Bitcoin's 21million total coin supply hinders it immensely

[Keeminakar]

Where did you get info that Bitcoin has a 21 total of 21million coins that could ever be produced?

[grifferz]

Where did you get info that Bitcoin has a 21 total of 21million coins that could ever be produced?

http://lmgtfy.com/?q=bitcoin+supply&l=1

[DannyHamilton]

Where did you get info that Bitcoin has a 21 total of 21million coins that could ever be produced?

Simple mathematics.

The block subsidy started at 50 BTC.

Every 210,000 blocks, the block subsidy is cut in half and rounded down to the nearest 0.000000001 BTC.

210,000 blocks X 50 BTC per block = 10,500,000 BTC.  Then the block subsidy is cut in half.
210,000 blocks X 25 BTC per block = 5,250,000 BTC. Then the block subsidy is cut in half.
210,000 blocks X 12.5 BTC per block = 2,625,000 BTC. Then the block subsidy is cut in half.
210,000 blocks X 6.25 BTC per block = 1,312,500 BTC. Then the block subsidy is cut in half.

If we keep up this process, eventually we reach the point where:

210,000 blocks X 0.00000002 BTC = 0.0042 BTC. Then the block subsidy is cut in half.
210,000 blocks X 0.00000001 BTC = 0.0021 BTC. Then the block subsidy is cut in half.
210,000 blocks X 0.00000000 BTC = 0.0 BTC. Then the block subsidy is cut in half.
210,000 blocks X 0.00000000 BTC = 0.0 BTC. Then the block subsidy is cut in half.
etc.

Adding up all the totals:

10,500,000 + 5,250,000 + 2,625,000 + . . . + 0.0042 BTC + 0.0021 BTC + 0.0 BTC = 20,999,999.9769

Since 20,999,999.9769 is less than 21,000,000 we can say "There will never be more than 21 million bitcoins".

[Dimelord]

Where did you get info that Bitcoin has a 21 total of 21million coins that could ever be produced?

Simple mathematics.

The block subsidy started at 50 BTC.

Every 210,000 blocks, the block subsidy is cut in half and rounded down to the nearest 0.000000001 BTC.

210,000 blocks X 50 BTC per block = 10,500,000 BTC.  Then the block subsidy is cut in half.
210,000 blocks X 25 BTC per block = 5,250,000 BTC. Then the block subsidy is cut in half.
210,000 blocks X 12.5 BTC per block = 2,625,000 BTC. Then the block subsidy is cut in half.
210,000 blocks X 6.25 BTC per block = 1,312,500 BTC. Then the block subsidy is cut in half.

If we keep up this process, eventually we reach the point where:

210,000 blocks X 0.00000002 BTC = 0.0042 BTC. Then the block subsidy is cut in half.
210,000 blocks X 0.00000001 BTC = 0.0021 BTC. Then the block subsidy is cut in half.
210,000 blocks X 0.00000000 BTC = 0.0 BTC. Then the block subsidy is cut in half.
210,000 blocks X 0.00000000 BTC = 0.0 BTC. Then the block subsidy is cut in half.
etc.

Adding up all the totals:

10,500,000 + 5,250,000 + 2,625,000 + . . . + 0.0042 BTC + 0.0021 BTC + 0.0 BTC = 20,999,999.9769

Since 20,999,999.9769 is less than 21,000,000 we can say "There will never be more than 21 million bitcoins".

You lost me at "Mathematics" 

[Dimelord]

Where did you get info that Bitcoin has a 21 total of 21million coins that could ever be produced?

Where is the rock that you crawled out of located?

[BenAnh]

I don't think so, have you taken a look at bitnote.co for better ways to understand the decimals. On another note, the Bitcoin Foundation can certainly ask the community the best methods to implement a feature such as the miners can invalidate transactions from stolen bitcoins and new ones can be created to make sure that 21 Millions limit is always there with no BTC lost in the process. Of course it's tricky to implement such features; however the benefit is obvious because for example if Mt Gox is proven guilty for stealing customers' funds then those coins can never be used whatsoever while the new ones can be created to keep that 21M intact. We can discuss the politics and the best ways to determine how to deal with this; however I think we are smart enough to figure out the best course of actions when it's needed.

[TopherB]

Bitcoin is probably not meant to be used by the innumerate.

These days if you can count makes you one of the "elite".

Ah, come on...That's overstating it a bit.  Being able to do long division with a paper and pencil however...

(One might detect that I am an aging USian...)

McDonald's cash registers have little rows of LEDs that tell how many quarters, dimes etc to give back in change. Wendy's registers have made the change themselves for years. Simple math is a dying science in the US. What surprises me is how many seem PROUD of the fact that they can't do basic math.

[ensarwyckven]

Every website that deals in Bitcoins has an easy to use Bitcoin to USD or other altcoins and vice-versa, conversion calculator, so why is this an issue for you ?

[serenitys]

Re math and ancient skills...

True story. When my son was about 13 I bought him a pair of hiking boots. He never wore them even though he was at the store and picked them out, tried them on unlaced and walked around. When I asked why, he laughed and said he doesn't know how to tie the laces right. I thought he was joking but nope, he wasn't. It might sound like parental fail but it's not...I bought him velcro style shoes from the first time I put him in real shoes (not baby shoes) and he just kept getting those kind every time we went shoe shopping. I know tying shoe laces is just a given for everyone it never occurred to me he didn't know how....but when I stopped and reflected, there was never any opportunity we'd needed to teach him. All his shoes had velcro straps for his entire life.

Mind blown. He could tie ties and rope and all but shoe laces were an unknown. Fortunately it only took a few minutes to show him but still...it's kind of awkward to know my own child couldn't tie his own shoelaces til he was a tween and never said a word...

[molecular]

Re math and ancient skills...

True story. When my son was about 13 I bought him a pair of hiking boots. He never wore them even though he was at the store and picked them out, tried them on unlaced and walked around. When I asked why, he laughed and said he doesn't know how to tie the laces right. I thought he was joking but nope, he wasn't. It might sound like parental fail but it's not...I bought him velcro style shoes from the first time I put him in real shoes (not baby shoes) and he just kept getting those kind every time we went shoe shopping. I know tying shoe laces is just a given for everyone it never occurred to me he didn't know how....but when I stopped and reflected, there was never any opportunity we'd needed to teach him. All his shoes had velcro straps for his entire life.

Mind blown. He could tie ties and rope and all but shoe laces were an unknown. Fortunately it only took a few minutes to show him but still...it's kind of awkward to know my own child couldn't tie his own shoelaces til he was a tween and never said a word...

https://www.youtube.com/results?search_query=tie+show+laces

[Monetizer]

That is why there have been calls to swith to mBTC and the such, so there are many more units to be bough. I would rather pay $10 for 1 mBTC than get 0.01 BTC for my $10...

[grifferz]

I would rather pay $10 for 1 mBTC than get 0.01 BTC for my $10...

You'd rather pay $10 for 1 mBTC than pay $10 for 10 mBTC?

The going rate for 1 mBTC is currently about $0.414, but if you're into paying ten times as much then I have some to sell you at $4.14 per mBTC.

[billysweird]

I've read somewhere that in a few millions years, the sun is going to die, and we will all die. But I don't care, just like I don't care about the 21 million limit. It shouldn't mean anything to anyone.

Best post in thread.

If you have 10btc today, you don't actually have 10 units of wealth. You have 10,000,000 units of wealth. Call them whatever you want.

When the day comes that 1 Satoshi >= 1 dollar, you will understand why that distinction is important.

Totally agree!

[Bitcoin Magazine]

it does NOT hinder it.  it is just like gold.  a finite supply on earth, and we can't create any more (it's only created in supernovae).  21,000,000 is figurative for the amount of gold on the earth that we will ever see

[cr1776]

the obvious solution is bytecoin.  worth 8 times as much  

2 ^ 8 times as much?