Controlled Supply - Bitcoin Wiki
A fixed money supply, or a supply altered only in accord with objective and calculable criteria, is a necessary condition to a meaningful just price of money.  Fr. Bernard W. Dempsey, S.J. (1903-1960) In a centralized economy, currency is issued by a central bank at a rate that is supposed to match the growth of the amount of goods that are exchanged so that these goods can be traded with stable prices. The monetary base is controlled by a central bank. In the United States, the Fed increases the monetary base by issuing currency, increasing the amount banks have on reserve or by a process called Quantitative Easing . In a fully decentralized monetary system, there is no central authority that regulates the monetary base. Instead, currency is created by the nodes of a peer-to-peer network. The Bitcoin generation algorithm defines, in advance, how currency will be created and at what rate. Any currency that is generated by a malicious user that does not follow the rules will be rejected by the network and thus is worthless. Bitcoins are created each time a user discovers a new block .The rate of block creation is adjusted every 2016 blocks to aim for a constant two week adjustment period (equivalent to 6 per hour.) The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every 210,000 blocks, or approximately four years. The result is that the number of bitcoins in existence is not expected to exceed 21 million.  Speculated justifications for the unintuitive value "21 million" are that it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number. Satoshi has never really justified or explained many of these constan Continue reading >>
Ever Wondered How Many Bitcoins Will There Eventually Be? Here's An Answer
Dec 12, 2017 12:33 PM IST | Source: Moneycontrol.com Ever wondered how many bitcoins will there eventually be? Here's an answer Though, on an average, 12.5 bitcoins are being added to the supply but this will not be constant. By design, at some point in future, the generation of anymore bitcoins will not be practically feasible Currently, 16,734,300 bitcoins are in circulation, and on an average every 10 minutes, 12.5 bitcoins are being added to the total supply. Bitcoins are generated on a socially accepted contract proposed by its mysterious inventor(s) Satoshi Nakamoto. But how many bitcoins will there be eventually? The answer is 21 million. According to the contract which every miner or stakeholder (called nodes) within the bitcoin network agrees to, every block created in a blockchain introduces a certain number of bitcoins which halves every 210,000 blocks. So, by design, the first 210,000 blocks added 50 bitcoins per block to the network. The next 210,000 blocks added 25 bitcoins, currently, 12.5 bitcoins are being added to the system, and after another 210,000 blocks are created the number will be halved to 6.25 bitcoins. ALSO READ: Bitcoin and India: A historic high and a series of warnings from RBI and the government It basically creates a geometric series (up to infinity): 50, 25, 12.5, 6.25. Logically, as the number is getting shorter after every 210,000 blocks, it will eventually reach very close to zero. However, it will never reach zero. So theoretically, the mining (or generation) of bitcoins will never cease. But, at some point, it will not be practical to mine any more bitcoins as generating a ridiculously low amount of bitcoin will no longer be profitable. By that time, as per calculation (see bottom), (nearly) 21 million bitcoins would have been ge Continue reading >>
80 Percent Of The Total Bitcoin Supply Have Now Been Mined
80 Percent of the Total Bitcoin Supply Have Now Been Mined This weekend marks a milestone for bitcoin as 80 percent of the currency has now been mined into circulation, this means theres only 20 percent left to mine. Satoshi Nakamotos protocol was one of the first to introduce digital scarcity and soon enough the digital asset will become even harder to obtain. Also read: How to Dollar-Cost Average Buy and Hodl Cryptocurrency Like A Boss There Are Only 4.2 Million Bitcoins Left to Mine So far on January13, 2018, 16,800,000 BTC have been mined and theres only 20 percent left for miners to acquire. When Satoshi Nakamoto introduced the bitcoin protocol to the public by launching the codebase in 2009, the cryptocurrency came with a capped supply. The supply will never be increased and Nakamoto set the number to 21 million bitcoins ever to be found. So far the creators plan and miners securing the network have successfully secured this rule from changing with hashpower. Theoretically,however, skeptics believe there could be a way to increase the supply through manipulative tactics such as a 51 percent or Sybil attack . As the digital assets life approaches a decade no one has been able to break the rules of 21 million supply cap. This has given individuals reason to believe that Satoshi solved one of the hardest computational equations, the Byzantine Generals problem , a security flaw that had plagued computer scientists for decades. Essentially the problem exists with distributed networks as the issue brings certain faults or security flaws making it easy to attack. This, in turn, makes it hard for protocols to prove something because there is an unsolvability proof within the network. With Satoshis Proof-of-Work in the original bitcoin protocol, the economic measure makes Continue reading >>
How Much Bitcoin Has Been 'lost' Forever?
How Much Bitcoin Has Been 'Lost' Forever? Cryptocurrencies, tech, long-term horizon Bitcoin has a controlled supply, meaning that the amount of coins that can be mined are finite. The amount of Bitcoin actually in circulation is far lower than the amount of Bitcoin in existence, due to accidental loss or willful destruction. Of the 16 and a half million Bitcoin that have been mined so far, it is estimated that up to 25% have been lost for good. Bitcoin has a controlled supply , meaning that amount of coins that can be created are finite . The Bitcoin protocol is designed in such a way that new Bitcoins are created at a decreasing and predictable rate. The number of new Bitcoins created each year is automatically halved over time until Bitcoin issuance halts completely with a total of 21 million Bitcoins in existence. As of June 20, 2017, Bitcoin has reached a total circulation amount of 16.4 million coins, which is about 78% of the total amount of Bitcoin that there ever will be in existence. The theoretical total number of Bitcoin, 21 million, should not be confused with the total spendable supply. The total spendable supply is always lower than the theoretical total supply, and is subject to accidental loss as well as willful destruction. As a side note, while the number of Bitcoin in existence will never exceed 21 million, the money supply of Bitcoin can exceed 21 million due to fractional-reserve banking . So how much Bitcoin exactly has been lost? It's a pretty tough question considering there is no definitive metric for finding the answer. A good estimate is around 25% percent of all Bitcoin (4 million Bitcoins), according to an impressive, albeit slightly dated, analysis by John W. Ratcliff. His article, written June 18, 2014, arrives at the conclusion that 30% Continue reading >>
2/3 Of All Bitcoins Have Been Mined, 1/3 May Be Lost
2/3 Of All Bitcoins Have Been Mined, 1/3 May Be Lost Bitcoin is deflationary, meaning that mined coins arefinite. Once miners unearth 21 million coins, that will be the total number of Bitcoins that will ever exist. But due to lost and forgotten wallets, active Bitcoins will be far lower than that. On the 30th March 2015, Bitcoin reached the total circulation amount of 14 million coins. There is now two thirds of the total amount of Bitcoins mined that there ever will be in existence. From this we may predict that there will be a rising price in bitcoin due to scarcity, over the long term, as the bounty for miners will be halved to 12.5 BTC per block next year. 14 million bitcoinshave been mined so far. This represents two thirds of the 21 million bitcoin limit. According to The Genesis Block 10% of Bitcoins havent been active since 2012, and a substantial 35% havent been spent since 2011. This second number is most likely to consist of lost coins. Bitcoins can be lost due to irrecoverable passwords, forgotten wallets from when Bitcoin was worth little, from hardware failure or because of the death of the bitcoin owner. Its extremely improbable and effectively impossible to recover lost coins. At press times the total value of lost bitcoins is roughly $1.23 billion USD. An interesting fact is that the person or group who created Bitcoin, Satoshi Nakamoto, has over one million coins that were mined during the early stages of the renowned crypto-currency. These bitcoins have remained unspent and moved, whether or not this was intentional or not, the motivation remains unknown. This pile of bitcoins accounts for one third of all inactive coins in existence. Not a single satoshi has been moved or spent. Is there some cunning plan for these coins in the future? We will neve Continue reading >>
Bitcoin - Wikipedia
Unspent outputs of transactions denominated in any multiple of satoshis  :ch. 5 12.5 bitcoins per block (approximately every ten minutes) until mid 2020,  and then afterwards 6.25 bitcoins per block for 4 years until next halving. This halving continues until 2110–40, when 21 million bitcoins will have been issued. ^ The symbol was encoded in Unicode version 10.0 at position U+20BF ₿ BITCOIN SIGN in the Currency Symbols block in June 2017.  Bitcoin is a worldwide cryptocurrency and digital payment system  :3 called the first decentralized digital currency , as the system works without a central repository or single administrator.  :1  It was invented by an unknown person or group of people under the name Satoshi Nakamoto  and released as open-source software in 2009.  The system is peer-to-peer , and transactions take place between users directly, without an intermediary.  :4 These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain . Bitcoins are created as a reward for a process known as mining . They can be exchanged for other currencies,  products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.  Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.  The word bitcoin first occurred and was defined in the white paper  that was published on 31 October 2008.  It is a compound of the words bit and coin .  The white paper frequently uses the shorter coin.  There is no uniform convention for bitcoin capitalization. Some sources use Bitcoin, capitalized, to Continue reading >>
80% Of All Bitcoin That Will Ever Exist Have Already Entered Circulation
80% of all bitcoin that will ever exist have already entered circulation The value of the cryptocurrency could shoot up even further as more and more coins are mined About 80 per cent of the total number of bitcoin in existence have reportedly already been mined. There is a finite supply of bitcoin 21 million altogether and at least 16.8 million of those had already entered circulation as of 13 January, according to Bitcoin News . That means roughly 4.2 million bitcoin are yet to be mined. Designed by Pierpaolo Lazzarini from Italian company Jet Capsule. The I.F.O. is fuelled by eight electric engines, which is able to push the flying object to an estimated top speed of about 120mph. A humanoid robot gestures during a demo at a stall in the Indian Machine Tools Expo, IMTEX/Tooltech 2017 held in Bangalore A humanoid robot gestures during a demo at a stall in the Indian Machine Tools Expo, IMTEX/Tooltech 2017 held in Bangalore Engineers test a four-metre-tall humanoid manned robot dubbed Method-2 in a lab of the Hankook Mirae Technology in Gunpo, south of Seoul, South Korea Engineers test a four-metre-tall humanoid manned robot dubbed Method-2 in a lab of the Hankook Mirae Technology in Gunpo, south of Seoul, South Korea The giant human-like robot bears a striking resemblance to the military robots starring in the movie 'Avatar' and is claimed as a world first by its creators from a South Korean robotic company Engineers test a four-metre-tall humanoid manned robot dubbed Method-2 in a lab of the Hankook Mirae Technology in Gunpo, south of Seoul, South Korea Waseda University's saxophonist robot WAS-5, developed by professor Atsuo Takanishi Waseda University's saxophonist robot WAS-5, developed by professor Atsuo Takanishi and Kaptain Rock playing one string light saber Continue reading >>
How Will We Get To 21 Million Bitcoins?
If youre interested in Bitcoin, you may be aware that there is a limited number of 21 million bitcoins that will ever be available. But do you know how and when we will get to that 21 million number? And how many bitcoins are there currently available? How much time do we have left, and at what rate is it happening? In this video, we explore the 21 million limit on the number of bitcoins, and we answer some of the most pressing questions on the controlled supply of bitcoins: When will we get to total number of 21 million bitcoins? How many bitcoins are there currently available? How did we get to the current number of bitcoins available? At what rate will bitcoins be mined as we get closer to the final bitcoin ever being mined? This 21 million maximum supply on the number of bitcoins is a commonly cited reason as to why Bitcoin is so valuable. This is due to the fact that when you calculate that there will only be a maximum of number of 21 million bitcoins ever mined, and that there are billions of people on the planet the cost of each of those bitcoins would have to go up as new people want to acquire bitcoins as well. There are currently over 1,300 different cryptocurrencies available, with new ones being created on a regular basis. However, not all cryptocurrencies have a limited supply, and this finite number of bitcoins is a key value differentiator in Bitcoin from many other cryptocurrencies. This maximum limit on the total number of bitcoins which will ever be mined, as well as how we will get to that number, raises a lot of questions. Find out the full story in this video, along with the fascinating math behind Bitcoin and its limited supply of 21 million. Continue reading >>
Reward Schedule - How Many Bitcoins Will There Eventually Be? - Bitcoin Stack Exchange
How many bitcoins will there eventually be? Since bitcoins are being regularly rewarded to miners , will the number of bitcoins continue to grow indefinitely, or will there be a maximum total number of bitcoins in existence? And if there is some kind of limit, what is it and how is it enforced? Every block introduces 50 new coins in the system. This quantity (50) halves every 210,000 blocks. So, getting the limit of coins it is possible to generate is quite easy : it's the sum of a geometric series. Also, note that this is an upper bound ; the actual quantity will probably be a bit lower due to rounding issues (BTC has a finite number of decimals, 8). Artefact, yes but that is not the theoretical limit... Basically its (10^8)... 100,000,000 intmain Nov 19 '12 at 22:34 A pre-defined schedule limits the total number of bitcoins so that they gradually approach a total of 21 million (ignoring those that have been lost through deleted or misplaced wallet files). The limit of 21 million bitcoins is "hard-wired" in to the protocol, and there will never be more bitcoins than this: Note that there are some assumptions built into the timing and unless the protocol is changed, they will actually be mined a bit earlier than this chart suggests. David Schwartz Aug 31 '11 at 0:00 Or later--if the value drops precipitously and difficulty takes a while to get low enough again. But the graph is a good rough approximation. eMansipater Aug 31 '11 at 0:02 I think that's very unlikely. Even if there are a few precipitous drops, I think that will be outweighed by the overall trend of increasing hashing power (and they'll be followed be precipitous drops in difficulty). But, yes, that is possible. David Schwartz Aug 31 '11 at 0:04 I think saying "hard wired" is a bit misleading. The producti Continue reading >>
Number Of Bitcoins Quarterly 2017 | Statistic
Number of Bitcoins in circulation 2011-2017 Number of Bitcoins in circulation worldwide from 1st quarter 2011 to 3rd quarter 2017 (in millions) The statistic presents the total number of Bitcoins in circulation from first quarter of 2011 to third quarter of 2017. The number of Bitcoins has been growing since the creation of this virtual currency in 2009 and reached approximately 16.6 million in September 2017. Continue reading >>
How Many Bitcoins Are Left?
There are 21 million Bitcoins total of which almost 17 million are in circulation. There are a little over 4 million bitcoins left that are not in circulation yet. What determines how many bitcoins are left? The Bitcoin source code determines how many bitcoins are left. The remaining Bitcoins not in circulation are released to miners as a reward for maintaining the integrity of the network. There are currently close to 4.3 million Bitcoins left that arent in circulation yet. With only 21 million Bitcoins that will ever exist, this means that there are about 16.7 million Bitcoins currently available. Out of those 16.7 million, its estimated that 30% of those may be lost forever as a result of things like hard drive crashes and misplaced private keys. What determines how many Bitcoins are left? The remaining Bitcoins not in circulation are in a pool dedicated to rewarding miners for maintaining the integrity of the network. As miners validate transactions and create new blocks, they receive the remaining Bitcoins from this pool as a reward. The Bitcoin source code outlines how the mining rewards should be distributed and when these distributions occur. The reward for mining each block started at 50 Bitcoins and has since halved twice. The current reward sits at 12.5 Bitcoins per block. The mining reward halving occurs every 210,000 blocks. With blocks taking about 10 minutes on average to mine, halvings occur about every 4 years. After 64 total halvings, there will be no more Bitcoins left to reward miners and all 21 million Bitcoins will be in circulation. This will occur sometime in 2140. You may be wondering, Without block rewards, what incentive do miners have to validate transactions? Miners receive more than just the block rewards when they create new blocks. They Continue reading >>
What Happens To Bitcoin After All 21 Million Are Mined?
What Happens to Bitcoin After All 21 Million are Mined? By Nathan Reiff | June 8, 2017 11:20 AM EDT Bitcoin is like gold in many ways. Like gold, Bitcoin cannot simply be created arbitrarily. Gold must be mined out of the ground, and Bitcoin must be mined via digital means. Linked with this process is the stipulation set forth by the founders of Bitcoin that, like gold, it have a limited and finite supply. In fact, there are only 21 million Bitcoins that can be mined in total. Once miners have unlocked this many Bitcoins, the planet's supply will essentially be tapped out, unless Bitcoin's protocol is changed to allow for a larger supply. Supporters of Bitcoin say that, like gold, the fixed supply of the currency means that banks are kept in check and not allowed to arbitrarily issue fiduciary media. But what will happen when the global supply of Bitcoin reaches its limit? It may seem that the group of individuals most directly effected by the limit of the Bitcoin supply will be the Bitcoin miners themselves. On one hand, there are detractors of the Bitcoin limitation who that say that miners will be forced away from the block rewards they receive for their work once the Bitcoin supply has reached 21 million in circulation. In this case, these miners may need to rely on transaction fees in order to maintain operations. Bitcoin.com points to an argument that miners will then find the process unaffordable, leading to a reduction in the number of miners, a centralization process of the Bitcoin network, and numerous negative effects on the Bitcoin system. This argument assumes that transaction fees alone will be insufficient to keep Bitcoin miners financially solvent once the mining process has been completed. On the other hand, there are reasons to believe that transactio Continue reading >>
How Many Bitoins Are There? How Much Is Left To Mine? Updated 2018
If there is one thing that has grabbed the attention of virtually everyone in the globe over the past few years, then it is Bitcoin. The worlds leading cryptocurrency has been the subject of discussion by governments and financial institutions across the globe. One of the features of Bitcoin that has been discussed and debated is its total supply. The developer of the digital currency Satoshi Nakamoto created the currency with the aim of taking power away from financial institutions and enabling people to control their finances. Bitcoin, however, was developed with a limited supply. Questions regarding the current supply and how to know when the total supply has been mined continues to grow every day. In this article, we are going to look how much bitcoins are left and much more. The question; how many Bitcoins are there is one that will be asked on a daily basis. The total number of Bitcoin has been capped at 21 million. This means that no more than 21 million BTC can ever be in existence. At the moment, there are roughly 16,800,000 BTC in circulation. This implies that of the total 21 million Bitcoins to be mined, 80% has already been mined. When the developer(s) introduced the protocol of the digital currency to the public back in 2009, Bitcoin came with a cap of only 21 million. The supply of the currency cannot be increased, with 21 million the total number of Bitcoins to be mined. The plan of Satoshi and miners securing the Bitcoin network have been able to guard the total cap rule. Despite this, there are some people who believe that the total supply of Bitcoin can be increased using tactics such as a 51 percent or Sybil attack, both of which are manipulative. Bitcoin has been existence for close to a decade now, and no one has been able to break the total suppl Continue reading >>
How Many Bitcoins Are Currently In Circulation?
How many Bitcoins are currently in circulation? As of June 1st, 2017 there are 16,366,275 BTC BTC out of a total 21,000,000 BTC in theoretical supply, which has yet to be mined. This number does not reflect the quantity of coins that have been lost or produced in the genesis block, which cant be spent. A block ( think of it as transaction data organized in a digital ledger) introduces 50 new coins into the bitcoin ecosystem. This quantity mined halves every 210,000 blocks. For instance, the reward for mining a block was most recently cut in half on July 9th, 2016 from 25 bitcoins to 12.5 bitcoins as reward for solving the Byzantine generals problem. The next halving event occurs every four years with the next one slated for 2020 with a block reward amount of 6.25 bitcoins. We can visualize the limit of coins mathematically as the summation of this geometric series below: As illustrated above, the quantity of BTC will approach an asymptotic limit approximating 21 million due to ever increasing computational demand if the BTC does not undergo a schism and remains on a PoW requiring ever significant GPU capacity to mine. This is why the the actual quantity will be slightly lower than the theoretical amount proposed in Satoshi Nakamotos white paper and resemble something like 20999999.9 BTC as you stretch out the time horizon indefinitely. That said, Bitcoin as we know it may split this coming Fall of 2017, as early as August 1st it may even split into three separate blockchains. When this happens it will make this post pretty pass. Original question: How many Bitcoins are currently in circulation? At the moment of writing, on October 30, 2017, the Bitcoin supply is 16,654,762 BTC. Note that the maximum supply limit of Bitcoin is 21 million. However, it may happen that the Continue reading >>
The Total Number Of Bitcoins In The World?
The total number of Bitcoins in the world? First, How can you know exactly how many bitcoins have been mined and how many are left to be mined in future? Second, once all the 21,000,000 coins are mined, will the limit be expanded? I still do not understand ( First, How can you know exactly how many bitcoins have been mined and how many are left to be mined in future? Second, once all the 21,000,000 coins are mined, will the limit be expanded? I still do not understand ( There is a cool graph that shows the total amount Bitcoins in circulation: bitcoins_amount_in_circulation_2018-2019-2020.png See interactive version: ... mespan=all The number 21M is a hardcoded limit and cannot be increased. Well, technically anyone can create a fork of Bitcoin with a total supply of let's say 42M or 100M coins but no one will use the fork and take it seriously. You do not have the required permissions to view the files attached to this post. First, How can you know exactly how many bitcoins have been mined and how many are left to be mined in future? Second, once all the 21,000,000 coins are mined, will the limit be expanded? I still do not understand ( Is there a limit on the issuance of bitcoins? How is it controlled? Cryptographic currencies, such as Bitcoin, are generated using certain algorithms, and to achieve them, as well as to manage transactions, process power is needed. Putting your computer to work to create new blocks and approve transactions is what is known as mining Bitcoins. According to CoinMarketCap, From March 2016 to March 2017, bitcoin goes from 86% to 80% of the total market value, while the Ethereum grew from 10% to 16% in the same period. Neither the authors of the study could foresee that in 8 months the total value of cryptocurrencies would grow 18 times, an Continue reading >>