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    Author Topic: Increasing Bitcoin supply  (Read 714 times)

    • Xenrise
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    January 14, 2018, 09:05:11 AM
     #121
    What is your question? What do you mean by increasing the supply and what'll happen? The supply of bitcoins all over the blockchain is only 21 million. And many of those aren't mined just yet. I wonder what will happen if those unmined bitcoin will be mined. All of the supply will be mined. Probably due to demand the price of bitcoin will go up.

  • kimochidesh
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    January 14, 2018, 09:49:52 AM
     #122
    Quote from: anushkasachith888 on January 08, 2018, 11:05:50 AM
    I am asking this question for my knowledge as I don't know the real fact as a newbie, We know that Bitcoin has limited supply compare to new altercoins, As the supply is not too big, Bitcoin price has become very high, My question is ,Is it impossible to increase the bitcoin supply mining new bitcoins further more ?  Thanks in advance

    It is not possible to Mine BTC faster as there is fixed block size and time. Usually, it takes 10 min to mine a block and time can't be acceded or decreased as Hash rate adjust itself accordingly so that time of block mining remains roughly the same. This the beauty of this technology and Where supply, as well as time of mining, is limited.

  • anushkasachith888 (OP)
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    January 14, 2018, 09:51:06 AM
     #123
    Quote from: Xenrise on January 14, 2018, 09:05:11 AM
    What is your question? What do you mean by increasing the supply and what'll happen? The supply of bitcoins all over the blockchain is only 21 million. And many of those aren't mined just yet. I wonder what will happen if those unmined bitcoin will be mined. All of the supply will be mined. Probably due to demand the price of bitcoin will go up.

    I think You have already understood the questions.  Wink no need to clarify. Agree with you on your speech here

  • vhiancs
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    January 14, 2018, 09:52:43 AM
     #124
    Quote from: anushkasachith888 on January 08, 2018, 11:05:50 AM
    I am asking this question for my knowledge as I don't know the real fact as a newbie, We know that Bitcoin has limited supply compare to new altercoins, As the supply is not too big, Bitcoin price has become very high, My question is ,Is it impossible to increase the bitcoin supply mining new bitcoins further more ?  Thanks in advance
    I can say that's right, it's possible that bitcoin prices rise due to mining, and also the reasons for the bitcoin price will go up is the growing of numbers of investors, demand of supply, and holders.

  • Altero
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    January 14, 2018, 09:56:20 AM
     #125
    Quote from: Mandoy on January 08, 2018, 12:00:42 PM
    Quote from: anushkasachith888 on January 08, 2018, 11:05:50 AM
    I am asking this question for my knowledge as I don't know the real fact as a newbie, We know that Bitcoin has limited supply compare to new altercoins, As the supply is not too big, Bitcoin price has become very high, My question is ,Is it impossible to increase the bitcoin supply mining new bitcoins further more ?  Thanks in advance

    The number of bitcoins can be increased anytime but that would be against the original design of nakamoto satoshi which is set at 21 million coins. Increasing in the number of bitcoin can cause tremendous deflation in its value. So let us just accept the current bitcoin as it is.
    Even though that certain amount of supply are reached, still bitcoin continuously existed in the market but it only runs by its circulating supply which is mined already. In fact, $21million is far to reached and there's still a long years to stay on mining.

  • anushkasachith888 (OP)
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    January 14, 2018, 10:04:06 AM
     #126
    Quote from: Altero on January 14, 2018, 09:56:20 AM
    Quote from: Mandoy on January 08, 2018, 12:00:42 PM
    Quote from: anushkasachith888 on January 08, 2018, 11:05:50 AM
    I am asking this question for my knowledge as I don't know the real fact as a newbie, We know that Bitcoin has limited supply compare to new altercoins, As the supply is not too big, Bitcoin price has become very high, My question is ,Is it impossible to increase the bitcoin supply mining new bitcoins further more ?  Thanks in advance

    The number of bitcoins can be increased anytime but that would be against the original design of nakamoto satoshi which is set at 21 million coins. Increasing in the number of bitcoin can cause tremendous deflation in its value. So let us just accept the current bitcoin as it is.
    Even though that certain amount of supply are reached, still bitcoin continuously existed in the market but it only runs by its circulating supply which is mined already. In fact, $21million is far to reached and there's still a long years to stay on mining.

    How long will it take to finish mining  all 21 million ?  I saw that some one has told it will end up mining in 2140. I don't know whether it is correct or not,

  • JTEN18
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    January 14, 2018, 10:11:15 AM
     #127
    Quote from: anushkasachith888 on January 14, 2018, 10:04:06 AM
    Quote from: Altero on January 14, 2018, 09:56:20 AM
    Quote from: Mandoy on January 08, 2018, 12:00:42 PM
    Quote from: anushkasachith888 on January 08, 2018, 11:05:50 AM
    I am asking this question for my knowledge as I don't know the real fact as a newbie, We know that Bitcoin has limited supply compare to new altercoins, As the supply is not too big, Bitcoin price has become very high, My question is ,Is it impossible to increase the bitcoin supply mining new bitcoins further more ?  Thanks in advance

    The number of bitcoins can be increased anytime but that would be against the original design of nakamoto satoshi which is set at 21 million coins. Increasing in the number of bitcoin can cause tremendous deflation in its value. So let us just accept the current bitcoin as it is.
    Even though that certain amount of supply are reached, still bitcoin continuously existed in the market but it only runs by its circulating supply which is mined already. In fact, $21million is far to reached and there's still a long years to stay on mining.

    How long will it take to finish mining  all 21 million ?  I saw that some one has told it will end up mining in 2140. I don't know whether it is correct or not,
    That is right, it will take a decade after all bitcoins will be fully mined, so we have so much time to have a bitcoin in our life, so we don't have to missed this opportunity or we will regret all those things that we just missed when we saw the price of bitcoin in the future.

  • anushkasachith888 (OP)
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    January 14, 2018, 11:14:19 AM
     #128
    Quote from: JTEN18 on January 14, 2018, 10:11:15 AM
    Quote from: anushkasachith888 on January 14, 2018, 10:04:06 AM
    Quote from: Altero on January 14, 2018, 09:56:20 AM
    Quote from: Mandoy on January 08, 2018, 12:00:42 PM
    Quote from: anushkasachith888 on January 08, 2018, 11:05:50 AM
    I am asking this question for my knowledge as I don't know the real fact as a newbie, We know that Bitcoin has limited supply compare to new altercoins, As the supply is not too big, Bitcoin price has become very high, My question is ,Is it impossible to increase the bitcoin supply mining new bitcoins further more ?  Thanks in advance

    The number of bitcoins can be increased anytime but that would be against the original design of nakamoto satoshi which is set at 21 million coins. Increasing in the number of bitcoin can cause tremendous deflation in its value. So let us just accept the current bitcoin as it is.
    Even though that certain amount of supply are reached, still bitcoin continuously existed in the market but it only runs by its circulating supply which is mined already. In fact, $21million is far to reached and there's still a long years to stay on mining.

    How long will it take to finish mining  all 21 million ?  I saw that some one has told it will end up mining in 2140. I don't know whether it is correct or not,


    That is right, it will take a decade after all bitcoins will be fully mined, so we have so much time to have a bitcoin in our life, so we don't have to missed this opportunity or we will regret all those things that we just missed when we saw the price of bitcoin in the future.

    Hmm, but we will not have much money to buy BTC When Its price increase at this rate even though we have enough time .  Grin

  • Umar001
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    January 14, 2018, 12:24:18 PM
     #129
    Increase bitcoin supply, is not advisable, if you increase supply of bitcoin without adequate measure, it will bitcoin to loss it value, and unecessary inflation set inn.
      In order to maintain the  core purpose of bitcoin, increase of supply is not the way to go for now.  

  • zolfa
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    January 14, 2018, 12:45:25 PM
     #130
    I do not know why bitcoin has a limited supply, and is predicted to run out in 2024.
    and I do not know if bitcoin can be added or not, but I know that other altcoins when on the wall run out, then it can be added.
    maybe bitcoin can also do the same thing.

  • Semosuchi Tesongrato
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    January 14, 2018, 08:37:07 PM
     #131
    The bitcoin supply increases day to day, this is exact the aim of mining.
    What you can increase - luckily - is the speed with this supply can increase.
    This is exactly what gives value to bitcoin.
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  • yoseph
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    January 14, 2018, 08:41:17 PM
     #132
    Quote from: btcprospecter on January 08, 2018, 12:38:49 PM
    It would be a very bad idea to try and increase the supply that is one of the main reasons for the value of bitcoin it is a limited supply which is actually less than the 21 million with the amount of lost coins out there.
    Increasing the number of bitcoins will severly devalue the currency but again comparing it to Gold, there isn't a fixed amount of Gold in the system like Bitcoin. So maybe if the value is unlimited it is not going to cost any problem at all.

  • junetuesdays
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    January 14, 2018, 09:17:04 PM
     #133
    Quote from: yoseph on January 14, 2018, 08:41:17 PM
    Quote from: btcprospecter on January 08, 2018, 12:38:49 PM
    It would be a very bad idea to try and increase the supply that is one of the main reasons for the value of bitcoin it is a limited supply which is actually less than the 21 million with the amount of lost coins out there.
    Increasing the number of bitcoins will severly devalue the currency but again comparing it to Gold, there isn't a fixed amount of Gold in the system like Bitcoin. So maybe if the value is unlimited it is not going to cost any problem at all.

    Agree I will only invest in coins with a limited volume, due to the basic supply and demand argument coins with a limited availability will always experience growth.

    Those with an unlimited supply will level out eventually

  • oviudiu
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    January 14, 2018, 09:33:54 PM
     #134
    Quote from: anushkasachith888 on January 08, 2018, 11:05:50 AM
    I am asking this question for my knowledge as I don't know the real fact as a newbie, We know that Bitcoin has limited supply compare to new altercoins, As the supply is not too big, Bitcoin price has become very high, My question is ,Is it impossible to increase the bitcoin supply mining new bitcoins further more ?  Thanks in advance

    If you increase the Bitcoin supply it will lose the point and a LOT of value. Because what is done once, it will become habit. Increasing the number of coins will ruin the coin. Period!

  • tricker01
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    January 14, 2018, 09:45:06 PM
     #135
    Quote from: oviudiu on January 14, 2018, 09:33:54 PM
    Quote from: anushkasachith888 on January 08, 2018, 11:05:50 AM
    I am asking this question for my knowledge as I don't know the real fact as a newbie, We know that Bitcoin has limited supply compare to new altercoins, As the supply is not too big, Bitcoin price has become very high, My question is ,Is it impossible to increase the bitcoin supply mining new bitcoins further more ?  Thanks in advance

    If you increase the Bitcoin supply it will lose the point and a LOT of value. Because what is done once, it will become habit. Increasing the number of coins will ruin the coin. Period!
    If you increase the bitcoins supply, materiality of this coin was getting lowered. Because when numbers of bitcoin increase many people can afford this coin and possible they can hold it. Also I was not believe that when bitcoin number increase the price increase too.

  • maarx
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    January 14, 2018, 09:56:40 PM
     #136
    Quote from: gilangIDR on January 14, 2018, 08:57:40 AM
    Quote from: anushkasachith888 on January 14, 2018, 08:10:57 AM
    Quote from: laowang666 on January 14, 2018, 07:55:18 AM
    Bitcoin is unlikely to increase because the total amount of bitcoins is fixed, and in the future, bitcoin will become more and more difficult to obtain, and its price will become higher and higher.

    When we think about BTC in that we will sad that we couldn't gain enough BTC earlier.  Cry Cry Cry
    All supply is determined and when supply has stopped then what will change is bitcoin price. The bitcoin price will always change at any time, but the supply will stay that way. I see this as an opportunity to increase the price of bitcoin because with it the bitcoin will be more difficult to obtain. It is in accordance with the law of demand, we all know that something has a demand factor and how much is available.

    Yah. The supply limitaion incrases the value more. If the supply is increased, then there wont be a demand for it, and when there is no demand on it, the price do not get increased. The main reason for bitcoin value to keep increasing further would be the demand on it. Though everything is possible with techs, it is said and finalized with the current limitation of supply. The new born of BCH, Bitconnect and other altcoins created by BTC team would be another main reason.
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  • Kelvinid
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    January 14, 2018, 10:36:18 PM
     #137
    Quote from: oviudiu on January 14, 2018, 09:33:54 PM
    Quote from: anushkasachith888 on January 08, 2018, 11:05:50 AM
    I am asking this question for my knowledge as I don't know the real fact as a newbie, We know that Bitcoin has limited supply compare to new altercoins, As the supply is not too big, Bitcoin price has become very high, My question is ,Is it impossible to increase the bitcoin supply mining new bitcoins further more ?  Thanks in advance

    If you increase the Bitcoin supply it will lose the point and a LOT of value. Because what is done once, it will become habit. Increasing the number of coins will ruin the coin. Period!
    Yes.If you try to make increase in the number of supply of bitcoin,i think there would be consequences for that.Aside from deflation of value,you will be against the nature of bitcoin too.The amount of bitcoin is already given and fixed already so we have no chance increasing it.What we should aim to do is to make the demands higher so that the price will no longer decrease,it will just continue to soar high.

  • Cryptophorus Columbus
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    January 18, 2018, 06:46:51 AM
     #138
    Bitcoin increase daily by mining; but you can't increase the rate of supply.
    Please note that this is the biggest advantage of bitcoin on fiat money, that protect us from inflation.

  • Xxmodded
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    January 18, 2018, 07:00:47 AM
     #139
    Quote from: Almat on January 08, 2018, 11:07:46 AM
    It is technically possible, but doing so would negatively impact the price. It is likely never going to happen.


    agree with you, because the supply has been determined at the beginning of the created bitcoin. will be many possibilities, even a lot of different thinking. but I don't think bitcoin will ever increase in number.

  • anushkasachith888 (OP)
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    January 18, 2018, 07:17:10 AM
     #140
    Quote from: Xxmodded on January 18, 2018, 07:00:47 AM
    Quote from: Almat on January 08, 2018, 11:07:46 AM
    It is technically possible, but doing so would negatively impact the price. It is likely never going to happen.


    agree with you, because the supply has been determined at the beginning of the created bitcoin. will be many possibilities, even a lot of different thinking. but I don't think bitcoin will ever increase in number.

    If it is possible, if it is required to increase BTC suppy. Who will determine to increase BTC supply?
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