Bitcoin's 21million total coin supply hinders it immensely

[fenican]

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.

And, unlike the Sun, the bitcoin software can easily be modified to remove the 21 million coin limit.

Big LOL at the notion that Bitcoins are "scarce".  One Satoshi isn't even the minimum divisible amount and there will be 21 trillion of them when that limit is hit.  Scarce my ass.

[BenAnh]

If you know this you would not even ask the question in the first place http://www.bitnote.co - knowledge is power!

[lassdas]

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.

And, unlike the Sun, the bitcoin software can easily be modified to remove the 21 million coin limit.

This has been done already,
it's called an altcoin.

[jonald_fyookball]

Bitcoin has a 21 total of 21million coins that could ever be produced.

I think that in itself hinders Bitcoin immensely, I mean there are over 6billion people on Earth, 300million+ just in America, Billion+ in China, etc etc.

Most people, including myself are turned off by the fact that you have to divide bitcoin into ridiculous decimal places. Most people also don't care about having to do the math behind it to figure how much bitoin is worth this object etc etc. It would of been much better if there were different types of bitcoin, like bitcoin=1bitcoin, macrobitcoin=.5bitcoin, microbitcoin= .25 bitcoin etc etc.

This also leads me to believe, that bitcoin was created as a fun Project by Satoshi, if Bitcoin was meant to be serious, then I'm sure it would of had a more realistic number than 21million total coin supply for long term use, this means bitcoin wasn't meant to serious and regarded as it is today by Satoshi..

From first look with the perspective on someone who never seen or heard about bitcoin before, If I saw that Bitcoin had a total coin supply of 21million coins, or that 21million were the max amount of coins that would ever exist and the ridiculous decimal places and math required for bitcoin..I would bypass Bitcoin easily..This is what most people think when they see or hear of bitcoin...

are you stupid, or just trolling?

[cryptoanarchist]

The best part about bitcoin is that dumb people fail at understanding it and will be the last to adopt. Its a wealth transfer from the dumb to the smart.

[Dimelord]

Bitcoin has a 21 total of 21million coins that could ever be produced.

I think that in itself hinders Bitcoin immensely, I mean there are over 6billion people on Earth, 300million+ just in America, Billion+ in China, etc etc.

Most people, including myself are turned off by the fact that you have to divide bitcoin into ridiculous decimal places. Most people also don't care about having to do the math behind it to figure how much bitoin is worth this object etc etc. It would of been much better if there were different types of bitcoin, like bitcoin=1bitcoin, macrobitcoin=.5bitcoin, microbitcoin= .25 bitcoin etc etc.

This also leads me to believe, that bitcoin was created as a fun Project by Satoshi, if Bitcoin was meant to be serious, then I'm sure it would of had a more realistic number than 21million total coin supply for long term use, this means bitcoin wasn't meant to serious and regarded as it is today by Satoshi..

From first look with the perspective on someone who never seen or heard about bitcoin before, If I saw that Bitcoin had a total coin supply of 21million coins, or that 21million were the max amount of coins that would ever exist and the ridiculous decimal places and math required for bitcoin..I would bypass Bitcoin easily..This is what most people think when they see or hear of bitcoin...

I have been saying this for 2 years. Nobody listens.

[Bit_Happy]

The topic has never, ever been discussed before, congrats OP.
Some people will think mBit is a solution.
Others are happy with earning 0.0005 BTC

This "problem" gives hope and purpose to at least a few alt coins which will thrive in the future.

[pandher]

This is why we have Machine Coin - https://bitcointalk.org/index.php?topic=552633.0

[Dimelord]

The topic has never, ever been discussed before, congrats OP.
Some people will think mBit is a solution.
Others are happy with earning 0.0005 BTC

This "problem" gives hope and purpose to at least a few alt coins which will thrive in the future.

alts like Dimecoin?   I couldn't resist.

[HeliKopterBen]

The best part about bitcoin is that dumb people fail at understanding it and will be the last to adopt. Its a wealth transfer from the dumb to the smart.

This ^

[pandher]

The best part about bitcoin is that dumb people fail at understanding it and will be the last to adopt. Its a wealth transfer from the dumb to the smart.

This ^

Look ^ bagholders with riches struck eyes, too bad they will be paupers soon with btc tanking

[grifferz]

Look ^ bagholders with riches struck eyes, too bad they will be paupers soon with btc tanking

I see. What coin does the Indian cryptocurrency scene use then?

[CMMPro]

This is like complaining there are only so many $1000 bills in the world...absolutely stupid.

[pandher]

Look ^ bagholders with riches struck eyes, too bad they will be paupers soon with btc tanking

I see. What coin does the Indian cryptocurrency scene use then?

Machine Coin - https://bitcointalk.org/index.php?topic=552633.0

[Klestin]

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.

Actually you have 1,000,000,000. But who's counting?

[grifferz]

Look ^ bagholders with riches struck eyes, too bad they will be paupers soon with btc tanking

I see. What coin does the Indian cryptocurrency scene use then?

Machine Coin - https://bitcointalk.org/index.php?topic=552633.0

This seems to be limited to 84 million coins, so if there is a problem with 21, won't there be a problem with 84 as well?

[5thStreetResearch]

If bitcoin's had to be traded in whole coins, than yes this would be a huge problem.  But of course this is not the case.  Perhaps the conventional unit should be made the mBTC which would make a unit worth about .45 based on today's prices, but the number of coins is not a problem.

[zuji1022]

Friend and I put together a piece for a Bitnote unit of currency.  Kind of like mBTC.  Either way, think perception is an issue that could be improved.   http://bitnote.co

[amoai]

Bitcoin has a 21 total of 21million coins that could ever be produced.

That's 2,100,000,000,000,000 Satoshis (BTC0.00000001).

If that ever becomes an issue then a soft fork can add more digits.

This is a non-issue.

If bitcoin's had to be traded in whole coins, than yes this would be a huge problem.  But of course this is not the case.  Perhaps the conventional unit should be made the mBTC which would make a unit worth about .45 based on today's prices, but the number of coins is not a problem.

As others have pointed out, it's a non-issue with the numbers.

I think the bigger problem is their lack of distribution, and if there will be a "Bitcoin 1%" forever. But that's another topic for another day.

[paulsonnumismatics]

People have adapted...to two decimal places.  The OP has a fair point, from the perspective of the general public.  People don't like to deal in fractions of things.  People like whole things.  Many people still can't even count back change.  It's just a reality of society.  

Bitcoin may prove to be useful as a store of value and that's where I think it should put it's focus.  It should stop trying to also be a currency.  It's just not useful.  It's not likely to be widely distributed enough to disrupt major world currencies, because there simply are not enough for everyone to have plenty for use.

Cryptocurrencies that are launching with billions of coins, are on the right track as transactional currencies.  It may be simply a mental thing, but perception is reality.

I completely agree on above. If it "just need a soft fork" then the Great Dalmutians out there, rumored to have 6 dots on this forum ;-) , should start implementing it.
People is dumb. This is an universal truth that sooner or later everyone realizes. Let there be satoshis, in the digital age theres a need for micro mili payments, for ad viewing, etc. But the monetary psichology of losing a 1 to be remained with 0.02 is too strong.
If i were satoshi, i should have proposed a 10,000,000,000 units coin. To moreless cover the future earth population, assuming a slowing of breeding. And still use satoshis. That will be an awesome way to track how many coins you have compared to other people... "Hey i have the bitcoins of an entire Malasian family! yay!" Dumb stuff like that. But, mind you, the population is dumb. Yep.