How difficult is it to change total bitcoin's 21 million suppply?

[th3nolo]

What kind of process have to go through? Who make the final votes? I guess the change is similar to implementing BIP.

I heard many posts here said "Economic Majority" vote decides. Does this mean who hold the most bitcoins decide? Maybe not. I guess BIP is determined by Bitcoin Core developers, so the total bitcoin supply (21 million) is also determined by Bitcoin Core developers.

Also, the argument against the "Economic Majority" is it is often the case we can't find holder for the addresses with a lot of bitcoins. How can we contact them for vote?

Thank you indeed!

By economic majority, they do not refer to the people who have more bitcoins but rather to the nodes, one node one vote. If the nodes reject a change in the number of Bitcoins, it will simply create a fork that will take away a part of the miners and create a shitcoin like Bitcoin Cash or Bitcoin SV.

Seriously, I don't understand why you're asking this kind of question if the 21 million limit is what makes Bitcoin so attractive.

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[BitDane]

I don’t think there is possibility to change the total supply of 21 million bitcoin, last one of which will be mined in 2140. Satoshi designed the algorithm in a manner that bitcoin will have a controlled inflation. As per my knowledge there is no one who can change this supply.

Always remember in every circumstances there is always a possibility to change the total supply of 21 million Bitcoin but I believe it is not that simple.  Bitcoin is just a code so if majority of the supporters believe that there is need for modification of Bitcoin total supplies then it can be done.  The only thing that keeps it in that current total supply is its economy.  Changing the supply will possibly devastate the economic progress of Bitcoin so developer dare not to change it.

[wxxyrqa]

I don’t think there is possibility to change the total supply of 21 million bitcoin, last one of which will be mined in 2140. Satoshi designed the algorithm in a manner that bitcoin will have a controlled inflation. As per my knowledge there is no one who can change this supply.

Always remember in every circumstances there is always a possibility to change the total supply of 21 million Bitcoin but I believe it is not that simple.  Bitcoin is just a code so if majority of the supporters believe that there is need for modification of Bitcoin total supplies then it can be done.  The only thing that keeps it in that current total supply is its economy.  Changing the supply will possibly devastate the economic progress of Bitcoin so developer dare not to change it.

In my opinion, this issue is being raised in order to discuss the possibility of creating a shortage of bitcoin in the market and, due to this, hang its artificial price.  In fact, there is no way to reduce the number of lures, but you can reduce the supply of Bitcoin in the cryptocurrency market.  If demand exceeds supply, then this will be a good way out of the difficult situation on the market, but How to implement this is very difficult to come up with.

[cabron]

I don’t think there is possibility to change the total supply of 21 million bitcoin, last one of which will be mined in 2140. Satoshi designed the algorithm in a manner that bitcoin will have a controlled inflation. As per my knowledge there is no one who can change this supply.

Always remember in every circumstances there is always a possibility to change the total supply of 21 million Bitcoin but I believe it is not that simple.  Bitcoin is just a code so if majority of the supporters believe that there is need for modification of Bitcoin total supplies then it can be done.  The only thing that keeps it in that current total supply is its economy.  Changing the supply will possibly devastate the economic progress of Bitcoin so developer dare not to change it.

In my opinion, this issue is being raised in order to discuss the possibility of creating a shortage of bitcoin in the market and, due to this, hang its artificial price.  In fact, there is no way to reduce the number of lures, but you can reduce the supply of Bitcoin in the cryptocurrency market.  If demand exceeds supply, then this will be a good way out of the difficult situation on the market, but How to implement this is very difficult to come up with.

It will end up having a fork again. Its not that simple to change the supply for miners will have to mine the blocks from where they will start the fork. This is going to divide the miners who will support the 21M and who will support the 42M. In the end another BTCXX will be produced in the market. They get what they want but that wouldn't be the real chain since the 21M-BTC-chain will still exist.

[henrybek3]

The number of bitcoin is limited but there is one problem. Futures opened. The number of Bitcoins is technically stable but in practice it seems to have increased. Bitcoin is a great technology in every condition. The last mining activity for Bitcoin will continue until 2140.

[kro55]

If there is a way to change 21 million supply of bitcoin then many other parameters of bitcoin can also be changed like coin halving and no of transactions a block can accommodate. There is no way to change total supply of 21 million bitcoin. 21 million is quite enough and those who cant buy 1 bitcoin can buy many satoshis.

[bitbunnny]

How difficult it is?It's impossibe. Limited suppy is the way how Bitcoin is created and designed and that can't be changed. The whole Bitcoin technology and functioning is based on that and that is also the reason why we have halving and similar. You can't change just number of mined coins without intervening into whole Bitcoin system and functioning, so that is not possible.

[Xxmodded]

I think bitcoin supply is not raise about 21 million because many holder loss their private key and increase of bitcoin supply, last year I found website link where some one loss their data and have more than 10k bitcoin in his wallet, every time bitcoin will increase lower than 21 million because many investor have other reason about their assets lost by pass away and some loss their data.

[Youghoor]

What kind of process have to go through? Who make the final votes? I guess the change is similar to implementing BIP.

I heard many posts here said "Economic Majority" vote decides. Does this mean who hold the most bitcoins decide? Maybe not. I guess BIP is determined by Bitcoin Core developers, so the total bitcoin supply (21 million) is also determined by Bitcoin Core developers.

Also, the argument against the "Economic Majority" is it is often the case we can't find holder for the addresses with a lot of bitcoins. How can we contact them for vote?

Thank you indeed!

Considering the nature of the entire cryptocurrency network and the blockchain platform, its quite easy to change the total supply of bitcoin but doing that will go beyond the intended purpose for the creation of bitcoin and the principle of scarcity.  Also, the value of bitcoin might be down graded when the total supply of bitcoin is changed.

[Linkkoin]

What if magically, the real Satoshi would come back to the living, confirm he is the one and state:
"Dear all, you misunderstood the purpose of the creation of Bitcoin. It was supposed to be a cryptoCURRENCY, not cryptoINVESTMENT, and we need to go back to the roots, let's double the supply!"

Do you think people could follow him?

[bitcoinsocial09]

What kind of process have to go through? Who make the final votes? I guess the change is similar to implementing BIP.

I heard many posts here said "Economic Majority" vote decides. Does this mean who hold the most bitcoins decide? Maybe not. I guess BIP is determined by Bitcoin Core developers, so the total bitcoin supply (21 million) is also determined by Bitcoin Core developers.

Also, the argument against the "Economic Majority" is it is often the case we can't find holder for the addresses with a lot of bitcoins. How can we contact them for vote?

Thank you indeed!

I think it is impossible to change it I don't know how the system works but surely if it was easy to do a lot of people already done it but until today no one has done it.
In my opinion, we need to hack bitcoin or crack the bitcoin technology in order to change the supply of bitcoin. I think developers could do this but in the case of bitcoin, we don't really know if Satoshi Nakamoto is still alive or even if he is alive we don't know if he could do it.

[CarnagexD]

I don’t think there is possibility to change the total supply of 21 million bitcoin, last one of which will be mined in 2140. Satoshi designed the algorithm in a manner that bitcoin will have a controlled inflation. As per my knowledge there is no one who can change this supply.

I think what the author wants to know is if there is any way bitcoins can be reduced to create an artificial shortage on the market to mess with it's price. The answer is no, there is no known way as of now to digitally render bitcoins generated by Satoshi Nakamoto useless, but every 4 years we have what we call hving where we reduce the amount of bitcoin that could be mined. In these period usually bitcoin increases in price.

[target]

1 BTC is divisible by 8.  That's a lot of BTC already and if we still experience shortage there is ETH and all other cryptocurrency which is more than 3500 that is listed on CMC, that's more than 42M.  You might be thinking the digital world's wealth is distributed unfairly but just as how you see it, we also see it that way. Take our chance to altcoins.

[franklin2058]

What kind of process have to go through? Who make the final votes? I guess the change is similar to implementing BIP.

I heard many posts here said "Economic Majority" vote decides. Does this mean who hold the most bitcoins decide? Maybe not. I guess BIP is determined by Bitcoin Core developers, so the total bitcoin supply (21 million) is also determined by Bitcoin Core developers.

Also, the argument against the "Economic Majority" is it is often the case we can't find holder for the addresses with a lot of bitcoins. How can we contact them for vote?

Thank you indeed!

Call Blockstream  , tell them you are a new bank, offer them a few million bucks and your request will be soft forked in within a year or two.

Hey, it how segwit and LN got shoved down bitcoin users throats when no one wanted it.  

Results vary by how much fiat you throw at them.
 

FYI:
On a more serious note, it is nothing more than a number coded into the software.
Change the number in the code is all that is required,
oh that all of the other nodes need to upgrade to your new code for it actually to change it for everyone.

I believe this answer is quite correct and noteworthy.