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Think about bank deposits, online transfers, and all the fiat dollars held digitally. What do you think about the Bitcoin scarcity? Share your thoughts in the comments section! Could you be next big winner? I consent to my submitted data being collected and stored. Unfortunately, that now seems unlikely to happen. It is visible in the manner the This year, the Policymakers will decide whether or not to maintain their benchmark interest rate near zero.
Ask most currency traders which currency is better to hold and most today would probably say Japanese yen, because what matters is whether the value will go up or down, relative to the other being compared. When bitcoin hit parity with the U. If there had been more than 6 million coins issued by then, the total dollar value of all bitoins would probably have been about the same, and thus the exchange rate would then have been lower.
So let's say there were instead 60 million coins issued by Feb , and each one worth a dime. Tthe difference is that because it had become "worth more than a dollar", and as a result people attributed greater interest and respect for it.
Had it not been "worth more than a dollar" so early, it might have taken a whole lot longer to get the name recognition and attention it did that has helped attract the participants that Bitcoin has today. So the number needed to be a low enough number so that while total dollar valuation of all bitcoins was still in the single-digit millions it would reach parity with the U.
A total of , tonnes of gold have been mined in human history, according to GFMS as of Since Bitcoin is often compared to gold, the total number of bitcoins matches the total amount of gold mined in human history which can be imagined as a cube 21 m on a side.
As it is not entirely so important how many Bitcoins will exactly be mined. Satoshi could have easily chosen almost any number. He could just adjust block reward halving blocks , reward sizes 50, 25, Satoshi Nakamoto bitcointalk. As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:.
The exact number of Bitcoins is not important. Whether the end result is 1 million or billion makes little real difference. Having said all that, there are some psychological advantages to having a low limit like 21 million. Ensuring this "high exchange rate" but making the coins highly divisible was probably a conscious design decision. Reward starts out at 50 bitcoins and halves ever , blocks.
This works out to be 2. This is probably the largest number estimated to be needed for a global currency and some padding for attrition. This was done based on production rate mostly. They did take some things into account but the number doesn't have a real economical explanation rather than the fact that they had to stop production somewhere to maintain a value.
This means, that if predicting M1 over the next decade from to , there would be an expected M1 of 2. Because Bitcoin is designed with an 8 decimal fraction system, the 21 million total BTC can actually be expressed as 21,, But realistically, this is probably just me seeing signal where I want to see signal, and not actually Satoshi's anticipation of volume.
I think another curious question is why the 4 year halving schedule? Is this based on national US elections? Is it based on a calendar Leap Year? Is it Satoshi's approximation of a reasonable re-evaluation period for BTC participation rates? Take the geometric series and you'll be getting the total amount of nearly 21 Million Bitcoins nearly, because a geometric series converges to his boundary value, but never reaches it!
Sign up to join this community. The best answers are voted up and rise to the top. Why was 21 million picked as the number of bitcoins to be created? Ask Question. Asked 7 years, 11 months ago. Active 1 month ago. Viewed k times. Improve this question. Nick ODell I thought this question had already been asked, but I can't find it.
Mar 17 '13 at I asked myself the same question, but I don't see any clear answer posted on this. Add a comment. Active Oldest Votes. Improve this answer. Highly Irregular Chris Moore Chris Moore Good explanation, but you're just postponing the answer. Why 4 years per cycle? Why was 4 years per cycle picked as the number for years per cycle?
All this info makes sense, but doesn't really answer the question! If you check my original answer, you'll see I ended with "but I don't know the economics behind it". I see that has since been edited - not by me. No, slightly less than 21 million, because of the rounding error on the last halvings.