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Author Topic: Creating more bitcoin  (Read 987 times)
thirdprize
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July 15, 2019, 10:39:29 AM
 #41

I mean, 21 million isn't much.  Smiley
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.

7.7 billion people in the world and 21 million bitcoin.  You do the maths.  That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that.  That only gives you a few decimal places to play with.  If you actually want people to use bitcoin, then you need to make sure there is enough to go round

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July 15, 2019, 10:48:08 AM
 #42

Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  Smiley

Bitcoin is a digital currency that became popular in 2013. This currency is not controlled by banks or other institutions.


But it is controlled by the devs that write the code that implements it.  Don't kid yourself it came out of thin air and magically looks after itself.  All a fork is, is someone who writes the code thinking they have a better way of doing it.

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July 15, 2019, 10:58:39 AM
Merited by actmyname (1)
 #43

I mean, 21 million isn't much.  Smiley
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.

7.7 billion people in the world and 21 million bitcoin.  You do the maths.  That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that.  That only gives you a few decimal places to play with.  If you actually want people to use bitcoin, then you need to make sure there is enough to go round

its eight decimal places now. that can easily be extended to 16 (or whatever) or more decimal places as needed. so, no need for more than 21 million. just add more decimal places.
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July 15, 2019, 03:40:43 PM
 #44

I do not think that someone in the near future will create more bitcoins. If it becomes necessary, it is possible in the future. From a technical point of view, this is quite possible, but the bigger question is whether this is necessary and who wants it.
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July 15, 2019, 04:41:08 PM
 #45

Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  Smiley

Bitcoin is a digital currency that became popular in 2013. This currency is not controlled by banks or other institutions.


But it is controlled by the devs that write the code that implements it.  Don't kid yourself it came out of thin air and magically looks after itself.  All a fork is, is someone who writes the code thinking they have a better way of doing it.

They manage the code but nothing is implemented without consensus so their "control" has a check at the moment.

Code changes are very slow and methodical at the moment.  There is a reason for that.

That is why BCH and BSV went on their own way, they wanted bigger blocks and the 'core' could not come to an agreement.
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July 15, 2019, 05:00:30 PM
 #46

from what I know it looks like the number of Bitcoins won't be added anymore, because it can't be added then HARDFORK is done, this is the reason why Bitcoin Cash, Bitcoin Diamond, Bitcoin Gold appear.. it seems, this has been discussed on various topics.

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July 15, 2019, 06:16:03 PM
 #47

Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  Smiley
From what perspective did you say this?that 21 million bitcoin wasn’t enough?did you even check the market to find how many altcoin are there waiting to be adopted by the world.?21 million bitcoin is more than enough in circulation and we don’t need another million sets just to be used .or hold by these whales that manipulates the market




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July 15, 2019, 09:54:29 PM
 #48

I mean, 21 million isn't much.  Smiley
I do not want to give the wrong idea about the possibility. But, consider that not all of the 21 million have been mined, how many of the 17,819,550 (according CMC) BTCs do you have? IMO there is enough amount for you in the exchanges. On the other hand, as friends have pointed out, BTC doesn't have to be 1, but if you see it as 0.000000001 BTC, there's more than you want.
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July 16, 2019, 03:16:03 AM
 #49

I mean, 21 million isn't much.  Smiley
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.

7.7 billion people in the world and 21 million bitcoin.  You do the maths.  That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that.  That only gives you a few decimal places to play with.  If you actually want people to use bitcoin, then you need to make sure there is enough to go round

not every single person on the planet is supposed to use bitcoin! best case scenario is somewhere around 50% of the population to use bitcoin. not to mention that the 0.002BTC may look small when you report it this way but it is big when you see it this way: 200,000 satoshi.
and again as i said before you are trying to discuss about and solve a problem that doesn't exist yet and may not exist for another 100 years!

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July 16, 2019, 03:44:52 AM
 #50

I mean, 21 million isn't much.  Smiley
That's too much to be honest, it just happened why it seems we feel lack of supply because of not equal distribution. If in the real world there is a life between rich and poor people then in cryptosphere also got the same version — the life between the whales and small hodlers. Even though it is not fair from our own perspective, we can't do anything but to accept it. Maybe another reason also why we are feeling this is because of the lost bitcoins which is approximately 3-4 millions in total, what a wasteful!

Anyway, there are still remaining 3M+ to be mined, if you are not yet satisfied to your holdings then you should invest more Smiley.

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July 16, 2019, 08:52:23 AM
 #51

I mean, 21 million isn't much.  Smiley
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.

7.7 billion people in the world and 21 million bitcoin.  You do the maths.  That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that.  That only gives you a few decimal places to play with.  If you actually want people to use bitcoin, then you need to make sure there is enough to go round

its eight decimal places now. that can easily be extended to 16 (or whatever) or more decimal places as needed. so, no need for more than 21 million. just add more decimal places.

8 decial places is the smallest amount you can use in a transaction.  So going to 16 dp would require code changes.  You are just making more satoshis as opposed to more bitcoins.

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July 16, 2019, 08:54:32 AM
 #52

I mean, 21 million isn't much.  Smiley
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.

7.7 billion people in the world and 21 million bitcoin.  You do the maths.  That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that.  That only gives you a few decimal places to play with.  If you actually want people to use bitcoin, then you need to make sure there is enough to go round

not every single person on the planet is supposed to use bitcoin! best case scenario is somewhere around 50% of the population to use bitcoin. not to mention that the 0.002BTC may look small when you report it this way but it is big when you see it this way: 200,000 satoshi.
and again as i said before you are trying to discuss about and solve a problem that doesn't exist yet and may not exist for another 100 years!

I know.  Just trying to get some decent discussions on here.

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July 16, 2019, 09:53:05 AM
 #53

I mean, 21 million isn't much.  Smiley

That there are just 21 million units is a common misconception, which we should get rid of.

We can start saying that there are 21000 million mBTC (or mBTC), which is true.

Actually mBTC would be a much more useful unit. As mBTC is currently only about 11$. It would be much easier for new investors to start investing by buying a "WHOLE" mBTC and not worrying if they do not have 11000$ to invest in one full BTC

But yeah. the developers could fork bitcoin and create a new one that has more coins. they probably couldn't change that from bitcoin without everyone agreeing with them.   


yup right, the core bitcoin developers can't decide unilaterally about how bitcoin will be developed. Bitcoin has a big name and already has a lot of investors, if they change the supply of bitcoin unilaterally, there will be many people who go from bitcoin. I personally prefer genuine bitcoin where only 21 million is available, no need to be added and reduced.

The reason why bitcoin brings change? why does bitcoin become the king of crypto? yes, it does not escape the amount of supply. The amount of supply has given great value to the development of bitcoin so far.




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July 16, 2019, 10:53:13 AM
 #54

its eight decimal places now. that can easily be extended to 16 (or whatever) or more decimal places as needed. so, no need for more than 21 million. just add more decimal places.

8 decial places is the smallest amount you can use in a transaction.  So going to 16 dp would require code changes.  You are just making more satoshis as opposed to more bitcoins.

thats the point. divide btc into smaller pieces as needed. a code change to add decimal places does not violate the 21 million hard cap, that stays immutable. adding more than 21 million btc violates the whole point of btc.. 21 million btc, and thats it. period.

as for a satoshi being the smallest unit right now, thats just a name. call the new smallest unit a microsatoshi (or whatever) or something. theres no real limit as to how small a unit of btc can be made.
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July 16, 2019, 05:41:47 PM
 #55

If they succeeded in that then there will be no value left of bitcoin like fiat currency. Like if you take an example many supercars they make limited cars like 100 cars in the whole world so their price don't go down and they can sell their car as high price as they can so the same case may fall on BTC too If they can create more BTC then its value will fall down day by day until it becomes zero.
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July 16, 2019, 05:51:41 PM
 #56

Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  Smiley
Unlimited or adding up supply of Bitcoin isn't that possible.It do only have fixed 21M supply.If it do happen that there are some

alteration with the entire supply then I would believe that bitcoins value would come to worthless.I don't know why stressing too much on things
we aren't possible to happen.



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July 16, 2019, 06:16:54 PM
 #57

Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  Smiley

This cannot be changed by the developers.
If a decision like that will be heard we will possible have a hard fork and two separate chains.
And also 21m isn't much but this is said to be the main advantage of Bitcoin. Scarcity is a good thing for the cryptocurrency industry.

konfuzius5278
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July 16, 2019, 08:19:50 PM
 #58

Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  Smiley

This cannot be changed by the developers.
If a decision like that will be heard we will possible have a hard fork and two separate chains.
And also 21m isn't much but this is said to be the main advantage of Bitcoin. Scarcity is a good thing for the cryptocurrency industry.
Of course it can be changed by DEV. The coding team wants it for any reason to make more BTC, the miner support new wallet. et voila 10x more max bitcoin.

The community has nothing to decide in Bitcoin, as far as the big mining pools and DEV agree.

Mine your best altcoins on https://pool.rig.tokyo  and
exchange them on https://rocket-exchange.net/
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July 16, 2019, 10:18:17 PM
 #59

Unlimited supply just like dogecoin? It will just decreased its price have you heard of demands and supply? the lower the number of bitcoin and the higher the demand the higher its price will be. If you want to have more bitcoin you need a fork and improve the bitcoin or create a new coin out of it.
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July 16, 2019, 10:42:13 PM
 #60

The limited supply is the one that makes it to be valued high than other currencies. That will make bitcoin to be same as that of the dollar and other currencies that were printed on need and they'll never disclose how much has been printed and what's the limit. As one of the user suggested maybe splitting further within the 21 million into decimal points seems fair than the unlimited.
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