this bit coin world and I have some questions, that I hope that some of you with all your experties can answer:

1.- I opened  a wallet in blockchain, and I opened also an account at localbitcoins, so now I have 2 wallets right? do you recommend to have two wallets or to consolidate all the BTC in just one wallet?

2.- I am aware that I can create a new address of my wallet to received BTC, but what is the porpouse of generating different adress to received BTC? does each address only works once or many times, or why we can create many adresses.?

3.- And the last question, bit coins is a currency that the value depends on demand, I mean there is no goverment nor central bank who controls the value of BTC, so what happened if in the future no one uses BTC, it´s value will drop to cero, and that could be the failure of BTC, or what could happen when the 21 million BTC are produced? another currency will come out or they will have to keep making more BTc?

Thanks for your answer.

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Chronomagnon
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November 05, 2013, 10:14:24 PM
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3. As far as I know the last BTC won't be mined until the 22nd century. If you think how much the world has changed in the last 100 - 200 years, I reckon humanity will (hopefully) moved on to other concerns by then.
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November 05, 2013, 10:26:48 PM
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I am new in this bit coin world and I have some questions, that I hope that some of you with all your experties can answer:

1.- I opened  a wallet in blockchain, and I opened also an account at localbitcoins, so now I have 2 wallets right? do you recommend to have two wallets or to consolidate all the BTC in just one wallet?
Have as many as you like, as long as you still know where your coins are Smiley
The blockchain.info wallet is probably the more secure one of those two.
(If you have larger amounts of Bitcoins learn about how to store them securely: paperwallets or cold wallets)

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2.- I am aware that I can create a new address of my wallet to received BTC, but what is the porpouse of generating different adress to received BTC? does each address only works once or many times, or why we can create many adresses.?
Using more addresses adds anonymity, but you can use a single address multiple times.

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3.- And the last question, bit coins is a currency that the value depends on demand, I mean there is no goverment nor central bank who controls the value of BTC, so what happened if in the future no one uses BTC, it´s value will drop to cero, and that could be the failure of BTC, or what could happen when the 21 million BTC are produced? another currency will come out or they will have to keep making more BTc?

Thanks for your answer.

Every value depends on demand. If no one wants it, it's trading value will drop to zero, regardless of what you are talking about.
But there are things that make Bitcoins wanted, like it's utility.
If all 21 Mio Bitcoins are produced (and Bitcoin is still around), mining will be financed by fees only and Bitcoin will be deflationary instead of inflationary.
wayn
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November 05, 2013, 10:52:22 PM
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Once all the bitcoins are produced the result will be a deflationary currency.

Meaning each bitcoin will be worth more and more. Its a strange concept seeing as how we are so use to something like the USD losing value instead. This is the one thing I love about bitcoin! There is nobody that can just print as much as they want and send the value down.

donbu7
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November 05, 2013, 11:29:01 PM
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Once all the bitcoins are produced the result will be a deflationary currency.

Meaning each bitcoin will be worth more and more. Its a strange concept seeing as how we are so use to something like the USD losing value instead. This is the one thing I love about bitcoin! There is nobody that can just print as much as they want and send the value down.



There is nobody who can print more, but how about new web currency comming out like litecoins, ripples or any other type of web coins that forr sure will come soon.
Kimowa
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November 06, 2013, 12:31:47 AM
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Nothing happen, the miner will continue to get transaction fees mining BTC, just that the payout might drop a lot compare to now...

DannyHamilton
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November 06, 2013, 12:39:46 AM
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1.- I opened  a wallet in blockchain, and I opened also an account at localbitcoins, so now I have 2 wallets right?

No.  You have one web based wallet (blockchain.info), and one account at a website (localbitcoins).  There is a difference.

With a wallet, you maintain control of your private keys.  You are responsible for the security of those private keys, and you can create a backup of the wallet that will allow you to access the bitcoins even if the website disappears.

With an account, you have given a donation to the website, and in exchange you have received a promise from the website that they will do with those bitcoins whatever you ask them to do.  They have the private keys, and therefore they have full control of the bitcoins.  They are responsible for creating backups, and if the website disappears, the bitcoins are gone.  Those bitcoins are no longer yours unless/until the website sends them back to you.

Now, accounts are not necessarily a bad thing.  There are many situations where an account can add convenience.  Just keep in mind that you have given complete control of the bitcoins to someone else that you've never met and know nothing about, and you are trusting them to do with those bitcoins what you ask.


do you recommend to have two wallets or to consolidate all the BTC in just one wallet?

I have a few dozen wallets.  You can have as many as you like.  If you find it difficult to keep track of multiple wallets and a hassle moving bitcoins between them, then you can have just one.  You may find that you prefer different wallets for different purposes.

For example, you might like to use a paper wallet for long term storage of large quantities of bitcoins that you don't expect to need to access for several months.  Then you might like to have a wallet such as Bitcoin-Qt or MultiBit installed on your computer at home for bitcoins that you'll spend at websites while you're on the internet at home, and for storage of bitcoins that you'll use during the next few days or months.  Finally, you might like to have a web based wallet (such as blockchain.info) or a smartphone based wallet for small amounts of bitcoins that you'd like to have with you while you are traveling or otherwise not at home.

2.- I am aware that I can create a new address of my wallet to received BTC, but what is the porpouse of generating different adress to received BTC?

There are several purposes.

If you give out a different address to each person or company that will be sending you bitcoins, then you can determine who gave you which bitcoins and when.  If 2 bitcoins suddenly show up in your wallet, you don't have to wonder where they came from.  Just look at the receiving address, see who you gave that address to, and you know where the payment came from.

Using multiple addresses also increases privacy. If you use a single address then everyone who sends you bitcoins will know exactly how many bitcoins you are holding, since they can all look up the funds controlled by that address. If you give a new address to each sender (or better yet, a new address for every transaction), then they won't know what other addresses you have and therefore won't know how much bitcoins you are holding.

Using a new address for every transaction increases security slightly as well.  The first time that bitcoins are ever received at an address, they are protected by three levels of cryptography (ECDSA, SHA-256, & RIPEMD-160).  As soon as you send bitcoins that were received at an address, any bitcoins still associated with that address are protected only by ECDSA.  They lose the protection of SHA-256 and RIPEMD-160.  By using a new address for every transaction, you reduce (or eliminate, depending on the wallet you are using) the the chance that any bitcoins are left in an address that has previously received bitcoins that have since been spent.

does each address only works once or many times, or why we can create many adresses.?

As I said, it "works" as many times as you'd like, but you lose security, anonymity, privacy, and usefull information by re-using addresses.

3.- And the last question, bit coins is a currency that the value depends on demand, I mean there is no goverment nor central bank who controls the value of BTC, so what happened if in the future no one uses BTC,

If nobody wants it, then its value is zero.

and that could be the failure of BTC,

Yes.  It could be.  If nobody wants it.  However, given its usefulness, and security, it seems unlikely that nobody will want it.  It is important to recognize though that this is still experimental and carries a significant risk.

or what could happen when the 21 million BTC are produced?

There will never be 21 million.  There will be less than 20,999,999.9769.  I'm not sure I understand the question.  There are lots of things that could happen.  We aren't likely to see the last fraction of a bitcoin mined for another 120 years, so attempting to predict the future that far out would be foolish.

another currency will come out

I suppose it could if it offered an advantage over bitcoin.

or they will have to keep making more BTc?

That will almost certainly not happen.

Thanks for your answer.

You're welcome.

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