Thekool1s (OP)
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Change is in your hands
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August 02, 2014, 11:21:56 AM |
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any idea when will bitcoin reach 21 million mark as their are currently 15 million coins.
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Finchy
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August 02, 2014, 11:25:25 AM |
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You can find this information just by googling it and these type of questions belong in the noob forum.
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Thekool1s (OP)
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Change is in your hands
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August 02, 2014, 11:27:48 AM |
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You can find this information just by googling it and these type of questions belong in the noob forum.
I think you are right I found it on Wikipedia, Thanks for your reply anyway
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haploid23
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August 02, 2014, 11:28:13 AM |
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On the top of my head, it was over 100 years. Not in your lifetime basically.
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Bizmark13
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August 02, 2014, 11:30:42 AM |
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any idea when will bitcoin reach 21 million mark as their are currently 15 million coins.
Are you sure there are 15 million coins already? Coinmarketcap.com says that there are a little over 13 million coins. And to answer your question, here is the relevant section on the Bitcoin FAQ: How long will it take to generate all the coins?
The last block that will generate coins will be block #6,929,999 which should be generated at or near the year 2140. The total number of coins in circulation will then remain static at 20,999,999.9769 BTC.
Even if the allowed precision is expanded from the current 8 decimals, the total BTC in circulation will always be slightly below 21 million (assuming everything else stays the same). For example, with 16 decimals of precision, the end total would be 20,999,999.999999999496 BTC.
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Thekool1s (OP)
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Change is in your hands
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August 02, 2014, 11:30:51 AM |
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On the top of my head, it was over 100 years. Not in your lifetime basically.
What about yours? Are you planing to live 100 years?
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Soros Shorts
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August 02, 2014, 12:52:18 PM |
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On the top of my head, it was over 100 years. Not in your lifetime basically.
What about yours? Are you planing to live 100 years? Yes, hopefully I would have saved enough BTC to regrow and replace all my organs using stem cells. Unfortunately when it comes time for a brain replacement I will forget everything.
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Prez
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August 02, 2014, 12:54:00 PM |
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When will the bitcoin block reward be halved from 25BTC?
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franky1
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August 02, 2014, 01:16:08 PM |
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When will the bitcoin block reward be halved from 25BTC?
every 4 years beginning from 2009 2013=50 to 25coin, 2017=25 to 12.5coin 2021=12.5 to 6.25coin and so on
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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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Jamie_Boulder
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August 02, 2014, 01:17:37 PM |
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When will the bitcoin block reward be halved from 25BTC?
every 4 years beginning from 2009 2013=50 to 25coin, 2017=25 to 12.5coin 2021=12.5 to 6.25coin and so on Approx 140 years to reach the 21m mark I believe.
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remotemass
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ASMR El Salvador
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August 02, 2014, 01:26:30 PM |
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Right now bitcoin has 8 decimals but if the protocol is changed for it to have 16 decimals or more it will take more time to reach the limit...
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{ Imagine a sequence of bits generated from the first decimal place of the square roots of whole integers that are irrational numbers. If the decimal falls between 0 and 5, it's considered bit 0, and if it falls between 5 and 10, it's considered bit 1. This sequence from a simple integer count of contiguous irrationals and their logical decimal expansion of the first decimal place is called the 'main irrational stream.' Our goal is to design a physical and optical computing system system that can detect when this stream starts matching a specific pattern of a given size of bits. bitcointalk.org/index.php?topic=166760.0 } Satoshi did use a friend class in C++ and put a comment on the code saying: "This is why people hate C++".
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medicine
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August 02, 2014, 01:37:17 PM |
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And as a side note, if a decimal place is ever added for some reason like a need for additional units, which I suspect is highly unlikely, every holder of btc would hold the exact same % of total coins before and after the addition. This is unlike the current fiat system which issues new currency units in a completely uneven/unfair way. No printing money and handing it to banks/companies bail out style. Peace
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InwardContour
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August 02, 2014, 01:46:18 PM |
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When will the bitcoin block reward be halved from 25BTC?
every 4 years beginning from 2009 2013=50 to 25coin, 2017=25 to 12.5coin 2021=12.5 to 6.25coin and so on Approx 140 years to reach the 21m mark I believe. When the last bitcoin will be mined probably it will be the world currency and most of our future grandchildren will be rich. But bitcoin could die and our efforts to gain some coins will be useless, who knows.
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2double0
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August 02, 2014, 01:49:38 PM |
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We will be dead but around 2140
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exponential
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August 02, 2014, 01:51:28 PM |
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Yes 2140 was the estimate.
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haploid23
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August 02, 2014, 07:38:06 PM |
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Just a thought: All miners can collectively game the system so the 21 million mined coins can be achieved much quicker. Right before difficulty change, majority of the miners drop out so that the total network hash power plummets, so after the new difficulty correction drops, all miners jump back in. This would result in blocks being much faster than 10 minute averages. After 2 weeks, miners drop out again until difficulty change, then jump back in. Rise and repeat. Cutting down the 10 minute block times in effect would cut down the number of years required to mine out all blocks.
Practically speaking, this won't ever happen, but it's still a possibility.
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odolvlobo
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August 02, 2014, 09:36:24 PM |
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Just a thought: All miners can collectively game the system so the 21 million mined coins can be achieved much quicker. Right before difficulty change, majority of the miners drop out so that the total network hash power plummets, so after the new difficulty correction drops, all miners jump back in. This would result in blocks being much faster than 10 minute averages. After 2 weeks, miners drop out again until difficulty change, then jump back in. Rise and repeat. Cutting down the 10 minute block times in effect would cut down the number of years required to mine out all blocks.
Practically speaking, this won't ever happen, but it's still a possibility.
That won't work. You don't understand how the difficulty is calculated. Anyway, the only way to speed up the block reward is to raise the difficulty.
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seriouscoin
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August 02, 2014, 09:37:59 PM |
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Just a thought: All miners can collectively game the system so the 21 million mined coins can be achieved much quicker. Right before difficulty change, majority of the miners drop out so that the total network hash power plummets, so after the new difficulty correction drops, all miners jump back in. This would result in blocks being much faster than 10 minute averages. After 2 weeks, miners drop out again until difficulty change, then jump back in. Rise and repeat. Cutting down the 10 minute block times in effect would cut down the number of years required to mine out all blocks.
Practically speaking, this won't ever happen, but it's still a possibility.
Are you fcking retard? Difficulty adjustment is based on number of blocks not "2 weeks" When all the miners drop out, says good bye to your "10 minute" block time along with your stupid "2 weeks". For a hero member to say such stupid fck, i think its safe to assume you're a fraudster/scammer. (hint for noobs: there are ppl who sell hero member account)
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Yakamoto
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August 02, 2014, 09:42:42 PM |
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1) They're at just over 13 million. Not 15... 2) 2140. It won't be before then, unless the protocol changes.
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odolvlobo
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August 02, 2014, 09:51:12 PM |
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2) 2140. It won't be before then, unless the protocol changes.
The block reward schedule is based on blocks, not time. It is only indirectly related to time because a block is supposed to be produced every 10 minutes on average. However, if hashing power (and thus difficulty) increases, the average time is less than 10 minutes. The first halving occurred about 2 months early. Assuming that the hashing power continues to increase, the last block reward will occurr long before 2140 (my estimate is around 2130).
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