THE FAITH OF BITCOIN CURRENCY

[DaNNy001]

Am a newbie on the forum but something just ran crossed my mind doing a little research on Bitcoin.. please feel free to educate me more because am a learner who is willing to learn with corrections..
FIRSTLY
 Bitcoin is a currency right?
How is it been produces?
Does Bitcoin production mean Bitcoin mining?
If it does then what will be it's faith after the 21million mining limit...
#CURIOSITY

[Charles-Tim]

Bitcoin is a currency right?

Bitcoin is the first cryptocurrency, it is money and also an asset, appreciative asset.

How is it been produces?

Through mining. Miners are rewarded for mining a block while transactions are also included into the block for confirmation. At every 210000 blocks mined, the mining reward halve. The mining reward was 50 BTC before the 2012 halving, it halved to 25 after 2012 halving, it halved to 12.5 in 2016 having, it halved to 6.25 in 2020 halving and so on it would be at every 210000 blocks mined until all bitcoin are mined.

Does Bitcoin production mean Bitcoin mining?

Yes, the mining reward is bitcoin, which is how bitcoin is supplied into circulation.

If it does then what will be it's faith after the 21million mining limit...

Miners receive incentives also from transaction fee, the mining reward is reducing as I explained above, while more people are making use of bitcoin and also the price of bitcoin is increasing. Remaining less than 10% of bitcoin to be mined and yet the mining hashrate just reach all-time-high. Transaction fee will finally replace mining reward when all bitcoin are mined.

[Upgrade00]

Does Bitcoin production mean Bitcoin mining?

Yes.
Bitcoin mining is how transactions are confirmed on the blockchain.
Miners get a reward for each block they confirm called coinbase reward. This is how Bitcoin comes into circulation.
This reward is halved approximately every 4 years.

If it does then what will be it's faith after the 21million mining limit...

Faith of Bitcoin mining or Bitcoin?
For mining, miners would rely solely on transaction fees as reward for their mining.  The network would adjust to this as the mining reward continues to reduce through halving.

How it would affect Bitcoin is down to pure speculation, possibly an increase in fee to confirm transactions.

[Doan9269]

Bitcoin is a currency right?

Bitcoin is a digital decentralized currency and you can more information about that on what bitcoin is and know that it was believed to be founded by an anonymous person of Satoshi Nakamoto.

How is it been produces?

Bitcoin is produce through the process termed  bitcoin mining and it serves as a reward for every produced block by the miners after solving some maths complex equations on the distributed ledger of blockchain.

Does Bitcoin production mean Bitcoin mining?

the answer is yes but you will have to work out the task from the above link that talks about bitcoin mining to fully understand the process.

If it does then what will be it's faith after the 21million mining limit...

even though we still have some years to achieve this, miners will levied on the transaction fees after the whole blocks have been mined.

[Zilon]

If it does then what will be it's faith after the 21million mining limit...
#CURIOSITY

After the last Bitcoin is mined then miners will no longer receive Bitcoin as reward for adding new blocks of transaction to the public ledger rather they will only get rewarded through transaction fees. This also implies fixed supply and increased demand. 21 million bitcoin is more than enough because there are 0.00000001 BTC in 1 satoshi making the divisibility of this asset even sufficient enough to investors

[Smartvirus]

If it does then what will be it's faith after the 21million mining limit...
#CURIOSITY

Someone once advised me (and am talking of CryptoprenuerBrainboss) on this very forum and as a comment right beneath my thread in my early days on the forum, to always avoid using upper case in my subject title. It might seem to you that, it makes the post click bate enough but, what you choose the title to be is enough. Uppercase alphabets is attention seeking and I'm not sure that's what most users on the forum would want to go with, an attention seeking post!

On the other hand, with regards to the quote, mot beginners often conceive that thought on what becomes of bitcoin after the last BTC I mined.

One thing we ought to understand is that, though bitcoin might be serving as both asset and currency, it is first and foremost a currency. As a  currency, it meant to circulate in an exchange for values. The last bitcoin been mined doesn't change this original purpose. Perhaps, it might asssumee some other use case but, it would serve in se capacity fit and there would be miners still to ensure transaction confirmations  on the blocks.

[PrivacyG]

Since you are this curious.  Why do you not read the Whitepaper?  It is only few pages long.  Make yourself a coffee and read it from start to end, it will open up your mind and answer a TON of the questions you may have.

-
Regards,
PrivacyG

[uchegod-21]

If it does then what will be it's faith after the 21million mining limit...
#CURIOSITY

Someone once advised me (and am talking of CryptoprenuerBrainboss) on this very forum and as a comment right beneath my thread in my early days on the forum, to always avoid using upper case in my subject title. It might seem to you that, it makes the post click bate enough but, what you choose the title to be is enough. Uppercase alphabets is attention seeking and I'm not sure that's what most users on the forum would want to go with, an attention seeking post!

Some newbies use uppercase in typing and believe it's attention catch but it is really not what they thought of it. I was reading an English literature about online communication and I learnt the real meaning and use of uppercase.
Whenever you are writing an article and decides to use uppercase where heading is not applicable, it means the writer is shouting. So, uppercase case in the middle of an article means shouting. I really do no think that OP wanted to shout those words out.

About the mining of 21million bitcoin. Whenever I see this question, I will be forced to believe that every mined bitcoin is destroyed. Therefore, if 21million is  mined, it means the 21million would be destroyed and bitcoin ends. But if every bitcoin mined is not destroyed, the 21million cap shouldn't be a thing of concern at all.

[pooya87]

Since you are this curious.  Why do you not read the Whitepaper?  It is only few pages long.  Make yourself a coffee and read it from start to end, it will open up your mind and answer a TON of the questions you may have.

I don't think reading the bitcoin paper to learn about it is helpful for absolute beginners with no background. Other resources that explain Bitcoin in a more beginner friendly tone with more details are so much better. The best example is Mastering Bitcoin by Andreas Antonopoulos.

[cryptoaddictchie]

Start from ground root. Read Satoshi whitepaper and then analyze all those things you didnt understand on the paper by watching some videos on how thats work per topic. There are plenty of resources out there and you just need to tap it and see for yourself. You can also read here but mind you that this a forum so different response and reasoning you would encounter explaining bitcoin.