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May 22, 2024, 02:43:57 AM |
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I was doing some research to add to my understanding on Bitcoin and discovered that many people still do not know how powerful Bitcoin can become in the future. Bitcoin was built differently and to be scarce, the total supply of Bitcoin is fixed but the circulating supply of Bitcoin will always be shrinking and this would not only be happening every four years because of Bitcoin halving but it is happening frequently because of the lost of Bitcoin that might never be tradable again. If anybody knows how valuable scarce things are then they can be able to see how important Bitcoin is going to be when this knowledge gets understood by the world. Money needs to be scarce to preserve its value and Bitcoin is scarce therefore the future of money has to be Bitcoin and this is one of the best chances we have to accumulate it before it becomes more scarce.
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Suman1
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May 22, 2024, 03:07:02 AM |
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For me Bitcoin was a great innovation in history, those who know its potential will love to be forbearing and give time to see some multiplication in their investment. Because of its discovery, we step up in the evolution of new technology which is popularly get the fame as Blockchain technology. Due to its existence, we get the infrastructure for digital payment systems without the interference of any intermediaries or centralized bodies, also have some popular currencies like ETH, BGB, BNB, SOL, MATIC, TON etc. utilising these emerging features of Blockchain.
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CODE200
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May 22, 2024, 03:20:13 AM |
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That's why it's such an important thing for bitcoin to hodl, got to remember that when it becomes even more scarce as time goes by, it will probably become more and more valuable thus it's a good thing to hodl bitcoin for the long-term and people still don't get it, the limited supply is a ticking time bomb to a really huge profit to whomever who will hodl bitcoin for the longest time, it's basically a century-long test of someone's patience. Even if you lose that test at the middle of the way, it's probably still a good thing because you're still going to get a lot of profit out of it but the caveat is that while you were hodling through those years, you're also accumulating your bitcoin to increase your stash.
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Don Pedro Dinero
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May 22, 2024, 03:48:29 AM |
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If anybody knows how valuable scarce things are then they can be able to see how important Bitcoin is going to be when this knowledge gets understood by the world.
Not exactly. Scarce goods that are in demand are valuable. Never forget this second part of the equation. Then we can go into whether scarcity is a good reason for people to demand it, and it probably is, along with other factors, such as being decentralised and being able to be transmitted quickly.
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pooya87
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but the circulating supply of Bitcoin will always be shrinking and this would not only be happening every four years because of Bitcoin halving but it is happening frequently because of the lost of Bitcoin that might never be tradable again.
That's not accurate. The circulating supply is technically increasing even if there are coins being lost every day because there is new coins (about 450 bitcoins) are entering circulating every 24 hours. For it to shrink, more than 450 coins have to be lost every 24 hours. But overall you are correct that with the capped supply and a decreasing reward we have scarcity in bitcoin and lost bitcoins contribute to that scarcity as well. How exactly does "costly production" improve scarcity? I'm not sure if this photo was designed to talk about Bitcoin because in Bitcoin even if it costs $0 to mine blocks, the supply will still remain scarce. Money needs to be scarce to preserve its value and Bitcoin is scarce therefore the future of money has to be Bitcoin and this is one of the best chances we have to accumulate it before it becomes more scarce.
Technically the only currency in the world that has been able to come close to the definition of money is bitcoin. FWIW and to put simply currency is a medium of exchange and money is a currency that is also a store of value.
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YUriy1991
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May 22, 2024, 04:15:55 AM |
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Exactly my friend, and what caused the devaluation as the government continued to print. Indeed, money continues to circulate, but its value is no longer in accordance with the price of goods for now if we want to shop for something.
Of course, this cursory study leads to the fact that Bitcoin also offers an option that can be used as a protection option against inflation while being decentralized in nature and Security on the other hand can also be used as a tool for Investment and Storing Value.
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SAHASAN
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May 22, 2024, 04:33:22 AM |
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I was doing some research to add to my understanding on Bitcoin and discovered that many people still do not know how powerful Bitcoin can become in the future. Bitcoin was built differently and to be scarce, the total supply of Bitcoin is fixed but the circulating supply of Bitcoin will always be shrinking and this would not only be happening every four years because of Bitcoin halving but it is happening frequently because of the lost of Bitcoin that might never be tradable again. If anybody knows how valuable scarce things are then they can be able to see how important Bitcoin is going to be when this knowledge gets understood by the world. Money needs to be scarce to preserve its value and Bitcoin is scarce therefore the future of money has to be Bitcoin and this is one of the best chances we have to accumulate it before it becomes more scarce. Price will be more up in the future because the demand of Bit BTCcoin and use-case also increasing day by day also most of the wallet holder dead and there bitcoin already gone to the blackhole so the price can be reached unbelievable amount in the future. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fmiro.medium.com%2Fv2%2Fresize%3Afit%3A1400%2Fformat%3Awebp%2F1%2AqOkQhtdK4Cs_BlmtS4YY0w.png&t=665&c=fF9J1nnHVbHOlQ)
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Darker45
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May 22, 2024, 04:33:55 AM |
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Halvings don't make the circulating supply shrink.
Anyway, scarcity is not the main thing about Bitcoin. I guess it's secondary, along with other features. If it's scarcity that matters most, then anybody could make their own version or fork that's scarcer.
The main thing about Bitcoin is decentralization. That it has a fixed supply is a great addition, of course. Coins may be more coveted because they're scarce, but this only follows if there's demand. Scarcity alone doesn't create demand, however.
Bitcoin's security as a currency, being decentralized, precedes scarcity.
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franky1
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May 22, 2024, 04:49:16 AM |
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coins in circulation do not have much impact on the price..
the market price is impacted only by the coins on the market order books. the supply on market orderbooks is not the same amount that is on the blockchain circulation
the biggest impact of market price range is the mining COST if the cheapest cost to mine on the planet was $25k/btc 6 months ago but now $50k no one on the planet can mine for less than $50k which influences the markets new 'bottom' no one wants to go below. no one mining wants to sell at a loss and too many people with higher mining costs then see $50k as the new bargain price so this creates a value support line threshold
the limited supply of 21m and the effects of the less coins per halving cycle add extra amounts of specilative desire/need/demand to the minimum value that give it a speculative price above the minimum value
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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wxa7115
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May 22, 2024, 04:59:06 AM |
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Halvings don't make the circulating supply shrink.
Anyway, scarcity is not the main thing about Bitcoin. I guess it's secondary, along with other features. If it's scarcity that matters most, then anybody could make their own version or fork that's scarcer.
The main thing about Bitcoin is decentralization. That it has a fixed supply is a great addition, of course. Coins may be more coveted because they're scarce, but this only follows if there's demand. Scarcity alone doesn't create demand, however.
Bitcoin's security as a currency, being decentralized, precedes scarcity.
Scarcity is important but without a doubt it plays second fiddle to decentralization, otherwise if bitcoin was centralized, it would not exist as its servers would have been confiscated already by governments all over the world. We also have very direct examples of scarcity not being such a big deal, as there was a time in which altcoin developers in order to try to gain enough users began to burn some of its supply, and they make it seem as if this action will increase the value of their coin, but without a high demand already, burning the supply of their coin was nothing more but a gimmick.
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SquirrelJulietGarden
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May 22, 2024, 05:19:31 AM |
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Money needs to be scarce to preserve its value and Bitcoin is scarce therefore the future of money has to be Bitcoin and this is one of the best chances we have to accumulate it before it becomes more scarce.
Don't have inflation is key, not scarce because with same total and circulating supply, with time there will be more people in one country or on this planet and demand on that currency will be higher. It helps to increase its value but the first condition is, that currency must be accepted and used widely already. Better, it is legal tender already. You can fork Bitcoin source code, create your currency but if nothing to make it interesting for people to use it, it will have no value now and next 50 years. Keys are: have good use case, utility, good value, adoption, not inflationary or better deflationary, with time its value and price will increase. Scarcity does not decide value or price if other things don't exist. Year finance's YFI token is an example that scarcity does not help value and price. It has only 36,647 YFI tokens in total supply but its price is only $7,236.
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avikz
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May 22, 2024, 05:20:20 AM |
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I was doing some research to add to my understanding on Bitcoin and discovered that many people still do not know how powerful Bitcoin can become in the future. Bitcoin was built differently and to be scarce, the total supply of Bitcoin is fixed but the circulating supply of Bitcoin will always be shrinking and this would not only be happening every four years because of Bitcoin halving but it is happening frequently because of the lost of Bitcoin that might never be tradable again. If anybody knows how valuable scarce things are then they can be able to see how important Bitcoin is going to be when this knowledge gets understood by the world.
Money needs to be scarce to preserve its value and Bitcoin is scarce therefore the future of money has to be Bitcoin and this is one of the best chances we have to accumulate it before it becomes more scarce.
I do agree that scarcity plays a role in the value of an asset. For Bitcoin the value is mostly derived from the demand. Scarcity obviously plays a role as I had mentioned but that's not the only thing. We have multiple cryptos available with even smaller supply but they are not as valuable as Bitcoin. Scarcity is just one parameter to success here but no the only one. There are other parameters as well and also the demand of an asset plays a major role in making that asset valuable. Don't loose your sleep over the scarcity parameter.
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May 22, 2024, 05:23:26 AM |
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I was doing some research to add to my understanding on Bitcoin and discovered that many people still do not know how powerful Bitcoin can become in the future. Bitcoin was built differently and to be scarce, the total supply of Bitcoin is fixed but the circulating supply of Bitcoin will always be shrinking and this would not only be happening every four years because of Bitcoin halving but it is happening frequently because of the lost of Bitcoin that might never be tradable again. If anybody knows how valuable scarce things are then they can be able to see how important Bitcoin is going to be when this knowledge gets understood by the world. Money needs to be scarce to preserve its value and Bitcoin is scarce therefore the future of money has to be Bitcoin and this is one of the best chances we have to accumulate it before it becomes more scarce. I don't think that we can do that as we all know that BTC is controlled by the big investors not by ordinary traders that trade daily on long term just for the sake of certain profit. These investor manipulate that market like the way they want and they don't care much about the sacrity of the BTC but they just want to have good profit for themselves not matter how many traders will go through the loss they don't care.
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HideYourKeys
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May 22, 2024, 07:06:41 AM |
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Scarcity is not that important, if there were 42 millions coins instead of 21, the protocol would have the same value (but we will probably have a lower price, and people will likely have more coins). The fact that we have a FIXED SUPPLY is the important point imho.
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Obim34
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May 22, 2024, 07:45:42 AM |
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I was doing some research to add to my understanding on Bitcoin and discovered that many people still do not know how powerful Bitcoin can become in the future. Bitcoin was built differently and to be scarce, the total supply of Bitcoin is fixed but the circulating supply of Bitcoin will always be shrinking and this would not only be happening every four years because of Bitcoin halving but it is happening frequently because of the lost of Bitcoin that might never be tradable again. If anybody knows how valuable scarce things are then they can be able to see how important Bitcoin is going to be when this knowledge gets understood by the world.
Money needs to be scarce to preserve its value and Bitcoin is scarce therefore the future of money has to be Bitcoin and this is one of the best chances we have to accumulate it before it becomes more scarce.
I do agree that scarcity plays a role in the value of an asset. For Bitcoin the value is mostly derived from the demand. Scarcity obviously plays a role as I had mentioned but that's not the only thing. We have multiple cryptos available with even smaller supply but they are not as valuable as Bitcoin. Scarcity is just one parameter to success here but no the only one. There are other parameters as well and also the demand of an asset plays a major role in making that asset valuable. Don't loose your sleep over the scarcity parameter. It is proven that the amount of people who are yet to accept Bitcoin is far much greater than those who would dismiss Bitcoin and this would definitely raise the demand for it. If we do have to compare the rate of adoption in Bitcoin over the years we can tell that it has improved with good significant figures which creates more demand and if in addition with Bitcoin scarcity then we can experience a price hike. Bitcoin Scarcity is important just as demand is, both should have to work together.
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Doan9269
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May 22, 2024, 07:49:25 AM |
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What you just mentioned is part of the things we have in consideration for the adoption of bitcoin over the fiat traditional system and currencies because the monetary policies with governments are what permits for the continuous printing of fiat currency and that is why you could discover the unending increase on inflation rate over the economy and this is really affecting local currencies and economic growth, while the masses are most affected, but innother to evade this effect, people were adopting for the use of cryptocurrency for thier own personal advantage after they discovered it's benefits.
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May 22, 2024, 08:22:43 AM |
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Halvings don't make the circulating supply shrink.
Anyway, scarcity is not the main thing about Bitcoin. I guess it's secondary, along with other features. If it's scarcity that matters most, then anybody could make their own version or fork that's scarcer.
The main thing about Bitcoin is decentralization. That it has a fixed supply is a great addition, of course. Coins may be more coveted because they're scarce, but this only follows if there's demand. Scarcity alone doesn't create demand, however.
Bitcoin's security as a currency, being decentralized, precedes scarcity.
Indeed, creating a currency with a scarce supply is not that difficult, and I have never appreciated the supply factor as what makes bitcoin so special. What makes bitcoin special is the use cases, the benefits it offers, and decentralization is what makes bitcoin special because no other asset has this feature. An asset has value and its value will be determined by demand, if an asset has a limited supply but people don't need it then it will become useless. Not only the OP, many people still have the misconception that supply is the most important factor creating bitcoin's reputation.
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Mia Chloe
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May 22, 2024, 08:37:28 AM Last edit: May 22, 2024, 08:57:28 AM by Mia Chloe |
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Op let me start by spotting out the fact that the graphical representation of supply in this post is wrong for that of the one you illustrated as the one you intended for Bitcoin. The reason is simple. The supply of Bitcoin isn't actually increasing slightly like the graph is illustrating, however it is constant. Bitcoin has a constant supply cap of 21 million coins. The economic aspect behind it is the rate at which coins are circulating. The rate at which new Bitcoins are added from the supply to the circulation is cut in half after every halving event. This causes demand to rise thus causing the value of Bitcoin to increase. The graph you used op should likely fit better for the demand of Bitcoin after every halving event but still for a proper analysis it isn't supposed to be a straight line graph or chart. Here are two graphs for illustration Bitcoins pumped into circulation is constant every 4 year but it's halved after every halving event.
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snowpega
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<snip>
Although there is no doubt the power of Bitcoin is Increasing day by day and we have seen its value increasing over time. Those people or institutions who used to pass scary statements about Bitcoin have now also started to believe in it and start to invest in Bitcoin. BlackRock world's biggest company was also believed that Bitcoin is an illegal thing and used for money laundering but if we see today this institution is also highly involved in the Bitcoin investment. Well, we also can see some of the negative comments passing people around us also these days and the reason behind that is they are illiterate and have insufficient knowledge about the ecosystem of Bitcoin. haha, I used to listen kind of stories from others who don't believe in Bitcoin that many people lost big money in Bitcoin indeed there is no doubt people may lose their money here but they should also focus on their approach like what are they doing many of them lose their money in Future trading with high leverage, some of them use insecure wallets to store their bitcoin just because of insufficient knowledge. They should conduct good research before entering into the crypto industry that insecure wallets can be compromised easily so if one is losing money here in the crypto space, most cases rely on their own mistakes. In the end, I would say a good amount of knowledge is required for one to survive safely in the crypto space/industry. So always conduct DYOR if you find any term different and doing this may add up to your knowledge. Many Thanks
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btc78
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Eloncoin.org - Mars, here we come!
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May 22, 2024, 10:06:29 AM |
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I was doing some research to add to my understanding on Bitcoin and discovered that many people still do not know how powerful Bitcoin can become in the future. Bitcoin was built differently and to be scarce, the total supply of Bitcoin is fixed but the circulating supply of Bitcoin will always be shrinking and this would not only be happening every four years because of Bitcoin halving but it is happening frequently because of the lost of Bitcoin that might never be tradable again.
This is exactly the reason why burning bitcoin or any cryptocurrency is a thing. People attempt to remove some bitcoin out of the circulation so that its supply decreases therefore increasing more of its value. They do this by sending bitcoin into an address only to never be accessed ever again. Even though that might seem like a good thing, it has consequences associated with it. By burning bitcoin it might never be used as a currency and will just be used as an investment tool.
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