[closed] How do they prevent the money supply from going to zero?

After the money supply reaches 21 million, no more new bitcoins will be created, but bitcoins are lost whenever someone loses access to his account. How do they prevent this from causing us to run out of bitcoins?

asked 26 Feb '13, 19:51 majid83 462 majid83's gravatar image
closed 09 Mar '13, 19:51

hi @majid83, do you like some answer?

(04 Mar '13, 01:51) paraipan paraipan's gravatar image

The question has been closed for the following reason "The question is answered, right answer was accepted" by SalvorHardin 09 Mar '13, 17:29


It can be divided down, like mBTC and uBTC, so they don't have to worry about that. I kinda think of it like paper money and coins. It takes 100 pennies to make a dollar, just like it takes 1000mbtc to make a btc. So if you look at it like that it has more than enough to go around.

link
answered 26 Feb '13, 20:13 anormalname 1792 anormalname's gravatar image

If Bitcoin gain mainstream value, then this will probably not happen as people will be careful to not lose BitCoins because of crash disk or death. This will happen anyway but slowly compared to the mass of the coins. Not compared to the 21 Millions BTC but to the many more billions of Satoshis.

See also: https://en.bitcoin.it/wiki/Myths#Lost_coins_can.27t_be_replaced_and_this_is_bad

link
answered 26 Feb '13, 21:12 miniwark 9927 miniwark's gravatar image

Each Bitcoin is divisible by 8 figures. There should be no shortage of supply where the market will dictate how far down it is divided.

link
answered 26 Feb '13, 22:19 hiro 1.5k4 hiro's gravatar image

Theoretically, nothing. In practice, however, each bitcoin is divisible into one hundred million separate units, which are called satoshi. In all, there will be 2.1 quadrillion satoshi, which means that there will remain an adequate money supply even as some coins are inevitably lost. Even if only one Bitcoin remained, there would still be 100 million separate units.

link
answered 04 Mar '13, 03:05 Zen 912 Zen's gravatar image

Then start using litecoins :)

link
answered 26 Feb '13, 19:54 heshke 373 heshke's gravatar image

Follow this question

By Email:

Once you sign in you will be able to subscribe for any updates here

By RSS:

Answers

Answers and Comments

Markdown Basics

  • *italic* or _italic_
  • **bold** or __bold__
  • link:[text](http://url.com/ "Title")
  • image?![alt text](/path/img.jpg "Title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported

Tags:

×521
×8

Asked: 26 Feb '13, 19:51

Seen: 218 times

Last updated: 09 Mar '13, 19:51



Bitcoin forums:
Bitcointalk.org
p2p Bitcoin forum
Bitcoinforum.com

Blogs and press:
elBitcoin.org (ES)
Que es bitcoin.info (ES)
bitcoinInformant.com
bitcoinmagazine.net

Partners:
Bitcoinerr.com
ogrr.com
The Unoff. Bitcoin Forum