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 >>
Bitcoins Fabulous Rise ... Will Eventually End In Tears
Bitcoins fabulous rise ... will eventually end in tears Bitcoins fabulous rise ... will eventually end in tears Despite the warnings, I have no doubt that cryptocurrencies will continue to grow as did Tulipmania, and the South Sea Bubble PUBLISHED : Thursday, 28 September, 2017, 10:14am UPDATED : Thursday, 28 September, 2017, 10:35pm Starbucks customer laptops hacked to mine cryptocurrency It is a feature of all bubbles driven by the herd to find that many wise, high profile and analytical financial observers are their most ardent supporters. The rest of the crowd are blinded by greed or gripped by the fear of missing out. So it is with bitcoin. The proponents of bitcoin, and the other 800 or so other cryptocurrencies, look on this brave phenomenon of the digital world as something new and original. Indeed it has many attributes as a cash alternative. It provides a quick and anonymous payment mechanism using a weblike method of transferring payments known as blockchain. The ledger, or book of ownership, can be updated in real time and held on different computers around the world visible to all. This already puts us on the first rung of delusion because, doing the same thing in a much smarter way than we could before, imparts an aura of credibility to the process. Bitcoin does boast many of the characteristics of money. It is a medium of exchange, portable, divisible and uniform (what bankers call fungible). It may be said to be a store of value, like shells, beads, cows and tulips. The Semper Augustus tulip bulb, once had intrinsic value, selling for five hectares of land but no more; only gold has maintained a value throughout financial history. The fatal aspect lacking from cryptocurrencies is the backing of a central bank, which has all of the economic, military and Continue reading >>
What Will Happen When All Bitcoins Are Mined?
What Will Happen When All Bitcoins Are Mined? Last updated on December 12th, 2017 at 10:45 pm There are only 21 million Bitcoins available for mining. Once all of those Bitcoins have been mined, no more new Bitcoins will ever be created. This stands in stark contrast to national currencies, which are constantly expanding. Governments like to encourage inflation, so they generally increase the money supply. This leads to the devaluing of currencies, however, and in practice, it can reduce the wealth held by individuals and families. For Bitcoin, there is no parallel devaluation. If anything, Bitcoins should become more valuable over time as the number of Bitcoins entering the system decreases. Not only is the total supply of Bitcoins capped at 21 million, but the flow of new Bitcoins into the market has also been tapering off. Roughly every four years, the number of Bitcoins awarded for mining a block is cut in half. When Bitcoin miners mine a new block of transactions they are rewarded freshly minted Bitcoins. Originally, 50 Bitcoins were earned for mining a block. Then it dropped 25 Bitcoins, and then to 12.5 Bitcoins . In 2020, itll drop to 6.25 Bitcoins. Thus, while a government may constantly increase its money supply, Bitcoin has built-in features that encourage the exact opposite. The decreasing flow of new Bitcoins and the 21 million cap will help ward off inflationary pressures. Also, there are many lost Bitcoins that were stored on old hard drives that were thrown away and can no longer be recovered. This makes the total supply of Bitcoins actually lower than 21 million. If youre already familiar with the whole bitcoin mining process and how the blockchain works, feel free to skip down to the next section. If not, well quickly bring you up to speed. Bitcoin mi Continue reading >>
Bitcoin Investors Hoping To Make Billions May End Up With A Sack Of Fools Gold
Bitcoin investors hoping to make billions may end up with a sack of fools gold The cryptocurrency may not be a threat to the world economy, but that should not stop regulators from protecting investors from it Last modified on Sun 3 Dec 2017 05.59EST Relatively few people have managed to decipher the codes needed to extract bitcoins.Photograph: Alamy Sifting the Yukon river for gold was a waste of time for most of the 100,000 prospectors seeking to make themselves rich in the 1890s. The same can be said of the bitcoin miners who dream of striking it rich by getting their hands on some of the extremely lucrative and painfully elusive electronic currency. Relatively few people have managed to decipher the codes needed to extract bitcoins from the 21 million locked inside the mathematical problems set by its creator, the software engineer whose true identity is unknown but who goes by the name Satoshi Nakamoto . Those who have employed enough computer power and code-cracking know-how can consider themselves rich now that the value of one bitcoin has soared from $753 last December to around $10,000. The rest have deployed huge amounts of energy and time for no return. Should anyone be worried about this turn of events? Or will it go down as a moment in history when an asset was mined, some people got rich and ... that was it? The ambitions of the bitcoin community mean the creation of a new currency must be taken more seriously. Its stellar rise in the last 18 months is likely to have sucked in thousands of speculators , many of them ordinary investors. And with mainstream financial exchanges looking to host bitcoin as a tradeable asset, or list derivatives of bitcoin on their trading boards, thousands more will be sucked in over the next 18 months. Where ordinary investor Continue reading >>
Coinreport What Exactly Is Bitcoin Mining? - Coin Report
Genesis Mining, BTC Inc. form Genesis Engineering A government is the one who decides when to print paper money. However, due to the fact that Bitcoin is decentralized , it has a different way of churning coins: mining. There are two main aspects to mining: confirming transactions to the block chain and introducing new bitcoins to the system. To become a Bitcoin miner all you need is to run software with its specialized hardware . In the case of a transaction that is waiting to be finalized, the mining software waits for it to be broadcast throughout the Bitcoin network, and then does a series of tasks to process and confirm the transaction. To be finalized, the transactions need to be included in the block chain with proof of mathematical work. It would be very hard to do this without a machine because it would need extensive calculations that are required to be done in seconds. Thus, the miners are the ones who do the calculations before they are rewarded and their blocks get approved into the network. A block chain is a public ledger that consists of all past completed transactions. Everyone who is a part of the Bitcoin network is able to see this. A block is a record of new or recent Bitcoin transactions that are waiting to become a part of the block chain. The block chain is kept in chronological order due to the proof of work that is required to complete transactions. This makes it very difficult and nearly impossible to reverse transactions because it would require new proofs on not just one block, but all the others. When two blocks (or 2 awaiting transactions) are found at the same time, the entire Bitcoin network works on the first block theyve found. This means the network works on solving one block at a time and whoever solves the block gets the reward. The Continue reading >>
Bitcoin And Cryptocurrencies 'will Come To Bad End', Says Warren Buffett
Bitcoin and cryptocurrencies 'will come to bad end', says Warren Buffett The billionaire investor and his longtime manager Charlie Munger, two of the worlds most successful investors, say theyd never invest in cryptocurrencies First published on Wed 10 Jan 2018 10.18EST Warren Buffett says he would never invest in Bitcoin.Photograph: Rick Wilking/Reuters Billionaire investor Warren Buffett said Wednesday that he would never invest in Bitcoin or other cryptocurrencies, and predicted the wildly popular assets are in for a fall. World's richest 500 see their wealth increase by $1tn this year I can say almost with certainty that cryptocurrencies will come to a bad end, Buffett told CNBC in an interview. Buffetts comments were backed by Charlie Munger, his longtime partner at his investment company Berkshire Hathaway, who described the soaring values of Bitcoin and the other cryptocurrencies as bubbles. Munger said investors are excited because things are going up at the moment and it sounds vaguely modern. But Im not excited. What is bitcoin and is it a bad investment? Bitcoin is the first, and the biggest, "cryptocurrency" a decentralised tradable digital asset. Whether it is a bad investment is the big question. Bitcoin can only be used as a medium of exchange and in practice has been far more important for the dark economy than it has for most legitimate uses. The lack of any central authority makes bitcoin remarkably resilient to censorship, corruption or regulation. That means it has attracted a range of backers, from libertarian monetarists who enjoy the idea of a currency with no inflation and no central bank, to drug dealers who like the fact that it is hard (but not impossible) to trace a bitcoin transaction back to a physical person. Munger has been a persistent Continue reading >>
What Will Be The Date Of Last Bitcoin Mined?
what will be the date of last bitcoin mined? I have read 2140 as well as 2040, even 2114 once. which is the correct answer? there's a lot of conflicting numbers. 12+ exclusive games The Bitcoin Casino by Primedice Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here. The EXACT date is impossible to predict. It will depend on how much hashing power comes online and how fast it comes online. If blocks were to be solved exactly 10 minutes apart, it would be 2140. It suppose it could be anywhere from ten years earlier than that to ten years later. We are already past the half way mark (11mil+ already mined). This means that we can only mine 10 million in the next 128 years. Am I missing something? That doesn't sound right. - Bitcoin Price change Alerts via Email, SMS, twitter and more. As you get closer to the last coin, the difficulty increases exponentially - meaning you'd need virtually infinite computer power to solve it. Add to that, the reward for finding a block reduces by half every x number of years. By the time we get even remotely close to mining the last coins, it won't be worth the power required. I have read 2140 as well as 2040, even 2114 once. which is the correct answer? there's a lot of conflicting numbers. The year 2140 is only based on the software's current precision, which divides bitcoins up to 1/100,000,000th. This would imply that around year 2140, the block reward would become zero. However, long before 2140, the precision will be increased (to support smaller fractions of bitcoins, or floating point or whatever) so mining can continue forever. Mining is never "done" and the actual 21 million will never be reached (although it comes arbitrarily close). We are alr Continue reading >>
$10: One Perspective On What Bitcoin Will Be Worth In 2014
$10: One Perspective On What Bitcoin Will Be Worth In 2014 I cover real estate & how technology is shaping the spaces we inhabit. The Wild West has become a popular metaphor for the unregulated Bitcoin market. Like in old cowboy films, the world of Bitcoin has not only miners and modern a gold rush, but the requisite intrigue, volatility and power players that make a compelling story. As the currency-commodity-technologys true character comes to light, however, at least one finance expert feels it is set to drop to as low as $10 by the middle of this year. Bitcoin began 2013 at $13 a coin, only to ring in 2014 around $800 with worldwide fascination driving the 60-times gain. But according to Boston University Finance Professor Mark Williams the price has really been driven by an influential few. Just 47 people own 29% of all outstanding Bitcoins; 930 own 50%. Another 10,000 folks bring the total owned by the largest coin holders to roughly 75%, leaving a sliver to be split among about 1 million small-change Bitcoiners. Williams, a former trader and bank examiner for the Federal Reserve, argues that in 2013 the 47 powers coordinated to push prices up. They counted on what economists call Greater Fools. Investors make money when someone is willing to pay a higher price for a security than you did -- Greater Fool Theory states that there is always someone willing to pay a higher price. But Williams sees the broader market wising up to Bitcoins limitations and taking back control in 2014. Bitcoin is not a stock, a bond or even a legal entity. No board or directors oversees it. There are not business plans or balance sheets. This lack of centralization is why the die-hards got involved in the first place, but even as they drown out negative sentiment, the original Bitcoiner 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 >>
Bitcoin Price: How Many Bitcoin Are There And When Will The Popular Crypto Token Run Out?
Bitcoin price latest: How high will bitcoin go? Will bitcoin crash? One of the fundamental principles of bitcoin, hardwired into the digital currencys software, is a limit on how many tokens can ever exist at one time. The limit is just short of 21 million. This rule was written into bitcoins source code to prevent inflation, Mr Gregory said, adding that the principle of bitcoin was too fight modern standards of banking. The crypto expert said: The whole thing about bitcoin is to be anti-inflation. Remember that bitcoin is very libertarian, very anti-quantitive easing and printing money. So originally the initial supply was done really high to incentivise the network to grow, to incentivise the miners. Bitcoin price: There is a limit of just 21 million tokens that can exist at any given moment in time When will bitcoin hit the 21 million limit? All projections suggest that bitcoin miners are still many years away from hitting the cap. It is over a century away in some cases. The whole thing about bitcoin is to be anti-inflation. Remember that bitcoin is very libertarian, very anti-quantitive easing and printing money One long-term forecast is that if mining power remains constant over the coming years, then the bitcoin limit could be reached by May 7, 2140. The reason for this is because the software calculations, required to process bitcoin blocks for tokens, are getting increasingly harder. Each bitcoin is mined from what is known as a block or a data set on the bitcoin network. This is done through powerful, energy consuming rigs of daisy-chained GPU processors. Everything you need to know about bitcoin Mr Gregory said successfully mining each block yields about 12.5 bitcoins, which are then handed to miners as a reward. Approximately every four years, or every 210, Continue reading >>
80% Of All Bitcoins Will Have Been Mined In A Year From Now
80% of all Bitcoins Will Have Been Mined In a year From now 80% of all Bitcoins Will Have Been Mined In a year From now JP Buntinx February 1, 2017 Crypto , News The world of Bitcoin is in for quite a reality shock in about a year from now. As most people are well aware of, the amount of bitcoins being mined every day is much compared to a few years ago. What is even more intriguing is how the vast majority of BTC has been mined already. In January of 2018, 80% of all 21 million BTC will be mined and brought into circulation. A significant milestone that should not be overlooked by any means. It is quite interesting to think about how far bitcoin has come since its inception. With a hard limit of 21 million BTC to be generated by 2140, a lot of people assume there are still a lot of coins to be mined for the next few years. While that is true up to a certain extent, we are getting closer to 80% of the finite supply being brought into circulation already. Said milestone will take place roughly 365 days from now. It remains a bit unclear as to what this will mean for the price per individual BTC, though. Asa mining becomes more difficult and less profitable unless continuous new investments take place, the price per existing bitcoin should go up in value. Moreover, with only 4.2 million coins to be generated after January 2018 = over the course of nearly 122 years the demand for bitcoin should increase as well. However, neither of these factors are a given, as the cryptocurrency market does not operate like more traditional models. At the same time, the 80% milestone could force some miners to shut down their operations. We have seen some major mining difficulty spikes over the past few weeks, and that trend will continue for quite some time. A higher mining difficulty r 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 >>
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 >>
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 Miners When All Coins Are Mined?
What Happens to Bitcoin Miners When all Coins are Mined? Bitcoin is celebrated by supporters and admonished by skeptics because of its finite supply. There are only 21 million bitcoins that can ever be mined, regardless of the earths population and its corresponding demand for bitcoins. Once all 21 million have been mined, there will never be any new bitcoins (unless a change to the protocol is made to increase the supply). Also read: The Subjective Valuations of Bitcoin and Gold Supporters love Bitcoins fixed supply because it harkens back to the days of the sound money gold standard . Gold shares many similarities with Bitcoin, the most obvious being its fixed supply. Gold cannot be created out of thin air in arbitrary amounts, it must be extracted from the earth and put into circulation as market prices dictate. A gold standard hinders banks abilities to issue fiduciary media, since at some point the bank will be forced to redeem its paper notes in gold. Bitcoin if it ever achieves as widespread use as gold can accomplish these same things with its own fixed supply. Bitcoin takes golds benefits a step further, though, by being digital. The Bitcoin supply is not only incapable of being arbitrarily manipulated, it also eliminates the need for paper substitutes by being totally weightless and virtually costless to store. With gold being so heavy and taking up so much physical space, people under a gold standard tend to prefer paper substitutes for gold rather than carrying actual coins on their persons. This practice leaves gold in the bank, forcing people to trust the bank to handle their gold responsibly. Thus, even under a strict gold standard, banks can still betray their patrons trust and create new deposits and issue fiduciary media. Bitcoins digital nature elimi Continue reading >>