Only 21 Million Bitcoin

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The limited supply of Bitcoin is a fundamental aspect of the digital currency, as it creates scarcity and gives it value. The total number of Bitcoins that can ever be created is capped at 21 million, which is set in stone by the Bitcoin protocol. This means that no more Bitcoins can be created once this number is reached, unlike traditional fiat currencies which can be printed in infinite quantities by central banks leading to inflation.

The scarcity of Bitcoin is a key driver of its price, as it creates a sense of exclusivity and rarity. As more people adopt and invest in Bitcoin, the demand for it increases, driving the price up. This has led to speculation that the price of Bitcoin will continue to rise as more people become aware of it and invest in it.

Additionally, the mechanism of halving which occurs every 210,000 blocks or roughly every four years, controls the rate at which new Bitcoins are created, further increasing the scarcity and driving the price up. The current block reward is 6.25 Bitcoins and as it continues to decrease, the rate at which new Bitcoins are created will also decrease, increasing the scarcity of the digital currency.

In summary, the limited supply of 21 million Bitcoins is a crucial aspect of the digital currency, as it creates scarcity and gives it value. The scarcity is a key driver of its price and speculation that the price will continue to rise as demand increases. The halving mechanism also plays a role in controlling the rate at which new Bitcoins are created, further increasing the scarcity and driving the price up.

 

What is to stop the number of 21 million just being edited in the code?

The number 21 million is hard-coded into the Bitcoin protocol and cannot be edited because it is a fundamental aspect of the digital currency’s design. This number was chosen by the creator(s) of Bitcoin, Satoshi Nakamoto, as a way to control the rate of inflation and ensure that the currency remains scarce.

If the number 21 million were to be edited in the code, it would fundamentally change the nature of Bitcoin as a scarce, decentralized currency. It would also lead to a loss of trust in the currency, as users would no longer be able to rely on the set limit of 21 million coins.

Furthermore, the Bitcoin protocol is an open-source software which means that it is publicly accessible and can be audited by anyone. Changing the maximum number of Bitcoins would require a consensus from the entire Bitcoin community which is highly unlikely.

In summary, the number 21 million is hard-coded into the Bitcoin protocol as a way to control the rate of inflation and ensure that the currency remains scarce. Changing this number would fundamentally alter the nature of the currency and would not be accepted by the community.

Only 21 Million Bitcoin will ever be made. Digital scarcity is the basis of the invention of Bitcoin. Never before has it been possible to create something that is only digital and is scarce. Over 90% of the 21 Million Bitcoin to be mined (or minted, if you prefer) have already been issued. As a result of The Bitcoin Halvings fewer coins are minted as time goes by. The very last bitcoin will take over 40 years to mine, and will take until the year approx 2140.

One way to begin receiving Bitcoin is with our innovative Bitcoin Lightning Instant Payment Address (a ‘blipa’) which can be used to receive payments in the same way you can give out an email address to receive messages.

Order your own blipa such as bitcoin@yourshopname.com from our Bitcoin Shop page

https://bitcoinnottingham.org/product/bitcoin-lighting-payment-address/

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The Bitcoin Whitepaper

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The Bitcoin white paper, entitled “Bitcoin: A Peer-to-Peer Electronic Cash System,” was authored by an individual or group using the pseudonym Satoshi Nakamoto and was first published on October 31st, 2008.

It was the first time the word “Bitcoin” was defined and the paper describes the design and implementation of a decentralized electronic cash system that allows for online payments to be sent directly from one party to another without the need for a financial intermediary.

The system is built on a decentralized peer-to-peer network and uses cryptography to secure and validate transactions.

The paper also describes the concept of “mining” as a way to create and add new bitcoins to the system, and it outlines a plan for the currency’s release and circulation.

If you are just starting to learn about Bitcoin, it is recommended to read the white paper for yourself. It is the first ever document published on the subject and even if you don’t understand it at first, it’s a good idea to read it as it’s a fundamental piece of literature to become Bitcoin literate.

The white paper can be found at https://bitcoinwhitepaper.co/

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Satoshi Nakamoto

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Satoshi Nakamoto is the pseudonym used by the mysterious creator or creators of the bitcoin digital currency. The true identity of this person or group of people is unknown and has been a topic of much speculation.

What is known about Satoshi is that they authored the original Bitcoin white paper in 2008, which outlined the concept and technical design of the digital currency. They also wrote and contributed to the original Bitcoin software, which was released as open-source code in 2009.

After releasing the software and white paper, Satoshi communicated with the early Bitcoin community through online forums and email, but their involvement gradually decreased until they eventually disappeared from the scene completely in 2011.

Despite the anonymity surrounding Satoshi, their contributions to the development of Bitcoin have had a profound impact on the world of finance and technology. The revolutionary idea of a decentralized digital currency, and the innovative technology behind it, has the potential to reshape the way we think about money and banking.

Various people have claimed to be Satoshi over the years so it’s worth mentioning that the only way someone could prove to be Satoshi Nakamoto would be by spending one of the first bitcoins ever created, from what is called the “genesis block” these coins have a unique characteristic that makes them different from all other bitcoins, because they can be traced back to the first block ever mined, and as such they could only have been mined and controlled by Satoshi. This is because when the first bitcoins were mined, the network was not yet in existence, so no one else could have mined them.

However, it’s important to note that even if someone were to prove that they have control over these bitcoins, it would not necessarily mean they are Satoshi Nakamoto, the pseudonym could have been used by a group of people or someone could have acquired control of these bitcoins from Satoshi.

Satoshi Nakamoto’s true identity may never be known, as the person or group behind the pseudonym has made a conscious effort to remain anonymous. However, the impact of their creation, Bitcoin, continues to more and more people every day throughout the whole world, what a legend!

Find out how to buy bitcoin from this public domain openkeywords.com post or come along to the next Bitcoin Meetup in Nottingham or find (or start!) your local meetup group

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